Ardana is a decentralized stablecoin hub which will bring the necessary DeFi primitives needed to bootstrap & maintain any economy to Cardano.


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Ardana

<div><div><a target="_blank" href="https://cryptomode.com/wp-content/uploads/2024/06/45-Cryptomode-Alt-Coin-5.webp"><p><img srcset="https://cryptomode.com/wp-content/uploads/2024/06/45-Cryptomode-Alt-Coin-5-750x420.webp 750w, https://cryptomode.com/wp-content/uploads/2024/06/45-Cryptomode-Alt-Coin-5-300x168.webp 300w, https://cryptomode.com/wp-content/uploads/2024/06/45-Cryptomode-Alt-Coin-5-1024x574.webp 1024w, https://cryptomode.com/wp-content/uploads/2024/06/45-Cryptomode-Alt-Coin-5-768x430.webp 768w, https://cryptomode.com/wp-content/uploads/2024/06/45-Cryptomode-Alt-Coin-5-1140x639.webp 1140w, https://cryptomode.com/wp-content/uploads/2024/06/45-Cryptomode-Alt-Coin-5.webp 1456w" src="https://cryptomode.com/wp-content/uploads/2024/06/45-Cryptomode-Alt-Coin-5-750x420.webp" alt="Cardano Set to Explode: Analyst Predicts" /></p></a></div><div><p><a href="https://cryptomode.com/linkout/22473" target="_blank"><img src="https://cryptomode.com/wp-content/uploads/2023/11/Rebel_Satoshi_-_728x90_728_x_90_px.gif" alt /></a></p></div><div><p><span>Analyst Cheeky Crypto predict Cardano (ADA) is about to explode based on its current trajectory. </span></p><p><span>According to the analyst, Cardano founder Charles Hoskinson hinted at a potential partnership with tech mogul Elon Musk, who is deeply <a href="https://cryptomode.com/news/dogecoin-where-next/" target="_blank">associated with Dogecoin (DOGE)</a> and sparking widespread excitement within the Cardano community. He states that this collaboration could revolutionize blockchain technology and enhance Cardano’s visibility significantly. Amid these discussions, rumours have surfaced suggesting Elon Musk may control up to 20% of Dogecoin’s supply, a detail that raises intriguing possibilities for Cardano’s market dynamics if Musk shifts his focus.</span></p><p><iframe width="500" height="281" src="https://www.youtube.com/embed/a-WbH650Mts?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share"></iframe></p><p><span>The <a href="https://www.youtube.com/watch?v=a-WbH650Mts&amp;embeds_referring_euri=https%3A%2F%2Fcryptomode.com%2F&amp;feature=emb_imp_woyt" target="_blank">analyst states that Cardano is currently a hot topic</a> on social media, attracting a growing number of investors intrigued by its potential. His technical outlook for Cardano is also positive, with expectations of a short- to medium-term price recovery. His technical analysis further indicates that for the uptrend to confirm, Cardano’s price must close above critical resistances, including the 50 Simple Moving Average (SMA), 50 Exponential Moving Average (EMA), and 200 Day Moving Average (DMA). Such bullish movements would solidify the foundation for a significant upward trajectory in Cardano’s market value.</span></p><p><span>Despite recent market corrections and low trading volumes, the analyst maintains a hopeful outlook for Cardana’s price, suggesting an imminent reversal. Key resistances still loom large on the horizon, necessitating a cautious approach to trading until these levels are convincingly surpassed. The analyst compares the current situation to past price actions that preceded major rallies, proposing potential conservative price targets between $5.34 and $12.71. He states that a successful partnership with Elon Musk could propel prices towards a staggering $38. This comes as other analysts predict<a href="https://cryptomode.com/news/whats-next-for-cardano-analyst-weighs-in/" target="_blank"> ADA will soon explode</a> while others predict while others predicted </span><a href="https://cryptomode.com/news/will-cardano-reach-a-low-anytime-soon/" target="_blank"><span>it is yet to set a low</span></a><span>.</span></p><h2><span>Cardano Price Review: How is ADA Doing Today?