Be careful what you wish for: the first Cardano copycat emerges

Be careful what you wish for: the first Cardano copycat emerges

The Cardano Foundation, an independent entity dedicated to promoting the Cardano project, warned the community about a copycat that was infringing on the company’s trademark. The copycat cryptocurrency is called Cardano Gold and is currently in the midst of a crowd sale.

Users beware: a Cardano copycat has emerged

“We’ll know we made it when there’s Cardano Cash or Cardano’s Vision.”

These were the words of Charles Hoskinson, the CEO of IOHK, the company behind the Cardano blockchain. In an AMA earlier this week, Hoskinson jokingly said that copycats are what determines the value of a project and that he wasn’t worried about other projects mimicking Cardano.

Little did he know that the joke he made while answering a question would turn into reality.

Just days after he commented on the possibility of projects copying Cardano’s code, the Cardano Foundation warned its users about a potential scam that was misrepresenting itself as Cardano.

The foundation, whose aim is to promote the Cardano blockchain, tweeted about a copycat that has emerged on the market, warning its users to beware of the potential scam.

The copycat project, called Cardano Gold, has reportedly been infringing and violating on Cardano’s registered trademark.

While no further information about the project was shared by the company, none of its followers seemed bothered by it.

Everything about Cardano Gold is fake

The crypto project that’s been using the Cardano trademark is currently conducting a crowd sale of the Cardano Gold Coin. According to its official website, the price of the coin was just over $25 and is available for purchase with BTC, ETH, LTC, and XRP.

However, the frequent spelling mistakes and number errors on the project’s homepage are very shady.

Cardano Gold
(Source: Cardano Gold)

Cardano Gold claims to offer a debit card for cryptocurrencies, allowing crypto “adopters” to pay for their daily needs with digital coins. In the company’s website it said:

“Cardano Gold utilizes a smart comparison matrix that provides the best conversion rates to our card users.”

Cardano Gold claimed that it facilitates swift crypto conversions to USD and “thereby” to other fiat currencies. Its native wallet allegedly supports Bitcoin, Ethereum, Litecoin, Ripple, and Dogecoin and plans on introducing more cryptocurrencies in the future.

The project also claims to have been featured in several media outlets, but a quick scan revealed that all of the publications listed on the website don’t exist.

The leadership team listed on the Cardano Gold website is also entirely fake. The company claimed its CEO and “Lead Blockchain” is Enrico Campagnol, who is actually a high-level executive of an Italian software company ORS GROUP.

(Source: Cardano Gold)

The company’s “blockchain advisor” is Dr. Ingo Fiedler, a researcher at the University of Hamburg. The website also claims Arnab Naskar, who publicly denounced any connection with the project, is its crowd sale advisor.

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Priyeshu Garg

Priyeshu Garg

Crypto Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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