Fraud on Cardano (ADA) Will increase As Alonzo Strikes To Consummation – bitcoinist.com

Advertisements

Charles Hoskinson, CEO of Input Output Global (IOG), warns all Cardano users as scammers step up their efforts in the countdown to Alonzo’s release.

The eagerly anticipated Alonzo phase is nearing its conclusion, with September 12th set for the hard fork event. IOG is currently working on the third party onboarding process to complete the process.

Upon completion, the Cardano chain will have a fully functional smart contract functionality. But more importantly, this milestone will put it on par with Ethereum and Polkadot, to name a few.

As the Alonzo rollout is rapidly approaching, ADA has hit a new all-time high after a new all-time high. In response, scammers flocked to the network in hopes of catching some of the action.

Cardano goes on a tear

The Elon / China FUD peaked when Bitcoin fell to $ 29,000. But now that incident and the larger FUD picture seem like a distant memory.

During that time, Cardano peaked at an ATH of $ 2.50, but then suffered a 60% price drop over three days as the FUD prevailed.

Since then, it has continued to consolidate over a two-month period after setting a support level of around $ 0.99. It wasn’t until mid-July that the bulls took control, made huge profits and pushed Binance Coin from third place on CoinMarketCap.

Late on Monday evening, ADA hit $ 3.00, marking a new all-time high. A wider market dip today, as well as profit-taking, is causing bears to take control, triggering a 6% downside at the time of writing.

Source: ADAUSDT on TradingView.com

Nonetheless, the YTD gains show an above-average performance of + 1,500%.

Hoskinson warns users to be on the alert

With this, Hoskinson felt it was necessary to sound the alarm to scammers who are trying to take advantage of Cardano users and said there was a positive correlation between price increases and fraud activity.

“Every time you see big events, big price spikes, and lots of volatility, you’ll always see a huge surge in scams.”

Last week, Hoskinson posted a video about freebie scams, which has increased in frequency since ADA’s price hike. According to Hoskinson’s assessment, they have increased tenfold in the past few weeks. Unfortunately, since these occur on YouTube, which appears to be unresponsive to close them, little can be done to nip the problem in the bud.

Similarly, when Alonzo was launched, Hoskinson spoke of fake app scams that manipulate users into downloading fake wallets and apps under the premise of upgrading to Alonzo. Funds are usually stolen as soon as users enter their passphrase into the app.

“There will be a lot of scams if people don’t know how upgrades work. So we saw several fake copies of Daedalus and several fake Cardano applications in the Google Playstore … “

As on many occasions, Hoskinson reiterated that IOG, its partner organizations and agents do not ask for passphrases or private keys. They also don’t ask for monitoring software to be installed to help with technical issues.

In order to eliminate fraudsters, crypto users must collectively assume the responsibility of “being their own bank”.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News Cardano

Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News

Input Output Global (IOG) had earlier informed members of the Cardano ecosystem of the...

By wpadminsonic164
Cardano Vasil Hard Fork is Now ‘Unavoidable’ after ‘Fruitful’ Testnet – Cryptonews Cardano

Cardano Vasil Hard Fork is Now ‘Unavoidable’ after ‘Fruitful’ Testnet – Cryptonews

Source: Adobe Stock / TANATPON Cardano (ADA)'s long-awaited Vasil upgrade, which aims to improve...

By wpadminsonic164
Cardano Becomes Most Actively Developed Project in Crypto Industry – U.Today Cardano

Cardano Becomes Most Actively Developed Project in Crypto Industry – U.Today

Arman Shirinyan Despite fundamental growth and high development activity, Cardano fails to satisfy investors'...

By wpadminsonic164
Cryptographic forms of money Price Prediction: SafeMoon, ApeCoin and Cardano — Asian Wrap 1 July – FXStreet Cardano

Cryptographic forms of money Price Prediction: SafeMoon, ApeCoin and Cardano — Asian Wrap 1 July – FXStreet

Can the second half of 2022 be kind to SafeMoon price? SafeMoon price shows...

