Due to the recent spate of crypto fraud on these sites, Cardano creator Charles Hoskinson has threatened to file a class-action lawsuit against social networking platforms Twitter and Youtube. The Cardano founder threatened to remove his social media profiles and examine all sites to see if they are profiting from the scams that are being perpetrated on their platforms.
The number of scammers running giveaway fraud schemes on Twitter and YouTube has risen significantly, with Twitter and YouTube doing absolutely nothing to deter these heinous actions or protect their users. Charles Hoskinson is one well-known crypto figure who is being used to perpetrate scams on these platforms. Despite this, YouTube and Twitter do little to identify imposters or defend his and other people in this category’s identities. Their poor performance has enraged Cardano’s creator, who has threatened to file a class-action lawsuit.
Following the cloning of celebrities, hackers ask their fans/viewers to send any amount of a specific cryptocurrency to their address, promising to double it. This may seem stupid, but people fall for these con artists and continue to pay the hackers in the hopes of receiving a double reward.
In a recent video, Cardano’s Charles Hoskinson discussed giveaway scams and the dangers they pose to both victims and the impersonated company/individual. He revealed that most people who have been scammed contact him and IOHK to file claims and collect reimbursement. These victims, according to Charles, have threatened to harm him or his family if he does not reimburse them.
What the maker of Cardano is suing over
He attributes the spread of these scams to Twitter and YouTube. He reported that IOHK will recruit a former FBI agent or lawyer to tackle Cardano and its native cryptocurrency, ADA, scams.
Charles has threatened to investigate Twitter and Youtube to see whether they profited financially from the fraud, and has stated that if he loses in court, he is willing to quit several social media sites, including Twitter’s Jack Dorsey’s.