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They are doing no one any favors, the moment any server opens they are cleaned out by gold sellers using hundreds of alts and bots. This has happened with the Chainblade prize, and the following aniversary event after that.
What needs to happen is that it needs to be replaced with something that can distribute prizes equally. We need a raffel ticket system, where each hour you can buy a ticket with a random generated number in the item description, and is exchanged for a box, or a primary prize each hour via mail.
Let it be something that picks players out of a pool like Tara's bank part time job.
The way the festia prize events are set up now, it's just funding real world trade, and more cheating.