By wpadminsonic164
Cardano: Devil is in the subtleties as ADA goes crazy – AMBCrypto News Cardano

Cardano: Devil is in the subtleties as ADA goes crazy – AMBCrypto News

Cardano [ADA] went through one of its biggest developments in June after the Vasil...

By wpadminsonic164
Cardano Critic Makes U-Turn After Calling It “Ph.D. Memorial park,” Praises Incoming Upgrades – U.Today Cardano

Cardano Critic Makes U-Turn After Calling It “Ph.D. Memorial park,” Praises Incoming Upgrades – U.Today

Bill Barhydt, CEO of Abra, seems to be biting his tongue concerning the Cardano...

By wpadminsonic164
Virtuoso X Onboards Four (4) New Projects – Cardano Feed Cardano

Virtuoso X Onboards Four (4) New Projects – Cardano Feed

Genius Xa premium business accelerator program on Cardano, is pleased to announce the third...

By wpadminsonic164
Cardano SPO Column: Hedges Stake Pool [HEDGE] – Cardano Feed Cardano

Cardano SPO Column: Hedges Stake Pool [HEDGE] – Cardano Feed

This week's guest on the Cardano SPO Column is a stake pool operated by...

By wpadminsonic164

Latest Posts

Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News Cardano

Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News

Input Output Global (IOG) had earlier informed members of the Cardano ecosystem of the...

By wpadminsonic164
Why Market Crash ?🚨 Crypto News Today | Why Crypto Market Going Down Today Videos

Why Market Crash ?🚨 Crypto News Today | Why Crypto Market Going Down Today

Why Market Crash ? Crypto News Today | Why Crypto Market Going Down Today...

By wpadminsonic164
Emily Elizabeth Leaves Massive Chest Hanging In Tiny Polka Dot Bikini – The Blast Polkadot

Emily Elizabeth Leaves Massive Chest Hanging In Tiny Polka Dot Bikini – The Blast

Emily Elizabeth spills out of her bikini once again! The influencer recently delighted her...

By wpadminsonic164
Solid Altcoins to Look Into During the 2022 Bear Market – Neo (NEO), Kusama (KSM) and Mushe Token (XMU) – Cryptopolitan Stellar

Solid Altcoins to Look Into During the 2022 Bear Market – Neo (NEO), Kusama (KSM) and Mushe Token (XMU) – Cryptopolitan

Anyone that has been around the crypto industry long enough is no stranger to...

By wpadminsonic164
São Paulo court freezes records of Binance contact to Brazilian banks – The Brazilian Report Binance

São Paulo court freezes records of Binance contact to Brazilian banks – The Brazilian Report

Jul 04, 2022 16:06 2 min read The top state-level court in São Paulo...

By wpadminsonic164
Cardano Vasil Hard Fork is Now ‘Unavoidable’ after ‘Fruitful’ Testnet – Cryptonews Cardano

Cardano Vasil Hard Fork is Now ‘Unavoidable’ after ‘Fruitful’ Testnet – Cryptonews

Source: Adobe Stock / TANATPON Cardano (ADA)'s long-awaited Vasil upgrade, which aims to improve...

By wpadminsonic164
Bitcoin'un çöküşü, kripto parayı yasallaştıran El Salvador'u nasıl etkileyecek? Videos

Bitcoin'un çöküşü, kripto parayı yasallaştıran El Salvador'u nasıl etkileyecek?

Son dönemde Bitcoin dahil birçok kripto para biriminde sıra dışı değer kaybı yaşanıyor. Kasım...

By wpadminsonic164
18.8 Million Dogecoin Bought by Whale with 40 Million XRP – U.Today Dogecoin

18.8 Million Dogecoin Bought by Whale with 40 Million XRP – U.Today

A large BNB whale, "Martian Manhunter," ranked 71st according to WhaleStats and holds 40...

By wpadminsonic164