Cardano Gold ICO disclosed as a complete scam, gets discontinued

Cardano Gold Coin ICO set a record for the shortest and the fakest ICO to date.
Cardano Gold Coin also listed famous cryptocurrency developers/influencers as its team.

Rajarshi Mitra Independent Analyst

The Cardano Gold Coin ICO was rolled out recently but it went offline after a while. It also set a record for the shortest and the fakest ICO to date. The construction of the website was substandard, offering "6,00,000 coins [sic] for $25.20 each." It also listed famous cryptocurrency developers/influencers as its team. They listed Enrico Campagnol as the CEO and Arnab Naskar as the crowd sales advisor. Both of them posted on twitter that they have nothing to do with Cardano Gold Coin and that it is a scam.

The Cardano Foundation quickly pointed out that Cardano Gold Coin had nothing to do with the Cardano (ADA) cryptocurrency. They labeled the Cardano Gold Coin as a scam in a tweet:

#Cardano Gold is not associated with us in any way. It is infringing on our trademark and violating our registered TM. Cardano Gold’s use of our trademark is illegal and we urge you to beware of this #scam.

Cardano Gold Coin also stole ideas for its agenda from other projects. The company would reportedly grant cryptocurrency debit cards, which is something that Monaco (MCO) and TenX had planned to carry out previously.

The Cardano Gold Coin site is no longer available and are facing potential lawsuits from the Cardano Foundation and the people that were fraudulently listed as their team members. The website, however, can still be viewed using the wayback machine.

ADA/USD daily chart

ADA/USD has had a heavily bearish Friday, where the price fell from $0.043 to $0.042. Currently, ADA/USD is priced around $0.0425. The price has found support on the 20-day Simple Moving Average (SMA 20) and SMA 50 curves. SMA 20 has crossed over the SMA 50, which is a bullish session.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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