The Last Network Ponzi scheme has collapsed.

On August 14th VOW claimed “a bot” had improperly acquired and sold $2 billion worth of VOW tokens.

The Last Network is the MLM side of Bishara Smeir’s MLM crypto Ponzi scheme.

A visit to The Last Networks’ website domain today reveals the scheme was rebranded as “TLN protocol” at some point.

The underlying Ponzi scheme however is the same, invest in VOW tokens and withdraw subsequently invested cryptocurrency through the “staking” Ponzi model.

Referring to its collapse as a “market incident”, VOW’s exit-scam saw the company
come up with “USD rate setter” baloney
.

The USD rate was amended and 1m VOW was sent to the contract to test that everything was working as expected. This created, as expected v$100m, which is subsequently to be burned.

This time gap of making this change, testing, and reverting was around 15-30 seconds.

During this process, an unexpected event occurred where a bot acquired around 20 million VOW tokens from Uniswap and sent them to the contract resulting in nearly v$2 billion being created.

The bot subsequently then sold the $2 billion v$ into the Uniswap pool.

VOW’s exit-scam saw VOW’s public trading value plummet from ~33 cents to $0.0028 in less than half an hour.

VOW is currently sitting at 7.4 cents.

Instead of just being honest about The Last Network and VOW collapsing, the companies are stringing investors along with hopes of recovery.

This situation has caused a temporary disruption, and we understand the concerns this raises within the community.

We want to assure you that we are fully committed to address this immediately and are actively working to resolve market conditions.

$VOW means more to us all than any selfish exploiter can usurp. Fundamentals are still the same, and the massive support of our ecosystem and liquidity providers is evident, needed, and will see us prevail.

Certik, often misidentified as a financial regulator equivalent by crypto bros, published an
“incident summary” pertaining to VOW’s exit-scam
on August 14th.

Certik cited the same “USD rate setter” baloney VOW came up with;

On 13 August 2024, VOW token was exploited for around $1.2 million.

The usdRateSetter address in the VOW contract temporarily changed the exchange rate (usdRate) between VOW and vUSD from 1 to 100. A malicious actor exploited the new usdRate to obtain vUSD at 100 times the correct amount.

This was not the first time the usdRateSetter had temporarily modified the usdRate. On 22 November 2023 and 1 March 2024 the usdRate was also temporarily changed to 150 and 200 respectively. However, these previous changes were not exploited.

As opposed to be an instantaneous bot attack, as represented by VOW, Certik asserts “the attack contract was deployed 110 days prior to the incident”.

In other words, “somebody” planned The Last Network’s and VOW’s exit-scam back in November 2023.

The usdRateSetter had performed similar operations on 1 March 2024, changing the u

🤖 Quick Answer

What is The Last Network and how is it connected to VOW?
The Last Network is the multilevel marketing arm of Bishara Smeir's cryptocurrency Ponzi scheme built around VOW tokens. It operated a staking model in which participants invested in VOW tokens and withdrew subsequently invested cryptocurrency. The platform was later rebranded as "TLN Protocol," though the underlying Ponzi structure remained unchanged.

What happened to VOW tokens on August 14th?
On August 14th, VOW management claimed that "a bot" had improperly acquired and sold approximately two billion dollars' worth of VOW tokens. Industry observers characterized this announcement as an exit-scam narrative designed to deflect responsibility for the scheme's collapse and the resulting loss of investor funds.

What is the "USD rate setter" mechanism VOW introduced after its collapse?
Following the collapse, VOW introduced a so-called

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