TL;DR: After Shanghai-based decentralized finance (DeFi) advisor Yin Cao noticed what was assumed to be ADA token shilled to Chinese farmers, the Cardano Community Twitter account insisted, “This is an unaffiliated 3rd party meetup. We’re glad to see there’s interest in Cardano all over the globe, but please beware of scams,” and pointed followers to “approved meetups.”
As Cardano ADA Pumps, HashKey Hub Accuses Project of Multi-Level Marketing
Head of Marketing at HashKey Hub, a digital asset management platform, @molllliy, citing CoinGecko, explained, “ADA is ranked no.6 now, after it got shilling to the old farmers by MLM. There’s a conference host by 8btc today, bunch of elders bought a banner written AD roadshow, they took a photo every quickly and left.” Multi-Level Marketing (MLM) is considered among the lowest of the “tell a friend” and Greater Fool types of shilling that often prey on the most economically vulnerable elements of society.
Cardano founder Charles Hoskinson asked of @molllliy, “Could you send what you have seen to the Cardano foundation. We have nothing to do with this event. It appears to be a scam and they are using our pictures and logos without permission.” The two then went back and forth, as @molllliy stressed there was enough video evidence for Cardano to act, and with Hoskinson insisting, “Please do not automatically assume these types of events are coordinated by us. They are also done with every other top ten crypto currency. They are scams. I really do not appreciate the implication.”
ADA is ranked no.6 now, after it got shilling to the old farmers by MLM . There’s a conference host by 8btc today , bunch of elders bought a banner written AD roadshow , they took a photo every quickly and left.. pic.twitter.com/ZVDGdGuejp
— Molly (@molllliy) July 5, 2020
When other commenters chimed-in, suggesting China was an obvious market for budding coins to appeal and that Hoskinson was protesting too much toward @molllliy, Hoskinson again emphasized, “Use common fucking sense. I’m an American who doesn’t speak Chinese living in Colorado during quarantine, but somehow I’m conducting business in rural China to scam poor people? Jesus Christ man. Why not ask Vitalik when they do this with Ethereum?”
An anon commenter, claiming to be unaffiliated with either @molllliy or Hoskinson, JaapHF, tried to clarify the entire kerfuffle was a giant misunderstanding. “ADA/Cardano and Asian Dragon (AD) were mixed up. The latter is a minuscule coin on #1029 on CoinGecko which is used to scam naive Chinese investors. The video shows a man speaking Mandarin with heavy Cantonese accent, talking to well-to-do farmers. I didn’t see logos of ADA.”
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