Cardano Gold Coin ICO Goes Offline After Community Discovers it Is a Complete Scam

November 7, 2019 / by Crypto.IQ

The Cardano Gold Coin ICO popped up yesterday, and quickly set a record for the shortest and fakest ICO. The website was poorly made, offering 6,00,000 coins [sic] for $25.20 each. It said that the project started in 2017, even though the website just appeared yesterday. 

Worst of all, Cardano Gold Coin listed famous cryptocurrency developers/influencers as its team. Enrico Campagnol was listed as the CEO and Arnab Naskar as the crowdsale advisor, and both of these people quickly posted that Cardano Gold Coin is a scam and that they have nothing to do with it. 

The Cardano Foundation was also quick to point out that Cardano Gold Coin had nothing to do with the Cardano (ADA) cryptocurrency, which is a major cryptocurrency with a market cap in excess of $1 billion. 

Even the idea for what Cardano Gold Coin would do was a ripoff of other project’s ideas. Cardano Gold Coin said it would be providing cryptocurrency debit cards, which is something that Monaco (MCO) and TenX aimed to do before. Notably, both Monaco (MCO) and TenX failed to produce cryptocurrency debit cards, so it is a scammy choice for a project idea to begin with. 

Just as quickly as the Cardano Gold Coin site it appeared, it is now gone, buckling under the weight of potential lawsuits from the Cardano Foundation and the people that were fraudulently listed as team members. The website can still be viewed via the wayback machine

It is unknown how many investors fell for this scam, if any. Fortunately, it seems the Cardano Gold Coin scam fell apart in record time.