Thursday, February 25, 2021

Cardano Foundation Reveals Likely Crypto Investment Scam Activities

Cardano Foundation, the organization behind the top cryptographic project, Cardano (ADA), has hinted at the activities of a suspicious firm that is attempting to accrue investments from the unsuspecting users, by claiming it is affiliated with the foundation.

Cardano Foundation Recounts

On 9th July 2020, Cardano Foundation stated that someone claiming to be contracted by the Caribbean cryptocurrency exchange BTCNEXT admits to being familiar with the Cardano core members, which is a clear means to make the investments look safe to the unsuspecting users.

Whether the person or persons behind the suspicious activities is/are indeed connected to BTCNEXT is still unconfirmed at the time of writing.

However, the Cardano Foundation has made it clear that it has no connection with the Caribbean exchange BTCNEXT, to save the potential victims of their preplanned perpetration.

Cardano Foundation noted:

“Neither the Cardano Foundation nor any of its ecosystem partners are in any way associated with BTCNEXT, and they are also not our partners of any sort.”

A Note of Warning to the Cardano Community Members

In order for users to be at a safer side, Cardano Foundation advised them to “beware of any suspicious claims and conduct thorough due diligence.”

The foundation also warned people to never send any data to third parties that claim collaboration with its team or any other group in the Cardano ecosystem, pointing out that “We will never ask you to send your funds (assets) to us.”

Obviously, cryptocurrency scammers or fraudsters have leveraged the irreversible nature of crypto transactions over the years. Unlike the traditional financial system, where scammers have to be very careful to avoid reversals or bans.

Crypto fraudsters are coming up with different means on a daily basis to defraud the holders of crypto. They may look legitimate but their mission is to steal without mercy. So, digital currency holders are advised to guard their hard-earned funds jealously.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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