Cardano Launches Anti-Scam Task Force

Cardano Launches Anti-Scam Task Force to Combat Fraudsters


Cardano Founder Charles Hoskinson has revealed the development of an internal action force targeted at countering scammers. This comes as a report from scam avoidance firm Bolster showed cryptocurrency scams practically doubled in 2020.

“One of the things we’ve been thinking about is setting up some sort of dedicated body in the Cardano ecosystem that does nothing but builds tools to help people report scams and propagate the knowledge that a scam has occurred.”

The Cardano Anti-Scam Task Force Nabs First Case

Last month, an annoyed Hoskinson hosted a live stream in which he cautioned the Cardano neighborhood of giveaway scams. He restated the point, one made often times previously, that he nor Cardano will ever giveaway ADA.

” If you fall for this, you will lose your ADA, these are wrongdoers, these are fraudsters, these are individuals who are attempting to steal from you. Usage common f * cking sense. You do not get something totally free. You don’t get something for nothing.”

Cardano is now taking an active role in combating the scammers with the recently formed anti-scam task force. Not only is it charged with reporting and spreading out awareness of scams, but Hoskinson also spoke about an investigative aspect to their operations as well.

” … do some targetted examinations into endeavors that have actually entered into the Cardano space, that we feel may be deceitful.”

Without entering into specifics, Hoskinson said, following grievances raised by community members, the task force has actually investigated a fund believed of scams. Preliminary outcomes show the fund in question may be a fraud. However, he did not divulge the name of the fund at this time.

” We started carrying out an examination and the preliminary outcomes suggest that fund might actually be a fraud. So in 2 weeks’ time, we’re going to launch our very first output of this internal working group.”

Crypto Scams Forecasted to Get Worse in 2021

Scammers are gathering to crypto as markets continue flourishing. Research performed by Bolster verifies that cryptocurrency scams is on the increase. The firm explains that this is among the most significant barriers to traditional success.

Co-Founder and CTO of Bolster Shashi Prakash said crypto scams are the fastest-growing category of frauds. He cautioned that this is just the start of a “new wave of digital theft campaigns.”

We continue to see fraudsters being opportunistic and designing projects concentrated on real-time, surging trends when individuals are likely not to be on guard because it’s so brand-new.”

By examining 300 million sites, Bolster discovered more than 400,000 related to crypto frauds over in 2015. The company anticipates this figure will increase by 75% for this year.

Other crucial findings keep in mind that fake prizes, giveaways, or sweepstakes were the most prolific kind of fraud, with Bitcoin, Chainlink, and Ethereum being the leading 3 most targetted tokens.

The Cardano anti-scam task force is a step in the best instructions. However, as Hoskinson discussed, it’s no alternative to common sense.

Cardano daily chart

Source: ADAUSD on

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