Co-Founder Of Cardano (ADA) Charles Hoskinson Warns Against Cardano Classic Crypto Scam
The co-founder of Ethereum and Cardano, Charles Hoskinson recently took to Twitter to denounce an upcoming scam called Cardano Classic.
Cardano Classic is a scam. They have no relationship to our project and if you give them money you will likely lose it. Beware anyone trying to borrow a name for legitimacy pic.twitter.com/1Usu9wjw9k
— Charles Hoskinson (@IOHK_Charles) January 24, 2019
Before we go into analyzing Hoskinson’s claims, let us look at what Cardano Classic is.
What Is Cardano Classic?
The team at Cardano Classic is creating an open-source online royalty payment model with peer-reviewed information available worldwide through a distributed ledger system.
The CADAC Token represents a regulatory compliant cryptographic form of currency for Entertainment industries that are currently registered with local representation. CADAC utility tokens is an ERC20 asset registered on the ETH blockchain used to create this universal payment system that enables royalties to be collected for all performances, at all times, throughout all countries.
The CADAC tokens will also be used initially to compliment fiat payments for both local and international artists or celebrity performances, credits for in-app purchases and registration fees.
Is Cardano Classic A Scam?
The fact that they have named their project after ADA is enough to have a red flag on them. Even though they have never claimed to be affiliated with Cardano, the choice of name sounds like a marketing stunt.
Charles is right, we have had many projects earlier in the crypto ecosystem and beyond who often “borrow a name for legitimacy.”
Even to an untrained eye, a look at their website shows something suspicious going on. If you look at their team page, none of the member’s social media accounts are linked. Even the ownership of the domain is masked.
There is absolutely no evidence that there is anything legitimate going on with the project. Their social media accounts are filled with the announcement with caps locks to compensate for the fact that they have very little to offer. The airdrops they offer look straight out of Twitter scams on Elon Musk’s posts who offer free Ethereums.
So, in the end, we have to trust Hoskinson. Not only for because he is one of the biggest names in the crypto ecosystem, but because his accusations against Cardano Classic is spot on.