Recently, another bizarre project has popped up in the crypto space—CodexField. It claims to be an “ecosystem partner” of a top-tier exchange and has produced a bunch of partnership agreements and endorsement videos. But a quick check exposes the truth: these materials are either poorly Photoshopped, or they’re misappropriated audit reports from other projects. There’s no corresponding record to be found on CertiK’s official website.

On the technical side, the flaws are even more glaring. Their core code is basically a patchwork of copied snippets, storage costs are actually 50 times higher than IPFS solutions, and data synchronization frequently fails. The funniest part is their so-called “AI smart programming” feature, which has an error rate exceeding 60% in testing—completely unusable for commercial purposes. As for the claimed 700,000 user base? A deeper look reveals that 95% are zombie accounts, a textbook case of faking numbers to create hype.

The real danger lies in their profit model. They promise monthly returns of 10%-40%, but the funds never actually enter on-chain transactions—instead, they go straight into the project’s own pool. This “robbing Peter to pay Paul” approach is a textbook Ponzi scheme. Even more outrageous is the multi-level, ten-tier referral system for recruiting new members, which already crosses the legal red line for pyramid schemes—not only will investors lose all their principal, but promoters could also face legal consequences.

According to current regulatory policies in many countries, these kinds of illegal fundraising projects disguised as blockchain have long been classified as high-risk. Participating in them not only risks losing everything, but could also result in legal liabilities.

If you or someone you know has already gotten involved, what you need to do now is: immediately stop investing more money, save all transfer records, communication logs, and platform screenshots, and report to your local economic crime and financial regulatory authorities. Remember, there’s no such thing as free money—projects that promise sky-high returns are 99% carefully crafted traps.