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Cardano {ADA} Foundation detects yet another scam on Telegram; community expands

Bitcoin

Cardano is positioned at #12 to the south of Stellar Lumens in the market. The trading volume recorded stands at approximately $89.693 million which depicts a massive surge in comparison to the volume attained a week ago. The price dipped at a rate of 1.06% in the course of the past 24-hours; this, in turn, led to $ADA declining all the way down to reach the $0.042474 mark where it currently rests.

A while back, Justin Sun [the CEO of BitTorrent and founder of TRON] was allegedly linked to a scam which resulted in protests that left TRON employees at Beijing shaken. Following this, Justin stated that imposter scams are quite common in the cryptosphere. These nefarious actors powering a Ponzi Scheme target gullible people with little to no understanding of the financial system; such scandals have been reported in Nigeria, South Africa, India, and in developed nations like Australia, USA, and so on.

Following this, Justin’s popularity in China declined rapidly. However, TRON was one of the biggest benefactors of the recent bull-run initiated by Xi Jinping [Ontology, IOST, NEO, etc were other key gainers]. Similar scams have affected other cryptocurrencies as well; people who are struggling to make ends meet might choose to invest in such crafty schemes and end up losing massive amounts to money.

The Incentivized Testnet is slated to go LIVE shortly [in November]. When unleashed, one can earn ADA coins by being involved in staking.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.