- A scam targeting Cardano users involves sending fraudulent NFTs promising extra ADA rewards to steal funds, with over 200,000 ADA stolen so far worth almost $130,000.
- The scam comes as ADA’s price has been surging, recently exceeding $0.65 for the first time since May 2022, making it more enticing to scammers.
- Cardano Community advises users to carefully review all transaction summaries before approving to protect their assets, as scams impersonate legitimate projects amid ADA’s rising value.
Cardano users are being warned about a fraudulent NFT scheme designed to steal their ADA holdings. A Twitter account called Cardano Community alerted users to beware of this scam, which involves delegators receiving a fake NFT promising extra ADA rewards.
Details of the Scam
The scam works by sending delegators a dubious non-fungible token (NFT) offering additional ADA rewards through a fake event. The associated website has been confirmed as fraudulent. Victims who connected their wallets and signed transactions have already lost over 200,000 ADA worth almost $130,000.
Losses Already Incurred
According to Cardano Community, losses from this scam have exceeded 200,000 ADA so far. They advise all users to carefully review transaction summaries before signing to protect their assets from theft.
Price Surge Makes ADA a Target
This scam targeting ADA holders comes as the token’s price has been surging. Cardano recently exceeded $0.65, its highest price since May 2022. The rising value likely makes it more enticing to scammers.
Advice for Users
Cardano Community urges users to be extremely cautious and closely examine all transaction summaries before providing final approval. Taking these steps can help protect assets from theft through scams impersonating legitimate projects.
As ADA continues to gain value, holders should stay vigilant about new frauds aiming to capitalize on interest in the token. Carefully checking all transactions remains the best defense against losing funds.