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Amidst Cardano (ADA) Rally, Scams Are on Fire. Here's How to Avoid Them

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Mon, 02/08/2021 - 13:49
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Vladislav Sopov
As Cardano (ADA) price prints one new high after another, all sorts of scams are alive. Here are some examples
Amidst Cardano (ADA) Rally, Scams Are on Fire. Here's How to Avoid Them
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Input Output HK, the development studio behind Cardano (ADA) blockchain solutions, has taken to Twitter with a warning about increased scammer activity. To steal increasingly high-priced Cardano (ADA) tokens, they run fake giveaways and deploy impersonating applications.

No, Daedalus isn't "Cardano's mobile wallet"

According to a recent tweet by Input Output HK, a scam application impersonating Cardano's (ADA) full node software, Daedalus, was discovered in the Google Play online marketplace.

Fake Cardano's node software Daedalus disclosed in Google Play
Image via Twitter

Input Output HK reiterated that Daedalus is a full-node software and therefore cannot be released as a smartphone application. The "light" version of Cardano (ADA) wallet is dubbed Yoroi. Only with Yoroi can an ADA holder join staking processes.

ADA stakers from the Kurdopia pool immediately disclosed one more scam application by the same developer. It promoted itself with the line: "Cardano Wallet - Store, Send and Receive The Coin."

Unfortunately, applications of such types are typically developed up to 1,000 times before being shut down by the Google Play team. Thus, the only useful advice is still the same: before installing any crypto-oriented software, it is better to double-check the official website of this or that blockchain.

No, you can't get millions of ADA from "giveaways"

Fake "giveaways" or "airdrops" are another plague of the cryptocurrency industry. Amidst an increasing ADA price, they became so annoying that Mr. Charles Hoskinson, CEO of Inout Outpt HK, has taken to Twitter to slam fraudster-impersonators.

Charles Hoskinson slam impersonators and giveaway participants
Image via Twitter

He underlined that he will never give free ADA coins away. Thus, the popularity of these scams should be attributed to the greed of gullible crypto investors.

This sort of thirst for profit can result only in losses because:

You don't get something for nothing.

As covered by U.Today previously, in June 2020, Mr. Hoskinson claimed that his team would sue the organizers of such airdrops with a lawsuit.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)