NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Cardano Launches Anti-Scam Task Force to Combat Fraudsters

Samuel Wan
Samuel Wan
4 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Cardano Founder Charles Hoskinson has announced the formation of an internal action force aimed at countering scammers. This comes as a report from fraud prevention firm Bolster showed cryptocurrency scams almost 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, a frustrated Hoskinson hosted a live stream in which he warned the Cardano community of giveaway scams. He reiterated the point, one made many times before, that he nor Cardano will ever giveaway ADA.

“If you fall for this, you will lose your ADA, these are criminals, these are scammers, these are people who are trying to steal from you. Use common f*cking sense. You don’t get something for free. You don’t get something for nothing.”

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

“… do some targetted investigations into ventures that have entered into the Cardano space, that we feel may be fraudulent.”

Without going into specifics, Hoskinson said, following complaints raised by community members, the task force has investigated a fund suspected of fraud. Initial results indicate the fund in question may be a scam. However, he did not disclose the name of the fund at this time.

“We started conducting an investigation and the preliminary results indicate that that fund may actually be a scam. So in two weeks time, we’re going to release our first output of this internal working group.”

Crypto Scams Predicted to Get Worse in 2021

Fraudsters are flocking to crypto as markets continue booming. Research conducted by Bolster confirms that cryptocurrency fraud is on the rise. The firm points out that this is one of the most significant barriers to mainstream success.

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

We continue to see scammers being opportunistic and designing campaigns focused on real-time, surging trends when people are likely not to be on guard because it’s so new.”

By analyzing 300 million websites, Bolster found more than 400,000 related to crypto scams over the last year. The firm predicts this figure will go up by 75% for this year.

Other key findings note that fake prizes, giveaways, or sweepstakes were the most prolific type of scam, with Bitcoin, Chainlink, and Ethereum being the top three most targetted tokens.

The Cardano anti-scam task force is a step in the right direction. However, as Hoskinson mentioned, it’s no substitute for common sense.

Cardano daily chart

Source: ADAUSD on TradingView.com
Tweet123Share196ShareSend
Samuel Wan
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

SEC geeft crypto ETF groen licht: XRP, Cardano en Solana zijn goedgekeurd

SEC geeft crypto ETF groen licht: XRP, Cardano en Solana zijn goedgekeurd

De SEC heeft onlangs de multi crypto ETF van Grayscale goedgekeurd. Optimistisch nieuws voor de cryptomarkt, die recentelijk al aan...

Lars Diederiksen 4 days ago
cardano ada adausd

Cardano (ADA) Breaks Resistance: Will Bulls Drive Toward $1 or Risk Losing Support?

Cardano (ADA) is trading at $0.876 with a daily volume of $1.28 billion, but sellers remain in control after a...

James Halver 4 days ago
Ethereum

Ethereum Validator Slashing Puts Cardano’s Resilience In Focus – Here’s Why

A recent slashing of Ethereum from different validators has reignited the debate around staking models, with many pointing to Cardano’s...

Godspower Owie 1 week ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Cardano

Can Cardano Repeat 2021 Surge? Technicals Point Toward $3–$6 Target – Details

Semilore Faleti 1 day ago
Cardano

As XRP Grabs Headlines, Can Cardano Price Surge Toward $100?

Scott Matherson 1 day ago
Cardano, ADA, Charles Hoskinson

ADA Holds $0.90 Support As Hoskinson Says Cardano Will ‘Break The Internet’

Rubmar Garcia 2 days ago

Premium Sponsors

Press Releases

  • イーサリアム...

    58 minutes ago
  • 5 Coinov, ktoré by mohli dosiahnuť 10 miliárd dolárov v kryptomenovej bubline 2025

    5 Coinov, ktoré by mohli dosiahnuť 10 miliárd dolárov v...

    59 minutes ago
  • ビットコイン...

    1 hour ago
  • dogecoin memecore

    Dogecoin Giảm 17,68% Khi Các Đồng Coin Tiềm Năng...

    1 hour ago
  • シバコイン...

    1 hour ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.