Skip to content

Beware of scammers: Cardano founder’s video and AI voice-over used in ads to phishing

Beware of scammers: Cardano founder’s video and AI voice-over used in ads to phishing

The cryptocurrency market is usually seen as a honey pot for scammers by uniting experimental technologies with greed.

In yet another evidence of this, a scammer used Charles Hoskinson, founder and creator of Cardano (ADA), image to trick enthusiasts. Particularly, they used artificial intelligence (AI) voice-over on Hoskinson’s video to announce a fake airdrop leading to a phishing website.

Notably, the fake Cardano airdrop video was then featured as an advertisement in related content on YouTube. It is important to understand that YouTube content creators are not the ones to blame in this case.

This scam highlights the increasing sophistication of fraudulent schemes in the crypto world, underscoring the need for heightened vigilance among users.

The platform’s advertising system was exploited by scammers to disseminate the deceptive ad, raising concerns about ad vetting processes on platforms. However, the Solar Miner In Spain’s X (formerly Twitter) account spotted the scam and notified Digital Asset News, the channel owner. 

Cardano (ADA) price analysis

In the meantime, Cardano’s native token — which is not being airdropped — is trading at $0.64 by press time. Despite the scam, ADA has seen a year-to-date increase of 156%, reflecting the ecosystem’s growth and the surge in its DeFi sector.

ADA year-to-date price chart. Source: Finbold

The Cardano ecosystem has grown during this time, absorbing relevant capital from cryptocurrency investors. Its decentralized finance (DeFi) ecosystem surged in total value locked, featuring among the top DeFi projects in the year.

Moreover, Charles Hoskinson recently revealed plans for more decentralization in Cardano. Meanwhile, the staking of ADA by validators also increased greatly, surpassing the $14 billion staked market cap.

Nevertheless, there is still a run for improvement in everything crypto related. Users, developers, investors, and content creators must remain cautious with scams and risks in the industry.

The same caution applies to crypto trading, which should be done with proper risk management despite positive news. Investors and users should exercise due diligence and skepticism, especially when encountering offers that seem too good to be true. Cryptocurrencies are highly volatile digital assets that are moved by demand and supply dynamics.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Featured image via Messari YouTube

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.