Logo
Cardano Ecosystem

Bitcoinik

10/04/2023

·

148 views


Xerberus uncovers how the Cardano stablecoin project gambled investors’ money 

A Web3 risk rating firm disclosed that the Cardano stablecoin project Ardana gambled with Investors’ money, instead using it in development works. Cardano is a popular Proof-of-Stake (PoS) crypto network,...

Xerberus uncovers how the Cardano stablecoin project gambled investors’ money 

A Web3 risk rating firm disclosed that the Cardano stablecoin project Ardana gambled with Investors’ money, instead using it in development works. 

Cardano is a popular Proof-of-Stake (PoS) crypto network, known for its potential ability to process crypto transactions efficiently & quickly. 

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 & 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.

In Nov 2022, after the bankruptcy of the second-ranked crypto exchange FTX, the Ardana team announced the closure of their project citing uncertain project timelines & funding issues. A few months before, 3AC also went bankrupt. So the whole situation shows that the Aradana team chose a better plan because of the downfall of their backers. 

Some people considered that the whole issue was related to the bankruptcy & 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.

Recently Web3 risk rating platform Xerberus uncovered the main dark game that happened on behalf of Ardana CEO  & key executives. 

According to Xerberus, the Aradana team used that investors’ money to invest in crypto assets to make money but they failed & lost nearly $4 million in funds and this was the main reason why they shut down their shop. 

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. pic.twitter.com/PIj5o55Flr

— Xerberus (@Xerberus_io) September 6, 2023

The Web3 risk rating platform also shared the traces of the investor’s money that the Aradana team transferred through decentralized crypto exchanges & centralized crypto trade platforms to gamble the investors money. 

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.

👇 Can you find the Treasure Chest? pic.twitter.com/nZRDGfV67V

— Xerberus (@Xerberus_io) September 6, 2023

Read also: Ripple successfully gets digital payment token (DPT) license in Singapore

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Bitcoinik

ORIGINAL SOURCE

https://bitcoinik.com/xerberus-explains-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Bitcoinik

See more
Very bearish news for Cardano (ADA), Grayscale removes $ADA from crypto fund 
Bitcoinik
Very bearish news for Cardano (ADA), Grayscale removes $ADA from crypto fund 

04/07/2024

·

27 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)