The Cardano Foundation - the organization behind the main cryptocurrency Cardano (  ADA  ) - warned that a suspicious company was trying to rake in investments by claiming that it had contacts with the foundation.

On July 9, the foundation declared that a person claiming to belong to or encrypted by the Caribbean cryptocurrency BTCNEXT claims to know personally the main members of Cardano in order to guarantee that the investments will be safe.

It is not clear whether the applicants are actually connected to BTCNEXT in any way. BTCNEXT did not immediately respond to Cointelegraph's request for comment.

In any case, the Cardano Foundation clearly shows that it has no connection with the Caribbean grant:

“Neither the Cardano Foundation nor any of its ecosystem partners are in any way associated with BTCNEXT, nor are they our partners of any kind.”

The Cardano Foundation warns its community

The Cardano Foundation further advised the community to "be wary of any suspicious claims and conduct thorough due diligence". He also urged individuals not to send data to third parties who claim a partnership with his team or other entities in his ecosystem, saying, "We will never ask you to send us your (active) funds."

The irreversible nature of cryptocurrency transactions makes crypto assets a popular choice among scammers, because in traditional financial systems, fraudsters must take extra care to avoid transaction reversals or bank account bans.

A recent report from the main crypto exchange Binance illustrates that scammers often go to great lengths to gain the trust of investors. For example, some scammers even create bogus “consumer organizations” that press victims for even more money after suspecting that the organization is a scam.