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HomeCrypto NewsMarketCardano IOG Releases Warning About A Fake Daedalus Wallet

Cardano IOG Releases Warning About A Fake Daedalus Wallet

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IOG warns users about a fake Daedalus wallet making the rounds.

In a tweet on Tuesday, Input Output Global (IOG), the development group behind the Cardano network, warned users of a fraudulent Daedalus wallet making the rounds.

Notably, Tim Harrison, the Vice President of Community and Ecosystems, reiterated the warning highlighting that the team was working to take down the fraudulent website.

“There’s a fake Daedalus wallet .org site out there – our security team is working on getting it taken down but meanwhile please beware,” Harrison wrote.

It is worth noting that the warning comes less than two weeks after IOG rolled out an upgrade for the wallet. Notably, IOG had warned users to download only from the prompt in the Daedalus news feed while warning new users to download only through the official site

It bears mentioning that Daedalus is a full-node desktop-only wallet. As such mobile wallets claiming to be Daedalus wallets are most likely fraudulent.

As highlighted above, Daedalus less than two weeks ago received an upgrade to version 5.1.0. Notably, the upgrade brought improvements to hardware wallet integration, amongst other fixes, with optional anonymous data collection to inform IOG’s decisions on new features and bug fixes.

It is worth noting that IOG’s chief Charles Hoskinson envisions a future where there are no official IOG wallets. Instead, Hoskinson hopes the network can create wallet standards to guide wallet builders in the community and create a system of wallet certification.

Security remains critical to the sustainability of the emerging crypto market as it remains plagued by scams, rug pulls, and hacks. According to Chainalysis data, DeFi hacks are set to reach new highs in 2022, as hackers have already stolen at least $3 billion.

No data indicates if users have lost their ADA using the fraudulent Daedalus wallet.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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