Cardano CEO warns crypto community of ADA scams
Cardano CEO and co-founder Charles Hoskinson has sent a warning to the crypto community regarding scams that promote fake Cardano (ADA) giveaways.
Cardano has become a target of fraudsters in recent months, as they look to defraud unsuspecting victims with the promises of giveaways. Hoskinson had some days back allegation on Twitter regarding a Cardano group that was promoting the coin to rich farmers in China.
In his latest tweet, Hoskinson alleged that there was an ongoing scam on YouTube that had been using a keynote address he made in a conference to promote a giveaway. He alluded that the giveaway was fake ad that the blockchain company was ready to take legal action if possible.
As at the time of publication, the video has been deleted by YouTube which suggests that his plea was successful.
Crypto scams have increased in recent years
Cryptocurrency based scams have become prevalent in recent years with several criminals utilizing the anonymous mode of payments and lack of information from the general public to perpetrate crimes.
There have been a number of Ponzi schemes that have caused great distress with over $100 million lost by investors in the One Plus token scam. While recently Ethereum Million scam made investors lose over $2.5 million.
This increase has caused a major dilemma in the crypto industry as cryptos are generally viewed with suspicion.
Cardano has enjoyed a recent increase in price, with the token ADA recently rising by over 80% in the past two weeks. Cardano is currently valued at $0.130986 and ranks 6th on the coin rankings.
This recent rise is attributed to the impending release of the Shelley mainnet. This will ensure that Cardano will move from a centralized network to a distributed one.