Cardano Alert: Crucial Warning Issued, No ADA Giveaways

As the much-awaited Chang upgrade approaches, the Cardano community has been issued a crucial warning: Beware of ADA giveaway scams.

The Chang upgrade is the culmination of many years of hard work for the Cardano ecosystem and marks a significant step toward minimum viable on-chain governance as outlined in CIP-1694.

As stake pools upgrade their nodes to support the new protocol, Cardano will have moved into the Voltaire Era, establishing a self-sustaining blockchain and trailblazing the way forward for the industry.

This major upgrade has sparked widespread interest in the crypto community. However, this increased interest raises the risk of scams and fraudulent activities from bad actors who seek to profit off the enthusiasm of the crypto community.

No official ADA giveaways

A Cardano community member Pete with the X handle @astroboysoup points out the concerning trend of fake ADA giveaways as Chang approaches: “Well, looks like with the hard fork coming, the scammers are coming out in force and people are falling for it again. Please push this far and wide across all socials. There are no ADA giveaways.”

Cardano Foundation scammed me?

Well, looks like with the hard fork coming, the scammers are coming out in force and people are falling for it again. Please push this far and wide across all socials. There are no ADA giveaways. These videos are all scams. Don’t fall for it. pic.twitter.com/zF90T4zcAA

— Pete | Beware of Scammers (@astroboysoup) July 13, 2024

Pete flags a deep fake video depicting Charles Hoskinson promoting a fake ADA giveaway scam, noting that “these videos are all scams, Don’t fall for it.”

These giveaway scams typically promise free ADA in exchange for a small initial transfer and are frequently promoted through social media channels, phishing emails, or fraudulent websites that mimic legitimate Cardano platforms. The scammers disappear after the initial transfer, leaving the victims with nothing.

In this light, the Cardano community should bear in mind that there are no official ADA giveaways. Any claims or promotions suggesting otherwise should be treated with extreme caution. These scams frequently offer free ADA in return for sending cryptocurrencies to a specified address. Unfortunately, those who fall for these schemes end up losing their funds with no return.

Source