There is an ongoing scam in the Cardano ecosystem and Cardano holders are warned to be vigilant and look out for suspicious messages.

Cardano Holders on Target

Yoroi Wallet, a light wallet on Cardano, took to X to confirm that there have been a few reports about users who lost their ADA to various scams. Yoroi explained to Cardano holders how the scam works to give them an idea of what to look out for. 

Per the explanation offered, the scammers gained the attention of the user by first sending scam tokens to their wallet. 

The tokens were sent in the guise of a project like a staking pool that the user is already familiar with to avoid suspicion. These fake tokens usually have an image with an embedded phishing link attached inviting users to click to receive their bonuses. 

Once a Cardano holder clicks on the link, they are immediately directed to a website that is a picture-perfect clone of the original website the hacker is trying to imitate. This makes it somewhat difficult for the unsuspecting user to identify that it is a scam. If the user connects his wallet to any of these phishing wallets, he is likely to get all his assets drained immediately. 

According to Yoroi Wallet, once such loss happens, it is permanent. Therefore, Cardano holders are advised to remain watchful to avoid falling victim to these scams.

Prevalence of Scam in the Crypto Ecosystem

Cardano holders seem not to be the only ones likely to be scammed this season as there is a prevalence of bad actors in the crypto industry.  

Earlier on Saturday, Shiba Inu’s team warned its users of increased scams, and also urged the community to remain vigilant. They went a step further by offering education on cryptocurrency risks and safe investment practices.

These hackers are exploring different strategies to get unsuspecting uses to part ways with their hard-earned assets. 

Some of these strategies includes the use of fake airdrops, phishing attempts, and misleading giveaways. Last week, there was an attack on top crypto mixer FixFloat. The decentralized crypto exchange lost $26 million worth of cryptocurrencies including 409 Bitcoin, valued at $21.17 million, and 1,728 Ethereum also worth $4.85 million. 

Ultimately, crypto users are advised to stay vigilant and avoid phishing links by all means.

The post Cardano (ADA) Holders Should Note This Crucial Yoroi Wallet Message appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am