Cardano Scammers Impersonate Influencers: How to Stay Safe

Cardano influencers sound the alarms on scammers trying to use their likeness for pump-and-dump schemes.

Hacker with a mask biting on a chain.
Created by Kornelija Poderskytė from DailyCoin
  • Scammers are exploiting Cardano influencers’ likenesses to promote their pump-and-dump schemes. 
  • Although most impersonation accounts have been shut down, some are still up.
  • Read what you can do to protect yourself. 

Recently, a wave of Cardano-related scams has surfaced on Twitter, promising significant amounts of ADA and equity while impersonating prominent Cardano influencers. These schemes have multiplied in the past few weeks, leaving users vexed about the surge of scam airdrops despite Twitter claiming a 90% reduction. 

Scammers Impersonate Cardano Influencers

On October 12, Twitter user Macro Meerman sounded the alarm on a scammer trying to use the likeness of one of Cardano’s biggest influencers, Cardano Whale. The scam revolved around ‘AWhale,’ an alleged pump and dump scheme offering an airdrop on MinSwap. 

Scammer using ADAWhale's likeness to promote AWhale token.
Scammer using ADAWhale’s likeness to promote AWhale token. Source: Twitter.

Upon notification of the scam, Cardano Whale swiftly disassociated himself from the scheme, claiming he would never do anything that would take user money, including launching a coin or anything else. 

Sponsored

Soon after the post, the alleged scammer targetted another Cardano influencer, Rick McCracken, promoting the RICK token, using similar tactics. Like Cardano Whale, McCracken warned users to steer clear of this scheme. 

After drawing heat from the broader crypto market through community reports, Twitter shut down the Awhale account. However, the account promoting the RICK token is still up at press time. 

How to Stay Safe?

With scams on the rise on Twitter, users must take necessary measures to protect themselves.  Here’s a brief list of go-to security measures to keep yourself safe: 

  • Double-check links, websites, and emails. Refrain from clicking any link unless it’s from a verified source. If the verified source has been compromised, take up the issue with other users and look for warnings and red flags. 
  • Report any suspicious activity to the concerned departments as soon as possible. 
  • Protect your recovery phrase by keeping it somewhere private. 
  • Set up additional security layers, such as two-factor authentication and multi-sig. 

Other measures include more work, such as doing your own research, scanning wallet addresses, and inspecting on-chain transactions.

On the Flipside

  • Elon Musk recently shared that Twitter is working on a fix for its bot plague. 
  • A crypto whale recently lost $24 million by signing a malicious transaction. 

Why This Matters

Twitter is still swarming with scammers and bots looking for their next victim. Considering the danger, it’s crucial for users to protect their wallets and refrain from falling for such schemes. 

Catch up on Cardano (ADA) price updates:
Cardano Detours from Bullish Trajectory Toward Yearly Lows

Discover why community reactions were mixed for the Midnight sidechain launch:
IOG Flounders to Fend off Cardano Midnight Criticism

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.