Common Cardano scams

The cryptocurrency space is full of opportunities, but it’s also a playground for scammers.

Protecting your ada from scammers

The cryptocurrency space is full of opportunities, but it’s also a playground for scammers. Cardano (ada), one of the most popular blockchains, isn’t immune to these threats. From fake giveaways to phishing attacks, scammers are constantly innovating new ways to exploit users. As artificial intelligence continues to improve, these scams are also becoming more sophisticated. This page outlines the most common scams in the Cardano ecosystem and how you can protect yourself.

Remember: If someone gains access to your seed words (recovery phrase), they can take full control of your wallet—no spending password can protect you. Once your ada is stolen, it’s gone forever, with no way to recover it.

Giveaway

Ada Giveaway Scam

One of the most well-known scams targeting the Cardano community is the Ada Giveaway Scam. Scammers promise to double your ada if you send them a certain amount first. These scams often feature fake live streams of Charles Hoskinson, or other well-known personalities, to appear legitimate. The streams may mimic genuine events and include a wallet address for you to send your ada.

How to protect yourself:

Legitimate giveaways never ask for money upfront.
Avoid clicking on links in unsolicited messages or live streams.
Remember: Once sent, your ada is gone forever.
Read reports and scam sightings from users in the Cardano forum.

Phishing

Phishing Attacks

Phishing scams involve fake websites, apps or emails designed to steal sensitive information, such as your wallet credentials or recovery phrase (seed words). These fraudulent sites often mimic popular wallets like Typhon, VESPR or Eternl.

How to protect yourself:

Double-check URLs to ensure they match actual wallet websites.
Never share your recovery phrase, even with “support” staff or “moderators”.
Consider using hardware wallets.
Use two-factor authentication where possible.

Fake Investment

Fake Investment Opportunities

Fraudulent investment schemes are another popular scam. Scammers promote fake projects, claiming they are “Cardano-backed” or “ada-specific” opportunities with guaranteed high returns. Victims are urged to send ada or other funds to a provided wallet address, with promises of earning exponential profits.

How to protect yourself:

Legitimate projects never promise guaranteed returns.
Be skeptical of unsolicited investment offers.
Research projects thoroughly, checking for transparency and a credible team..

Fake Support

Fake Tech Support

In this scam, fraudsters pose as “official“ Cardano support representatives. They often reach out via social media, forums, or email, claiming they can fix your wallet or troubleshoot an issue. They also often copy the profiles of real moderators and to “help,” they’ll ask for your recovery phrase (seed words) or private keys.

How to protect yourself:

Legitimate people on forums and channels will never ask for your passwords, recovery phrases or private keys.
Never engage with unsolicited messages claiming to be from support.
Legitimate people on forums and channels will never contact you first in a private message.

Rug Pulls

Rug Pulls in Cardano Ecosystem

Cardano is a public, permissionless Layer 1 blockchain and everyone can use it. Some fraudulent projects launch on Cardano, gaining attention with big promises and flashy marketing. After collecting a significant amount of ada from investors, these projects disappear—this is known as a “rug pull.”

How to protect yourself:

Research the project team’s credentials and reputation.
Check for audits or transparent documentation.
Avoid projects with anonymous teams or unrealistic promises.
Only get utility tokens when you need to use the utility.
Find out what other people think about projects in the Cardano forum.