The crypto industry is expanding as new exchanges, and ICOs are launching with the advancements in the technology. However, this development in technology has also increased the chances of various cryptocurrency scams to take place. One such discovery made by the crypto industry was the Cardano Gold Coin ICO project that was rolled out recently.
This ICO went offline just after few days of its launch, and it set the record for being the shortest and fakest ICO to date. The platform began its ICO by offering 600,000 coins for $25.20 each, but soon, it was shut down. The website listed several famous cryptocurrency developers and influencers as the team members on the platform.
Cardano Gold getting caught
The scammers listed Enrico Campagnol as its CEO, and Arnab Naskar was listed as the crowd sales advisor. Both these people listed decided to take charge as they went ahead and informed everyone that they had nothing to do with the Cardano Gold platform and that it was a scam.
Soon after this, Cardano Foundation discovered the Cardano Gold Coin and went public by informing that the platform has nothing to do with the Cardano (ADA) cryptocurrency, and they labeled the tweet as a scam as well.
#Cardano Gold is not associated with us in any way. It is infringing on our trademark and violating our registered TM. Cardano Gold’s use of our trademark is illegal and we urge you to beware of this #scam.
— Cardano Foundation (@CardanoStiftung) November 6, 2019
This scam cryptocurrency stole ideas from various other projects like it decided to provide cryptocurrency debit cards and the cryptocurrencies Monaco (MCO) and TenX had planned to carry out these earlier.
The Cardano Gold Coin site is not available anymore as it was shut down, but the platform might face some potential lawsuits against it from the Cardano Foundation and from people who were listed on the platform but were not a part of the team.
This news also affected the price of ADA as the price declined from $0.4369 to $0.4238 as the price found support near $0.04159 level immediately.