</span></h2><p><span>Looking at an in-depth analysis, we see that the price of ADA is currently trading below the Ichimoku Cloud, which is generally considered a bearish signal. This suggests that the market is in a downtrend. The cloud ahead of the price is red and appears to be expanding, which typically indicates a strengthening of the bearish trend. The conversion line (blue) is below the baseline (red), reinforcing the bearish sentiment.</span></p><p><img src="https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227.png" alt srcset="https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227.png 2538w, https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227-300x144.png 300w, https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227-1024x491.png 1024w, https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227-768x369.png 768w, https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227-1536x737.png 1536w, https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227-2048x983.png 2048w, https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227-750x360.png 750w, https://cryptomode.com/wp-content/uploads/2024/06/Apex_1718284098227-1140x547.png 1140w" /></p><p><span>2-hour ADA/USD Chart | Source: </span><a href="https://www.tradingview.com/symbols/ADAUSD/" target="_blank"><span>TradingView</span></a></p><p><span>On the other hand, the Woodies CCI is consistently below -100, a strong bearish signal indicating that the price is well below its average over the observed period. This suggests sustained selling pressure.</span></p></div></div>

Cryptomode

Cardano Set to Soar: Analyst Predicts

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Cardano Summit 2023

<div><p><strong>A Web3 risk rating firm disclosed that the Cardano stablecoin project Ardana gambled with Investors’ money, instead using it in development works. </strong></p><p>Cardano is a popular Proof-of-Stake (PoS) crypto network, known for its potential ability to process crypto transactions efficiently &amp; quickly. </p><p>In the middle of 2021, Aradana emerged as a new project in the Cardano ecosystem with the vision to create a stablecoin pool on the Cardano Blockchain so that people can mint fiat pegged stablecoins on the pool &amp; can further integrate native token DANA to gain price increment with the help of the high-level use cases across its stablecoin pool. With all such vision, the project team successfully raised nearly $10 million in October 2021 from CFund, Three Arrows Capital (3AC), and Ascensive Assets.</p><p>In Nov 2022, after the bankruptcy of the second-ranked <a target="_blank" href="https://bitcoinik.com/sec-sues-former-ftx-crypto-exchange-auditor/">crypto exchange FTX</a>, the Ardana team <a target="_blank" href="https://bitcoinik.com/cardanos-dusd-stablecoin-project-halts-development-works/">announced</a> the closure of their project citing uncertain project timelines &amp; funding issues. A few months before, <a target="_blank" href="https://bitcoinik.com/three-arrows-capital-is-on-the-radar-of-singapores-mas-agency/">3AC</a> also went bankrupt. So the whole situation shows that the Aradana team chose a better plan because of the downfall of their backers. </p><p>Some people considered that the whole issue was related to the bankruptcy &amp; downfall of the crypto companies because of the extended bear phase of this sector, so the majority of the people failed to cross the question against the Aradana team’s decision.</p><p>Recently Web3 risk rating platform Xerberus uncovered the main dark game that happened on behalf of Ardana CEO  &amp; key executives. </p><p>According to Xerberus, the Aradana team used that investors’ money to invest in crypto assets to make money but they failed &amp; lost nearly $4 million in funds and this was the main reason why they shut down their shop. </p><figure><div><blockquote><p>2) The capital was deposited in stablecoins. Ardana used this capital to invest in highly risky Ethereum-based tokens. As in the advent of the bear market prices collapsed Ardana lost at least 4 million USD just on their DEX trades. <a