Cardano
Cardano is the 3rd most-phished crypto project globally
Cryptocurrency scammers are increasingly leveraging phishing attacks to defraud unsuspecting victims, with Cardano (ADA) ranking among the top most targeted projects.
Within 90 days ending June 22, ADA was the third most phished crypto project recording 191 attacks, according to data shared with Finbold by VPN provider Atlas VPN.
Blockchain ranks top with 662 attacks, while Luno is second at 277. Poloniex and Magic Eden rank in the fourth and fifth spot with 72 and 67 attacks, respectively. Other notable phishing schemes targeted crypto exchange Binance, which recorded 59 incidents, and peer-to-peer trading platform Paxful with nine cases.
Notably, the scammers target crypto projects ranging from investment products to emerging products like non-fungible tokens (NFTs).
Crypto losses projected to surge
Amid the growing number of crypto attacks, the amount lost in different scams hit $329 million in the first quarter of 2022, with projections indicating the figure will likely surge. Since last year, victims have lost over $1 billion in different cryptocurrencies to scams.
As the crypto sector grows, scammers are taking advantage of the lack of knowledge among most consumers to steal their money. Additionally, the absence of clear regulations is driving scammers to defraud victims.
Cardano appears to be among the favorable crypto project appealing to scammers as the platform records increased use cases in its quest to replace established networks like Ethereum.
Cardano scams warning
Last year, Cardano founder Charles Hoskinson warned that scams related to the platform are likely to keep soaring, powered by ADA’s rally. Interestingly, the scams have accelerated in 2022 despite the crypto market experiencing a massive correction.
One notable Cardano scam emerged in May after a downloadable phishing app widely circulated on social media platforms. The malicious app posed as a giveaway promo platform, and victims who downloaded it lost their personal information related to their ADA wallet.
Finbold also reported that a fake website allegedly belonging to the Daedalus crypto wallet was marketed on the distribution platform Discord intending to steal users’ ADA holdings.
To stay safe, investors are advised to keenly check the crypto project website, spelling and grammar mistakes, and if the website is secure with an SSL certificate.
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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