Cardano Founder’s Instagram Account Impersonated to Promote Fraudulent Staking Platform

A Reddit user recently reported that Charles Hoskinson, the founder of Cardano, has had his Instagram account compromised. The imposter account is promoting a suspicious staking platform that promises an unrealistic 2% daily return.

However, Hoskinson responded to these claims by clarifying that he does not have an Instagram account. This means someone is falsely using his identity to deceive people.

The fraudulent activity highlights the ongoing issue of identity theft and scams in the cryptocurrency community. Users are advised to be cautious and verify the authenticity of accounts and offers before engaging with them.

Usually, scammers target innocent victims by promoting high-yield crypto investment Ponzi schemes, promising guaranteed, unrealistic returns. They lure investors with attractive offers, only to collapse and leave participants with significant financial losses.

Scammers on X ( formerly Twitter)

Scammers frequently target X (formerly Twitter) users by hacking popular X accounts to promote crypto-related Ponzi schemes, such as fake airdrops and high investment return scams.

These fraudulent schemes lure victims with promises of high returns, only to steal their money. However, under Elon Musk’s leadership, X has significantly reduced such scams by prioritizing the crackdown on these malicious activities, enhancing platform security and protecting users.

Hoskinson to help X (Twitter) against attacks

Recently, Charles Hoskinson proposed integrating decentralized identifiers (DIDs) into X (formerly Twitter) to enhance security. He offered to implement this solution for free following recent security breaches, including the hacking of Ben Goertzel’s account, CEO of SingularityNet, which was used to distribute scam links. Goertzel apologized to his followers for the incident.