WARNING: Fake Cardano Wallet To Avoid at All Costs

As the popularity of Cardano (ADA) rises, scams are becoming more frequent.

Cardano News
by Christine Masters
6 min

Using web-based wallets is generally best avoided, with a few time-tested exceptions. But this time, Cardano(ADA) has seen trouble with its wallets, as shady services are cropping up. 

One of the wallets is named Cardano-explorer, and has many red flags. 

The wallet offers only a simple email registration, without even sending a confirmation email. Afterwards, there is no way to see or own private keys. The user is taken directly to the main screen, and given a receiving address. 

There is a possibility that sending ADA to the assigned address will in fact move them into a third party wallet. Also, the web-based service allows no backup, seed phrase or any other way that the owner of the account can control the wallet. The only protection is a simple password, even without 2FA. 

Bitcoin Diamond Warning: Out to Steal The Real BTC

The threat is in addition to a compromised Daedalus wallet, which was seen on the Android app store for a few days before being removed. 

Cardano surprised the markets by shooting up from $0.03 to a peak of $0.57, attracting many newcomers to the crypto space. Since then, the coin has fallen to $0.42. But with expectations that Cardano would grow to become "the next Ethereum", it is no wonder scam wallets and links are cropping up, with the hope of grabbing tokens.

Cardano has a long way to go, and the next round of popularity may come from the live meeting in London: 

But Cardano is seeing some glitches in trading, as it is most readily available through Binance. Thus, buying up ADA may be somehow problematic for newcomers in the crypto space. Binance requires 30 confirmations for a transfer of Ethereum, meaning a rather long waiting time for ADA buyers.

 

by Christine Masters, 27 December 2017
Cardano News