href="https://t.co/PIj5o55Flr" target="_blank">pic.twitter.com/PIj5o55Flr</a></p>— Xerberus (@Xerberus_io) <a href="https://twitter.com/Xerberus_io/status/1699453740720210173?ref_src=twsrc%5Etfw" target="_blank">September 6, 2023</a></blockquote> </div></figure><p>The Web3 risk rating platform also shared the traces of the investor’s money that the Aradana team transferred through decentralized crypto exchanges &amp; centralized crypto trade platforms to gamble the investors money. </p><figure><div><blockquote><div><p>5) Last but not least, we found one wallet remaining under the control of the Ardana Administrator with 1.4 Million USDC still in it as recently as last month. Meaning, that there might be an avenue for investors to demand some money back. </p><p>👇 Can you find the Treasure Chest? <a href="https://t.co/nZRDGfV67V" target="_blank">pic.twitter.com/nZRDGfV67V</a></p></div>— Xerberus (@Xerberus_io) <a href="https://twitter.com/Xerberus_io/status/1699453767488348374?ref_src=twsrc%5Etfw" target="_blank">September 6, 2023</a></blockquote> </div></figure><p><em><strong>Read also: <a target="_blank" href="https://bitcoinik.com/ripple-successfully-gets-digital-payment-tokens-license-in-singapore/">Ripple successfully gets digital payment token (DPT) license in Singapore</a></strong></em></p></div>

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Xerberus uncovers how the Cardano stablecoin project gambled investors’ money 

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		<p>In 2021, Ardana Labs claimed it would provide an innovative stablecoin platform for the <a target="_blank" title="Cardano" href="https://www.cryptobreaking.com/go/cardano/">Cardano</a> network. The new project, called “Ardana,” would allow investors to lock up <a target="_blank" title="Crypto" href="https://www.cryptobreaking.com/go/crypto/">crypto</a> collateral and mint fiat-pegged stablecoins, including a U.S. <a target="_blank" title="Currencies" href="https://www.cryptobreaking.com/go/currencies/">dollar</a>-based token called dUSD. It raised $10 million from investors that year, but it suddenly <a target="_blank" href="https://cointelegraph.com/news/leading-cardano-stablecoin-project-shuts-down-after-excruciating-launch-delays">closed up shop</a> in November 2022, citing “funding and project timeline uncertainty.” </p>
<p>Some investors blamed the loss on the “<a target="_blank" title="Crypto" href="https://www.cryptobreaking.com/go/crypto/">crypto</a> winter” of 2022, during which many legitimate projects went bust from lack of funding in the extended bear market. However, new evidence from Web3 risk-management platform Xerberus suggests there may be more to the Ardana story than just fundraising issues.</p>
<p>According to Xerberus, Ardana executives likely transferred 80% of the project’s funds to a personal wallet after first attempting to obscure the transactions by sending some through centralized exchanges. The transfers were allegedly conducted by CEO Ryan Motovu or some other C-level team member. Once the funds were in this wallet, the executives made a series of bad <a target="_blank" title="Crypto" href="https://www.cryptobreaking.com/go/crypto/">crypto</a> investments, Xerberus alleges. These investments resulted in a loss of approximately $4 million, shortening the runway for the project and ultimately leading to its collapse.</p>
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<p>2) The capital was deposited in stablecoins. Ardana used this capital to invest in highly risky <a target="_blank" title="Ethereum" href="https://www.cryptobreaking.com/go/ethereum/">Ethereum</a>-based tokens. As in the advent of the bear market prices collapsed Ardana lost at least 4 million USD just on their DEX trades. <a target="_blank" href="https://t.co/PIj5o55Flr">pic.twitter.com/PIj5o55Flr</a></p>
<p>— Xerberus (@Xerberus_io) <a target="_blank" href="https://twitter.com/Xerberus_io/status/1699453740720210173?ref_src=twsrc%5Etfw">September 6, 2023</a></p></blockquote>
<h3>Ardana’s rise and fall</h3>
