Friday, January 15, 2021

Veteran Trader Warns Cardano Community about ADA Scam on Fake CoinDesk Site

The con artists in the cryptocurrency ecosystem are lying in wait for vulnerable minds. Several means are devised by crypto scammers to becloud crypto users. The fact that the industry is nascent makes it easy for scammers to outsmart many crypto community members, especially the newcomers.

According to Forbes’ estimate, the sum of $4 billion was carted away by hackers and scammers in 2019 alone. So, to be on the safer side, community members are often warned to be extra vigilant.

Cardano (ADA) Scam on Fake CoinDesk Site

The co-founder of TaiFu, Leon Fu, almost lost a notable sum to a scam involving three fake websites. According to Fu, the security precautions he took saved him from being hugely affected by the perpetration of these coordinated scammers.

Read Also: Cardano (ADA) Attains a Major Decentralization Milestone

On 19th November 2020, Fu tweeted to describe how he clicked a link that led him to a website he believed was CoinDesk’s official website. He failed to notice a little alteration to the letter “e” in the domain name.

Based on his narration, the fake website further misled him to a fake Cardano Foundation website, with the word “Foundation” misspelled in a way difficult to notice.

After Fu was satisfied with the information on the website, he clicked the link to what looked like the AdaLite staking site, without suspecting that “.io” has been swapped for “.org”.

The aftermath of the scenario described by Fu was the loss of a few dollars. However, he could have found himself in a major loss if not for the security measures he took.

In a series of tweets, Fu narrated as follows:

“I just got scammed out of several thousand ADA’s through a series of scam URL’s. First, somehow I got sent to a scam Coindesk site. Note the dot over the e.

“Next I got led to a fake Cardano Foundation Site. It’s missing the i in the URL.

Read Also: Cardano (ADA) Can Now Be Purchased and Traded With Euro on Gemini Exchange

“That then led me to the fake AdaLite site. The correct site was is adalite.io, but I was led to the org site.

“The only thing that saved me from losing all my ADA’s is I always do test transaction when doing a transaction for the first.”

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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