Fraud Alert around Fake Cosmos Group

According to a tweet there is a fake Cosmos group created, which asks you to pay ATOMS to win a Hackathon, from August 7-8, 2020.

By · Aug 9, 2020 . 5min read

According to a tweet by Chjango Unchained, he exclaimed that there is a fake Cosmos group created, which asks you to pay ATOMS to win a Hackathon. From Aug 7-8 2020, the competition took place. According to the tweet, the competition commemorates the investors. It plans to give away 1,000,000 ATOM’s to its fans globally.

Chjango Unchained warns against fake Cosmos group

Additionally, the fake Cosmos group also laid down eligibility criteria for participants. It states that the users must have a minimum of 150 ATOM to be capable of participating. Further, it urges participants to transfer between 150 ATOM to 15,000 ATOM to the contribution address. Moreover, the fake cosmos group claims to refund the same with ten times deposit. It further elucidates that if you send 5,000 ATOM, you will be granted 50,000 ATOM back.

Following the announcement, many users were excited to grab the opportunity and win the ATOM on a large scale. However, the tweet cautions the users stating no giveaways ask for tokens to start with. Further, it says the Cosmos team will never ask for ATOM for any giveaway or competitions or hackathon.

How Does Cosmos operate?

Cosmos is a decentralized network of independent parallel blockchains. BFT consensus algorithms like Tendermint consensus power it. Cosmos is an ecosystem of blockchains that can scale and interoperate with each other. Interactions were not possible as blockchains were siloed. Nonetheless, they were challenging to create and could only handle a small number of transactions per second. Cosmos resolves these obstacles with a new technology vision. Moreover, the concept of Cosmos is to make it easy for developers to build blockchains and break the barriers between blockchains by allowing them to transact with each other. 

Conclusively, the potential Cosmos group asking to deposit a particular amount of ATOM for a giveaway sounds a little fishy. Therefore, it is prudent to be cautious around these fake groups. The users are advised not to take any impulsive decisions and jump to any conclusion. Falling into the trap, users may end up losing tokens.

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