Bitrabo Editorial
An alert has been issued to ADA investors by a Cardano ambassador regarding the rise in scams targeting the Cardano community. This warning comes amidst the anticipation for the upcoming Chang hard fork.
Increasing Awareness of Scams by Cardano Ambassador
In a recent post on X (formerly Twitter) on July 13, Pete, a Cardano community member and ambassador, cautioned investors about a scam involving fake ADA giveaways exploiting the buzz around the Chang upgrade. Scammers are impersonating Cardano founder Charles Hoskinson in a fraudulent YouTube video promising to double ADA tokens for participating investors.
The scammers promoted a phony 100,000,000 ADA event, asking investors to send ADA to a specified address with the false promise of doubling their tokens. One unfortunate investor was tricked into sending 5,000 ADA tokens but never received the promised giveaway, believing it to be a genuine Cardano Foundation-endorsed event.
To protect the community from such scams, Pete strongly advised investors to steer clear of these fraudulent schemes and emphasized that the Cardano team has not initiated any ADA giveaways. He urged vigilance and reminded investors that any video claiming such giveaways is a scam.
As the scams were disseminated through YouTube, many community members are calling for accountability from the video-sharing platform. Pete confirmed in another post that the YouTube scam has been removed and encouraged members to report such fraudulent attempts to protect new users and investors.
Defense Mechanisms Against Scams for ADA
In another X post, Pete disclosed that the upcoming Chang hard fork and bullish market sentiment have led to an increase in scams targeting the crypto community. Cardano has implemented defense mechanisms like the Cardano Shield in the Gero Wallet and Begin Wallet to shield investors from phishing threats and other risks associated with Cardano interactions.
Additionally, SlowingPains, a Web3 insurance ecosystem, is developing a cybersecurity insurance product to mitigate the financial impact of scams and rug pulls in the crypto sphere. While highlighting these protective measures for Cardano investors, Pete stressed that education and awareness remain the best defense against scams.