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Beware Of Cardano Scams

As the countdown to Alonzo’s release approaches, Input Output Global (IOG) CEO Charles Hoskinson issues a warning to all Cardano users.The highly anticipated Alonzo phase is nearing completion, with the hard fork event scheduled for September 12. IOG is currently working to finish the process of onboarding third parties.

When finished, the Cardano chain will have fully functional smart contract capacity. But, more crucially, this watershed moment will put it on an equal footing with Ethereum and Polkadot, to mention a few.
As the Alonzo release nears, ADA has set new all-time high after new all-time high. Scammers have flocked to the network in response, hoping to get a piece of the action.

The Elon/China FUD reached a climax when Bitcoin plummeted to $29,000. But, for the time being, that incident, and the larger FUD picture, appear to be a distant memory.

During that time, Cardano reached an all-time high of $2.50 before plummeting 60% in three days as the FUD took hold.

After establishing a support level of roughly $0.99, it has proceeded to consolidate during a two-month period. It wasn’t until mid-July that bulls grabbed control, resulting in massive gains and knocking Binance Coin out of third place on CoinMarketCap.

Late Monday evening saw ADA hit $3.00, marking a new all-time high. A wider market dip today, plus profit-taking, see bears step in to wrestle control, triggering a 6% swing to the downside at the time of writing.

With that, Hoskinson felt compelled to warn scammers seeking to defraud Cardano users, claiming that there is a positive correlation between price appreciation and scam activity.

“Anytime you see major events coming, and large scale price appreciation, and a lot of volatility, you will always see an enormous increase in scams.”

Hoskinson produced a video last week concerning giveaway scams, which have increased in regularity since the price of ADA skyrocketed. According to Hoskinson, they have increased by a factor of ten in recent weeks. Unfortunately, because they occur on YouTube, which appears to be failing to act in shutting them down, there is nothing that can be done to nip the problem in the bud.

Similarly, as Alonzo approaches its introduction, Hoskinson mentioned phoney app frauds, which trick users into installing fake wallets and apps under the guise of upgrading to Alonzo. Typically, monies are stolen as soon as consumers enter their passcode into the programme.

“There’s going to be a lot of scams around people’s lack of understanding about how upgrades work. So we’ve seen several fake copies of Daedalus, and several fake Cardano applications on the Google Playstore ”

Hoskinson repeated, as he has on numerous occasions, that IOG, its partner organisations, and representatives do not request passwords or private keys. They also do not request the installation of monitoring tools to assist with technical concerns.
Suppressing scammers requires crypto users to jointly take on the burden of “becoming their own bank.”