Beware of SundaeSwap scammers stealing ADA using fake DripDropz websites

DripDropz has warned the Cardano community about websites spoofing the official site.

“Very Important Notice: We detected that fake websites were created to mimic the official website https://dripdropz.io.

Use extreme caution when accessing any links to our site. Please confirm you are visiting our official website”.

About DripDropz

DripDropz bills itself as the “Token Distribution Service” platform for the Cardano community.

“Delegates receive rewards from DripDropz by offering the ability to withdraw multiple tokens while still being able to delegate to a community pool.”

Its services use Initial Stake Pool Offerings (ISO) – a fundraising concept developed by the Cardano network. Specifically, users delegate ADA to an eligible stake pool and in exchange for new project tokens.

ISO is especially beneficial as users don’t lose ADA for joining. This is really a low-risk way to start a new project.

SundaeSwap is the first project to use this concept. The first round of ISO ended on 2/14 and the related SUNDAE reward tokens from March 1st to DripDropz below notification officially.

The reward rate is approx 4-5 sundaes for 1,000 ADA missions per epoch (epoch). So if you bet 1,000 ADA on all 5 existing epochs, you will get around 25 SUNDAE. Since 1 ADA is currently equal to 1.312734 SUNDAE, this equates to almost $35 or a 3.3% ROI.

Considering SundaeSwap’s build-to-launch, aside from the 3 required fees for ADA on DripDropz, ISO SundaeSwap’s yield is a bit disappointing.

But that doesn’t stop scammers from using ISO SundaeSwap to trick users.

Scammers target ADA

The latest attempt to find gullible ADA holders uses fake websites that resemble the official DripDropz website.

SundaeSwap’s claim process involves accessing DripDropz, entering the authorized wallet address and clicking the claim button.

Latheesan, CTO of DripDropz, said Fake websites work by tricking users into believing that there is an error connecting their wallets. They then have the option to connect manually by entering wallet seed words.

“The phishing site works by forcing you to connect a wallet, then pretending to have a connection error and giving you the option to connect manually using a seed phrase.”

Obviously, entering start words in these cases is not advisable.

As always, be vigilant before claiming SUNDAE on March 1st, including a double check on URLs.

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