Cardano's Input Output Group warns users to avoid YouTube channel amid giveaway scam

At the time of reporting, the livestream had been active for nearly two hours. The video purported to be a town hall for Project Catalyst, a Cardano innovation fund. IOG advised its followers on X (formerly Twitter) to refrain from interacting with the channel, clicking any links, sending funds, or sharing personal information in response to the fraudulent content.

This incident is part of a broader trend of scams targeting popular cryptocurrencies and their founders. Charles Hoskinson has previously expressed frustration over the inability to effectively pursue legal action against scammers who misuse his image and Cardano's branding. Scammers often use legitimate content, such as keynote addresses, overlaying them with fraudulent offers to trick unsuspecting investors. These scams have been observed across various platforms, including Telegram and Twitter, and have targeted other prominent figures in the crypto space like Vitalik Buterin and Elon Musk.