No, Cardano Did Not Rake In $340 Mln Investment or Launch ADA Card, Cardano Foundation Says

Cardano Foundation dismisses allegations that it received a $340 mln investment round and launched ADA credit card, calling them categorically false

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The Cardano Foundation has officially rejected false reports about it allegedly receiving $340 mln of investment funds and releasing the ADA cryptocurrency credit card.

These reports are categorically false, the blog post says.

Cardano Foundation slams fake Cardano news

A recent post published on by the Cardano Foundation mentions several recent publications made by a few news outlets alleging that the blockchain platform founded by Charles Hoskinson has recently raked in a staggering $340 mln from investors and launched an ADA credit card.

The blog post published by the Foundation enumerates all the outlets that have published these stories and dismissed the news as false. The company has contacted these news publishers asking them to remove the stories immediately.

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Cardano is the only source of any Cardano news

The news outlets who published the fake news referred to "Cardano (ADA) Inc." The Cardano Foundation assured the community that this organization does not exist and has never existed in the past. If it does exist though, the blog post says, it has no connection whatsoever to the Cardano Foundation or the Cardano DLT platform.

It also emphasized that any news about Cardano is valid only if it comes from the Cardano Foundation itself, or its affiliated entities EMURGO or IOHK.

Cardano (ADA) Inc has no permission to use Cardano’s intellectual property or its trademarks, the article says.

The Cardano Foundation has asked the community to share its statement as widely as possible and said it would watch the situation as it unfolds.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.