Chinese Scammers Exploit Cardano Brand and CEO’s Photo to Target Wealthy Farmers

News and Analysis

A group of alleged scammers who exploit Cardano’s brand to deceive people has been spotted at a blockchain conference in China. Charles Hoskinson, CEO of IOHK, the company behind Cardano, said the scammers have no affiliation with the ecosystem.

The issue was brought up on Twitter by Hashkey’s Head of Marketing Mo Li. She shared a photo from the blockchain conference showing a group of people holding a banner that read “AD Roadshow.” Mo Li noted that those people were part of a scheme that uses Cardano’s brand name and ADA token, as well as Charles Hoskinson’s picture, to “shill Ada to the old and rich farmers.”

According to Mo Li, the project promoted by the alleged scammers is Asian Dragon, which corresponds to the ”AD” acronym seen on the banner. The project has a partially operational, crudely translated website describing a “wealth coin” and an underlying payment system in the making. The market cap of AD coin is $42,811 and its daily trading volume is about $490, at the time of writing.

Hoskinson said that neither he nor IOHK, the company behind Cardano, has to do with the event or people in the photo.

8BTC, a Chinese media company that organized the conference in question, denied any affiliation with the Asian Dragon project and its promotion.

Notably, Hoskinson denied the assumed connection between ADA’s market cap growth and the alleged Chinese scammers, which was implied by the phrase “ADA is ranked no.6 now, after it got shilling to the old farmers by MLM.”

Some Twitter users suggested that Mo Li could be deliberately trying to harm Cardano’s reputation and she should have contacted IOHK instead of tweeting. Mo Li said that she didn’t imply anything, but noted that ADA did get to the 6th place in ratings around the same time as the scammers “are shilling it to the old farmers.”

Hoskinson said he will be asking for an official statement from Hashkey regarding Mo Li’s statements.

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