Cardano is up 5% in the last 24 hours to $ 2.09 at the time of writing, making it the biggest winner in the top ten.

At the same time, other large caps are struggling to break out of this week’s market slump that coincided with the rejection of Bitcoin at $ 48,000.

In fact, Cardano’s price is up 16% in the past seven days, suggesting that despite the broader market consolidation, investors remain bullish about the upcoming Alonzo rollout.

Cardano is currently introducing smart contracts

A major factor in Cardano’s performance this week has been the announcement of a final due date for the launch of Alonzo.

Developers Input Output Global (CEO) announced the date for Sunday, September 12th, when the blockchain will push hard to bring smart contracts into the network.

It happens. We are aiming for September 12, 2021 for the ‘Alonzo’ upgrade and are bringing smart contracts to Cardano via a Hard Fork Combinator (HFC) event. ”

The final phase, Alonzo Purple, started two weeks ago and is the culmination of months of coding and testing. It includes onboarding third-party providers such as exchanges and wallet providers with the upgrades.

Hoskinson repeated warnings about giveaway scams

As much as Cardano builds on this momentous occasion, Charles Hoskinson, CEO of IOG, felt it necessary to reconsider the issue of giveaway fraud.

Hoskinson has raised his fraud concerns many times in the past. However, given the apparent increase in fraudulent efforts, the problem seems to have arisen recently.

In his latest social media post, Hoskinson said that giveaway fraud is a far-reaching problem that affects the entire crypto industry. It involves posting recycled video content with a pledge to return double the crypto funds received from viewers.

Hoskinson didn’t take up his words on the matter, likely due to the frustration this situation brings, Hoskinson said:

“This prays on people’s greed, their stupidity and, in many cases, their inability to speak English properly, their lack of competence.”

He went on by saying that millions of dollars are lost to freebies in the Cardano ecosystem alone every month. What’s worse is that nothing can be done to return the funds.

“There’s not a day I don’t get an email that someone says,” Hey, I sent you ADA, when are you going to send it back? “And there’s nothing we can do about it.”

Hoskinson blamed YouTube and Google, saying both companies are fully aware of the problem. But for whatever reason, they keep spreading the scams every day by allowing them to operate.

In trying to hammer the message home, Hoskinson repeated, we will never give away ADA, it’s always a scam.

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