According to information shared by a VPN provider, the Cardano network has suffered 191 phishing attacks in the last 3 months. Blockchain topped the list with 662 attacks, while Luno was second with 277 phishing attacks. 72 and 67 attacks were recorded for Poloniex and Magic Eden, with these organizations among the top 5. For the largest cryptocurrency exchange Binance, 59 phishing attacks were recorded in the last 3 months.

While attacks on crypto projects diversified in 2022, it is known that 329 million dollars of crypto money was stolen in the first quarter of the year through a security breach. It is estimated that this figure has reached 1 billion dollars in the last year.

As the cryptocurrency ecosystem grows, villains continue to develop methods for investors to seize funds, emboldened by the current lack of regulators. Scammers are especially targeting consumers who lack knowledge about the industry.

Cardano ADA-5

Cardano founder Charles Hoskinson warned last year that scam attempts against the platform could increase with the rise of its native token ADA. Despite the decline in the crypto money markets in 2022, the increase in fraudulent activities was noted as an interesting detail.

Cardano-related scams have increased, especially with a phishing app launched in May. Users who downloaded the malicious app allowed their wallet information to fall into the hands of fraudsters. Such apps are often distributed on social media platforms with the promise of earning tokens.

In order for users to protect their crypto assets, it is recommended that they ignore the e-mails that come to their e-mail addresses, such as your assets will be frozen or that you have earned this amount of crypto money, and delete them immediately. It is also extremely important not to give credence to fake campaigns regarding free token distribution on social media platforms.