<p>Ardana was first announced in the summer of 2021, and by October 2021, it <a target="_blank" href="https://cointelegraph.com/news/cardano-stablecoin-protocol-ardana-raises-10m-in-latest-funding-round">had raised $10 million from venture capital firms</a> CFund, Three Arrows Capital (3AC) and Ascensive Assets. Thanks to its successful fundraise and the prominence of its backers, some investors came to believe that Ardana’s upcoming token, DANA, would deliver outsized market gains.</p>
<p>The following month, Ardana announced that it was also <a target="_blank" href="https://cointelegraph.com/news/ardana-partners-with-near-protocol-on-cardano-bridge-infrastructure">partnering with Near Protocol</a> to create an asset bridge between <a target="_blank" title="Cardano" href="https://www.cryptobreaking.com/go/cardano/">Cardano</a> and Near.</p>
<p>However, no Ardana stablecoin platform or bridge was ever launched, and the protocol <a target="_blank" href="https://cointelegraph.com/news/leading-cardano-stablecoin-project-shuts-down-after-excruciating-launch-delays">closed down in November 2022</a> without a functioning product. The development team stated that the closure was due to “funding and project timeline uncertainty.” The closure happened amid the <a target="_blank" href="https://cointelegraph.com/news/ftx-and-binance-s-ongoing-saga-everything-that-s-happened-until-now">collapse of FTX</a>, which had made it difficult for many projects to raise funds. One of Ardana’s backers, 3AC, had also <a target="_blank" href="https://cointelegraph.com/news/3ac-a-10b-hedge-fund-gone-bust-with-founders-on-the-run">gone bankrupt a few months earlier</a>. Given this background, many didn’t question the official story.</p>
<p>However, blockchain data and analysis by Xerberus show that Ardana’s failure may have had less to do with a lack of funding and more to do with risky asset management practices by Ardana Labs’ officers. </p>
<h3>A trail of questionable money </h3>
<p>Xerberus co-founders Simon Peters and Noah Detwiler told <a target="_blank" title="CoinTelegraph Markets Pro" href="https://www.cryptobreaking.com/go/cointelegraph-markets-pro/">Cointelegraph</a> they identified the <a target="_blank" title="Ethereum" href="https://www.cryptobreaking.com/go/ethereum/">Ethereum</a> <a href="https://etherscan.io/address/0xbFb4B6651F56FA438B1a853781ED6847673EDa25" target="_blank">wallet</a> Ardana Labs used to collect funds from the DANA initial coin offering (ICO) in November 2021. They stated that links to the address were included in the ICO platform Tokensoft’s web pages relating to the token. In addition, they claim to have identified a $1 million transaction from 3AC into this address at a time when 3AC had announced its Ardana investment.</p>
<p>According to blockchain data, the first transaction to this account occurred on Sept. 2, 2021, when approximately 0.46 Ether (<a target="_blank" href="https://cointelegraph.com/ethereum-price">ETH</a>) ($1,747 at the time) was <a href="https://etherscan.io/tx/0x17ec93140730596b9b4c432a1c6fe6bde93135ad52d3af41827b3b002eecda23" target="_blank">sent</a> into it. This was approximately two weeks after the Aug. 15 start date for the first round of Ardana fundraising. Beginning on Sept. 15, the account received multiple USD Coin (<a target="_blank" href="https://cointelegraph.com/usdc-price-index">USDC</a>) transfers that eventually added up to millions of dollars worth of stablecoins.</p>
<figure><img src="https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/ebfd2494-01e4-4b1f-b688-f630d73a1205.png?w=788&amp;ssl=1" /><figcaption>Caption: USDC transfers into alleged Ardana fundraising wallet. Source: Etherscan.</figcaption></figure>
<p>Once the funds were raised, they were moved into other wallets through a series of intermediate steps, Xerberus claims.</p>
