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3rd most-targeted crypto project by scammers: Cardano

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Cardano (ADA) is one of the most often targeted projects by cryptocurrency fraudsters, who are using phishing assaults to scam unwary victims.

Never-ending phishing attacks

With 277 attacks, Luno is second behind Blockchain, which has 662.  Poloniex and Magic Eden are placed fourth and fifth, with 72 and 67 assaults, respectively. 

According to statistics supplied with Finbold by VPN service Atlas VPN, ADA was the third most phished crypto project over the 90 days ending June 22 and recorded 191 assaults.

Other large phishing assaults affected the cryptocurrency exchange Binance with 59 incidents and the peer-to-peer trading platform Paxful with nine occurrences.

Specifically, the con artists target cryptocurrency initiatives, especially those that produce products like non-fungible coins and financial products (NFTs).

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In the first quarter of 2022, a number of scams cost more than $329 million in total, and forecasts indicate that the amount will continue to increase.

Since last year, consumers have lost over $1 billion in various crypto scams.

Cardano appears to be one of the cryptocurrency projects that scammers find appealing as the platform logs more use cases in its drive to replace current networks like Ethereum.

Charles Hoskinson, the founder of Cardano, forewarned that platform-related frauds will likely continue to increase thanks to the spike in ADA last year. 

It’s interesting to see that fraudsters have grown despite a significant decline in the cryptocurrency market in 2022.

Con artists are stealing money from unwary clients by taking advantage of their naivety as the bitcoin sector grows.

One significant Cardano scam appeared in May as a result of the mass distribution of a downloadable phishing application on social media sites.  

Finbold said that a fake Daedalus cryptocurrency wallet website was promoted on the Discord chat service with the purpose of stealing users’ ADA holdings.

The suspicious program misrepresented itself as a platform for giveaways and promotions, and anyone who downloaded it lost access to their ADA wallet’s personal data.

Furthermore, the absence of defined restrictions encourages scam artists to deceive their victims.

Nancy J. Allen
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