Watch out SundaeSwap scammers are stealing ADA with fake DripDropz websites

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Drip Dropz has issued a warn­ing to the Car­dano com­mu­ni­ty over fake web­sites pre­tend­ing to be the offi­cial site.

“It has come to our atten­tion that fake web­sites have been cre­at­ed that mim­ic the offi­cial https://dripdropz.io website.

Please use extreme cau­tion when fol­low­ing links to our web­site. Please ver­i­fy that you are at our offi­cial website.”

Who is Drip Dropz?

Drip Dropz describes itself as a “token dis­pens­ing ser­vices” plat­form for the Car­dano community.

“Del­e­gates reap the rewards of Drip­Dropz by pro­vid­ing the abil­i­ty to with­draw a vari­ety of tokens while remain­ing del­e­gat­ed to a com­mu­ni­ty pool.”

Its ser­vices make use of Ini­tial Stake Pool Offer­ings (ISO) – which is a fundrais­ing con­cept pio­neered by the Car­dano net­work. This involves users del­e­gat­ing ADA to a qual­i­fy­ing stake pool and receiv­ing the new project’s token in exchange.

ISOs are par­tic­u­lar­ly advan­ta­geous because the user doesn’t lose their ADA for par­tic­i­pat­ing. Mak­ing a low-risk way of get­ting start­ed with a new project.

Sun­daeSwap was the first project to uti­lize this con­cept. Its first-round ISO end­ed on Feb­ru­ary 14, and the asso­ci­at­ed $SUNDAE reward tokens are claimable from March 1 via Drip Dropz.

The reward rate is around 4–5 $SUNDAE for each 1,000 ADA staked per epoch. There­fore 1,000 ADA staked across all five avail­able epochs would yield approx­i­mate­ly 25 $SUNDAE tokens. With 1 ADA cur­rent­ly equal­ing 1.312734 $SUNDAE, this equates to just under $35, or a 3.3% ROI.

Con­sid­er­ing the build-up to the Sun­daeSwap launch, in addi­tion to the 3 ADA Drip Dropz claim fee, the Sun­daeSwap ISO yield is some­what disappointing.

But that hasn’t stopped scam­mers from using the Sun­daeSwap ISO to snare users.

Scammers are targetting your ADA

The lat­est attempt to catch out unsus­pect­ing ADA hold­ers is the use of fake web­sites pre­tend­ing to be the offi­cial Drip Dropz site.

The Sun­daeSwap claim pro­ce­dure involves vis­it­ing Drip Dropz, enter­ing the del­e­gat­ed wal­let address, and click­ing a but­ton to claim.

Lath­eesan, the Drip Dropz CTO, said the fake web­sites oper­ate by trick­ing users into think­ing there’s an error with con­nect­ing their wal­let. They are then pre­sent­ed with an option to man­u­al­ly con­nect by enter­ing their wal­let seed words.

“The scam site works by forc­ing you to con­nect your wal­let and then pre­tends there’s an error con­nect­ing and present you with the option to con­nect man­u­al­ly where they ask for your seed phrase.”

It goes with­out say­ing that enter­ing seed words under these cir­cum­stances is a no no.

As ever, in the run-up to claim­ing $SUNDAE on March 1, stay vig­i­lant includ­ing dou­ble-check­ing URLs.

Post­ed In: Car­dano, Scams
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