<p>As told by Peters and Detwiler, approximately $3.2 million worth of stablecoins was moved from the fundraiser wallet to a “Target Wallet” through two intermediate addresses. This amount is approximately 30% of the total funds raised. First, the fundraiser account <a href="https://etherscan.io/tx/0x8fa4c2972aff412ac03cc917f5f644fe8fe25cc8ef9702166a4a5514b6be87c0" target="_blank">sent</a> the funds to what they refer to as “Proxy Wallet 1.”</p>
<figure><img src="https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/fde93c7c-1bc4-4d89-bb21-00fd8bb89895.png?w=788&amp;ssl=1" /><figcaption>Diagram of Ardana fund flows. Source: Xerberus</figcaption></figure>
<p>After receiving the funds, Proxy Wallet 1 swapped all of the stablecoins for CVX, a utility token used to receive fees from the Convex Finance platform. Blockchain data <a href="https://etherscan.io/address/0x962A6024Eb1ea0B447749e400510DBAa09Bb9bE3#tokentxns" target="_blank">shows</a> that decentralized exchange (DEX) SushiSwap was used to make this swap.</p>
<p>From there, the funds were <a href="https://etherscan.io/tx/0x7a804acb360111b5ddaee247616b298877d153b796de6507f9f29c717f12bab0" target="_blank">sent</a> to what the Xerberus founders claim is an old personal wallet (“Old Address”) of Ardana founder Motovu. According to them, Motovu declared that he made money in the previous bull market of 2017. They found that “between $200,000 and $400,000” was in this wallet before the Ardana ICO, but the bulk of the funds it later held were from Ardana.</p>
<p>“When this project went under and when it failed, [Motovu] went onto a live Space and said, ‘A lot of my personal money that I had earned over the previous bull market in 2017’ […] is the money he made out of this old wallet,” Detwiler explained. “It sums up to something around $200,000 to $400,000, nothing more.”</p>
<p>Blockchain data shows that approximately four minutes after the CVX tokens were sent to the Old Address, it <a href="https://etherscan.io/tx/0x079311123f43a67d24599e558ba1bb14bca32c6db2d57e5e4a40bae283801e57" target="_blank">transferred</a> them to the Target Wallet. It is this wallet that they claim was used to purchase a variety of <a target="_blank" title="Crypto" href="https://www.cryptobreaking.com/go/crypto/">cryptocurrencies</a>, ultimately causing Ardana’s funds to be lost in bad investments.</p>
<h3>CeFi exchanges join the trail</h3>
<p>In addition to the amount moved on-chain to the Target Wallet, another $4 million was sent through centralized exchanges first, then transferred to the Target Wallet, according to the Xerberus co-founders.</p>
<p>They claim to have identified the <a target="_blank" title="Kraken" href="https://www.cryptobreaking.com/go/kraken/">Kraken</a>, <a target="_blank" title="Coinbase" href="https://www.cryptobreaking.com/go/coinbase/">Coinbase</a> and <a target="_blank" title="Gate" href="https://www.cryptobreaking.com/go/gate/">Gate.io</a> deposit addresses used by the Ardana team. To find these, they looked for addresses that received funds from the fundraising wallet and sent funds to a known exchange address. For example, one address in particular <a href="https://etherscan.io/address/0x3a3d36b0c1d218d2cec061b871898465ab5fad24" target="_blank">received</a> funds from the fundraising wallet and only sent funds to the <a target="_blank" title="Coinbase" href="https://www.cryptobreaking.com/go/coinbase/">Coinbase</a> 6 and <a target="_blank" title="Coinbase" href="https://www.cryptobreaking.com/go/coinbase/">Coinbase</a>: Miscellaneous wallet addresses.</p>
<p>Once funds were sent to a centralized exchange, determining what happened to them became more difficult. However, the team used a variety of techniques to determine with a degree of certainty where the funds went.</p>
