Cardano bucks downtrend with 5% gains, but millions in ADA still lost in giveaway scams

Cardano bucks downtrend with 5% gains, but millions in ADA still lost in giveaway scams

Cardano is up 5% in the last 24-hours, to $2.09 at the time of writing, making it the biggest gainer in the top ten.

At the same time, other large caps are struggling to break out of this week’s market dip, which coincided with Bitcoin’s rejection at $48,000.

Indeed, the last seven days have seen the price of Cardano gain 16%, suggesting, despite the wider market consolidation, investors remain bullish over the up-and-coming Alonzo rollout.

Cardano latest on smart contract rollout

A significant factor to Cardano’s performance this week was revealing a definitive deadline date for the Alonzo rollout.

Developers Input Output Global (CEO) announced the date of Sunday, September 12, on which the blockchain will hard fork to bring smart contracts to the network.

“It’s happening. We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event.”

The final phase, Alonzo purple, began two weeks ago and is the culmination of months of coding and testing. It involves onboarding third parties, such as exchanges and wallet providers, with the upgrades.

Hoskinson reiterates warnings on giveaway scams

As much as Cardano is building up to this momentous occasion, IOG CEO Charles Hoskinson felt it was necessary to revisit the issue of giveaway scams.

Hoskinson has, in the past, voiced his concerns on scams many times. However, given the apparent ramping-up of scammer’s efforts, the issue appears to be snowballing in recent times.

In his latest social media post, Hoskinson said giveaway scams are a wide-reaching problem affecting the entire crypto industry. It involves posting recycled video content with a pledge to return double the crypto funds received from viewers.

Not mincing his words on the issue, likely due to the frustration this situation brings, Hoskinson said:

“This prays upon people’s greed, their stupidity, and in many cases their inability to properly speak English, lack of competency there.”

He continued by saying millions of dollars, just in the Cardano ecosystem, are lost to giveaway scams each month. What’s worse is that nothing can be done to return the funds.

“There is not a single day I don’t get an email about someone saying “hey, I sent you ADA, when are you sending it back?” And there’s nothing we can do about it.”

Laying the blame squarely on YouTube and Google, Hoskinson said both entities are fully aware of the issue. But, for whatever reason, every day they continue to propagate the scams by allowing them to operate.

In trying to hammer the message home, Hoskinson repeated, we will never giveaway ADA, it is always a scam.

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