Cardano (ADA) Users Targeted as Latest in Series of Youtube 'Giveaway' Scams

Cardano, the decentralized Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term project that is powered by the ADA cryptocurrency, has issued a public warning against Youtube scams that are advertising a fake ADA token giveaway.

Specifically, Charles Hoskinson, the founder of Cardano, said that footage of a keynote speech that he gave is being used to promote the hoax.

“It has come to my attention that a scam has been floating around using my conference keynote to promote a giveaway https://youtu.be/MqeEhezvI1s this is a scam,” he wrote on Twitter. “Please report it to YouTube. We will take legal action if we can against those responsible.” (As of press time, the video had been removed from Youtube.)

Cardano may have become an increasingly attractive option for scammers due to its significant recent price rise; on Monday, July 6th, the price of ADA hung around $0.09--at press time (a week later), it had risen to $0.13.

Crypto giveaway scams are increasingly popular on Youtube

The Cardano scheme is the latest in a series of Youtube-based cryptocurrency giveaway scams that have been popping up on the online video platform; CoinDesk reported that along with Charles Hoskinson, the identities of Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term founder Vitalik Buterin and Gemini founders Tyler and Cameron Winklevoss have also been used in similar scams.

Each of these scams has taken excerpts from talks that Hoskinson, Buterin, the Winklevosses, and others have taken talking about the benefits of a particular cryptocurrency (ie ADA or ETH).

The scams then declare that users’ funds will be doubled if they send an initial amount to a wallet address through a QR code; the victims send their funds and then, sadly, receive nothing in return.

Brad Garlinghouse, the chief executive of Ripple Labs, has sued the media giant over failing to adequately block and police similar scams involving XRP.

Perhaps ironically, however, there have been a number of instances in recent history in which Youtube has blocked and banned legitimate cryptocurrency trading and informational channels. The channels of popular cryptocurrency Youtubers, including Ivan on Tech, Crypto Wendy O and Chico Crypto, have all been blocked relatively recently.