<p>In some cases, the team was able to identify funds that were sent to <a target="_blank" title="Kraken" href="https://www.cryptobreaking.com/go/kraken/">Kraken</a> and then immediately sent out to another address, as <a target="_blank" title="Kraken" href="https://www.cryptobreaking.com/go/kraken/">Kraken</a> often uses the same address to send and receive funds for each user, especially if the time between transactions is short. In other cases, <a target="_blank" title="Kraken" href="https://www.cryptobreaking.com/go/kraken/">Kraken</a> sent the deposited funds to another of its wallets, making it no longer obvious what the user did with the funds. Deposits sent to <a target="_blank" title="Coinbase" href="https://www.cryptobreaking.com/go/coinbase/">Coinbase</a> and <a target="_blank" title="Gate" href="https://www.cryptobreaking.com/go/gate/">Gate.io</a> are always sent to other wallets and pooled with other users’ tokens. So, with transactions involving these exchanges, the team could not determine what happened as easily.</p>
<p>However, they analyzed all outgoing transactions made by each exchange within an hour of the fundraising wallet depositing to it. They found that many outgoing transactions were for the exact same amount as the deposits. For example, the fundraising wallet would deposit $220,000 worth of Tether (<a target="_blank" href="https://cointelegraph.com/tether-price-index">USDT</a>) to <a target="_blank" title="Gate" href="https://www.cryptobreaking.com/go/gate/">Gate.io</a>. Then, 40 minutes later, the exchange would send exactly $220,000 in USDT out to a different wallet. Ultimately, much of these funds ended up in the Target Wallet, providing what Xerberus sees as solid evidence that the same user made the outgoing transactions.</p>
<p>Peters and Detwiler cautioned that this process does not prove with certainty that the transactions were made by Motovu or a member of the Ardana team. “This is not a UTXO [unspent transaction output] trail or a <a target="_blank" title="Ledger" href="https://www.cryptobreaking.com/go/ledger/">ledger</a> trail. This is not a blockchain exact trail. […] However, the time frames and amounts do correlate with each other,” Detwiler stated. According to them, a total of $4 million was sent to the Target Wallet through these methods, bringing the total amount of funds sent into it to $7.2 million.</p>
<h3>Some funds remain, while some were spent on development</h3>
<p>Research conducted by the Xerberus team shows that approximately $1.82 million worth of Ardana’s funds were spent on development costs associated with the project, including team member’s salaries. They contacted a person they referred to as “the main contractor for the project,” who gave Xerberus their wallet address. This address showed payments totaling $1.82 million, which is approximately 20% of the funds raised.</p>
<p>In addition, they claim that approximately $1.4 million worth of USDC has not been lost and still remains in the possession of the project in a <a href="https://etherscan.io/address/0xF3A953eC64aef4c268543Acf2E0b75A1844e9AB6" target="_blank">wallet</a> they refer to as the “Treasure Chest” account. This account’s first transaction was an incoming transfer of 0.3 <a target="_blank" title="Ethereum" href="https://www.cryptobreaking.com/go/ethereum/">ETH</a>, worth $562.29 at the time, which was sent to it from the Target Wallet.</p>
<p><em><strong>Related: </strong><a target="_blank" href="https://cointelegraph.com/news/multichain-victims-search-for-answers-in-billion-dollar-exploit-as-new-evidence-emerges"><strong>Multichain victims search for answers in $1.5B exploit as new evidence emerges</strong></a></em></p>
<h3>Nearly $4 million lost in bad trades</h3>
<p>According to Xerberus’ Sept. 6 report on Ardana, nearly $4 million of the Target Wallet’s token balance was <a href="https://docsend.com/view/anpnvfkufguryx2c" target="_blank">lost</a> through bad trades. The wallet owner transferred most of the funds to two Safe (formerly Gnosis Safe) multisignature accounts. These funds were used to make trades on DEXs PancakeSwap, Uniswap, SushiSwap and GMX, resulting in near-total losses. The Target Wallet also made its own losing trades.</p>
<p>Blockchain data shows that the Target Wallet made over 1,000 transactions, most of which were interactions with DEX contracts.</p>
