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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

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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, 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.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.