2020 has kicked off with a lot of activity and movements in the crypto world. With the many crypto events lined up for the year, it is no wonder that the market is gradually becoming agitated awaiting to adopt different price actions as the events unfold. In that context, an Ethereum Classic (ETC) development organization has now warned the public against a probable scam.
The scam that the organization refers to is trying to take advantage of users just a day after the altcoin completed its hard fork. While explaining in a tweet, ETC Cooperative said on January 13 that it ousted a purported scam going by the name “EAgharta” which goes in resonance with ETC’s bona fide “Agharta” hard fork:
“Needless to say, ‘EAgharta’ is a complete scam, probably from the same people who did something very similar at Atlantis. Stay away. ETC Agharta did not result in new ‘Agharta coins.’ They are just trying to scam you.”
‘Make Ethereum Classic GreatAgain’ Fraudsters Say
Ethereum Classic activated the Agharta hard fork on January 12. The hard fork is meant to enhance interoperability with protocol changes that were introduced to its blockchain through its Constantinople and St. Petersburg upgrades last year.
This hard fork event seems to have attracted these scammers to hide behind Eagharta. They are trying to exploit the hard fork event and sell fraudulent proprietary “Agharta” coins. As ETC Cooperative insists, the new tokens have not been created as part of the network’s hard fork.
ETC Cooperative posted a screenshot that has EAgharta’s Twitter handle to warn users. The screenshot also has the scammers’ solicitations to users to “safely claim Ethereum Classic #Agharta (ETC Hard Fork).”
The Twitter handle of these criminals links to their site and its Trumpian byline of “Agharta Hardfork – make Ethereum Classic great again!”
After the unsuspecting users enter the site, they are prompted to enter and save a password to enable them to create a new and dedicated wallet. Etcagharta.org purports that it does not hold users’ keys on their behalf:
“We cannot access accounts, recover keys, reset passwords, nor reverse transactions. Protect your keys & always check that you are on correct URL [sic.]”
The ETC Cooperative is a renowned organization tasked with overseeing and deploying funds from Grayscale Investments for the development of the Ethereum Classic Network. Its spending policy supports the development of the Ethereum Classic network, ecosystem, and all related applications.
Ethereum Classic’s name is highly contentious. It derives itself from the hard forking of the Ethereum Network in 2016 amidst the DAO scandal. ‘Classic’ is meant to refer to the incident that the altcoin runs on the original version of the blockchain right before the hard fork happened. It was added to the crypto’s name to separate it from the more famous successor, Ether (ETH).
With Ether ranked as the biggest altcoin by market capitalization, Ethereum Classic comes way behind in the 19th spot. It is currently trading at $5.41 with no significant change in the past 24 hours.