<figure><img src="https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/9ef75caf-97c4-4d3f-92c5-2d4958e4d398.png?w=788&amp;ssl=1" /><figcaption>Transactions of the account identified as “target wallet” by Xerberus. Source: Etherscan.</figcaption></figure>
<h3>Ardana’s liquidation and closure</h3>
<p>Xerberus claims that the on-chain behavior of the Ardana team began to change in March 2022, when the team’s wallets began “dumping” their assets onto DEXs. They continued to sell all remaining assets until November 2022, at which point the project officially announced it was closing. The funds obtained from these sales still remain in the treasury wallet.</p>
<p>The firm says it created an early warning system that can help alert investors when a project is engaging in risky behavior that may lead to a closure. Xerberus calls this “Blockchain Native Risk Ratings based on verifiable mathematics,” and it says investigations like the Ardana one are used to “fine-tune” its risk model, which it expects to “transform <a target="_blank" title="Crypto" href="https://www.cryptobreaking.com/go/crypto/">crypto</a> markets, making them the safe alternative to traditional financial markets.”</p>
<p><a target="_blank" title="CoinTelegraph Markets Pro" href="https://www.cryptobreaking.com/go/cointelegraph-markets-pro/">Cointelegraph</a> attempted to contact Ardana’s Motovu through LinkedIn, hoping to receive his side of the story. A reply was not received within the two weeks leading up to publication.</p>
<p>Many Ardana investors were firm believers in the <a target="_blank" title="Cardano" href="https://www.cryptobreaking.com/go/cardano/">Cardano</a> ecosystem. They expected Ardana to be the project that would finally get <a target="_blank" title="Cardano" href="https://www.cryptobreaking.com/go/cardano/">Cardano</a> the attention they felt it deserved. Instead, over $10 million in capital was sucked out of the <a target="_blank" title="Cardano" href="https://www.cryptobreaking.com/go/cardano/">Cardano</a> community, with virtually nothing left to show for it in the end.</p>
<p>The Ardana story is a sober reminder of the risks of investing in new Web3 startups with no functioning product. Although these projects can lead to outsized gains, they can also lead to catastrophic losses. Investors may want to take a close look at a project’s on-chain behavior when considering whether to invest in these types of projects.</p>
<p><em><a target="_blank" title="CoinTelegraph Markets Pro" href="https://www.cryptobreaking.com/go/cointelegraph-markets-pro/">Cointelegraph</a> editor <a target="_blank" href="https://cointelegraph.com/authors/zhiyuan-sun">Zhiyuan Sun</a> contributed to this story. </em></p>
<p><em><strong>Related: </strong><a target="_blank" href="https://cointelegraph.com/news/binances-indecision-to-freeze-bnb-wallets-drew-controversy-in-this-11m-rug-pull"><strong>Binance’s indecision to freeze wallets drew controversy in this $11M rug pull</strong></a></em></p>
<p>Source: <a target="_blank" title="CoinTelegraph Markets Pro" href="https://www.cryptobreaking.com/go/cointelegraph-markets-pro/">Cointelegraph.com</a></p>
 <div><h4>Links</h4>			<div><ul>
<li><a href="https://www.cryptobreaking.com/submit-a-press-release/" target="_blank">Submit your press release on this website</a></li>
<li><a href="https://www.cryptobreaking.com/advertise/" target="_blank">Advertise on our website</a></li>
<li><a href="https://www.cryptobreaking.com/go/etoro/" target="_blank">Buy and sell Bitcoin and other cryptos on eToro</a></li>
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<li><a href="https://www.cryptobreaking.com/go/ledger/" target="_blank">Buy a Ledger crypto hardware wallet</a></li>
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Crypto Breaking

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Cardano stablecoin project gambled away investors’ money before rug: Report | Crypto Breaking News

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Mint, Trade, Stake and Store Value. The First All-in-One Stablecoin Ecosystem Built on Cardano.

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