ADA Scam In China Now Addressed By Charles Hoskinson And IOHK

If you are following the latest and greatest from the Cardano news on Twitter, you probably saw the video (posted below) which shows a potential ADA scam in China that is shilling a group of famers Cardano and ADA.

The video opened the doors for a lot of discussion and plenty of comments coming from crypto Twitter. You can see it below.

WTF？Some one is shilling $ADA for farmers in very remote rural China🤣🤣🤣 pic.twitter.com/LrCnIOaRLG

— CaoYin👁曹寅👁 (@CaoArmand) July 2, 2020

What is interesting with this purported ADA scam in China is the fact that there are no reliable translations of the video produced yet. However, an important note to add is the fact that the individuals speaking at the front are wearing T-shirts that are branded by Cardano and using an image of Charles Hoskinson, who is the founder and CEO of IOHK, the parent company behind Cardano (ADA).

Evidently, nearly all of crypto Twitter acknowledged that this is a scam without any actual affiliation with the project or parties related to Cardano. It is similar to updates we shared in our latest Bitcoin scams news, but a good thing is that Hoskinson and the ADA team stepped up to clarify all this.

As we could see from the Cardano profile on Twitter, the ADA scam in China is completely unaffiliated with them. They tweeted:

“This is an unaffiliated 3rd party meetup. We’re glad to see there’s interest in Cardano all over the globe, but please beware of scams! If you’re interested in a list of approved meetups, you can always check our forums.”

This is an unaffiliated 3rd party meetup. We're glad to see there's interest in Cardano all over the globe, but please beware of scams! If you're interested in a list of approved meetups, you can always check our forums.https://t.co/0AIXhxO5uW

— Cardano Community (@Cardano) July 3, 2020

The founder of IOHK, Charles Hoskinson, also spoke about the ADA scam in China and had a new video entitled “On Scams and Illegal Activity” where he shared the following:

“You work five years on something, you put your heart and soul into it, you just have a giant event that 10,000 people attend. Then you see floating around Telegram, Twitter, some video — some scammers in China using my face, our company’s logo, the Cardano Foundation’s logo who have absolutely no affiliation with us.”

The video can be seen below.

Additional information shared by Michael Gu on crypto Twitter shows that there is a group called the “Asian Dragons” which is also referred to as “AD” that is “known for ultra-aggressive marketing and Multi-level marketing (MLM) schemes” in the country.