After many months of speculation, the Cardano [ADA] Vasil upgrade date has been finally revealed. According to Input Output, the upgrade would happen on 22 September.

This announcement comes after founder Charles Hoskinson on 26 August, had said the ADA team was waiting on exchanges to have everything in order. With the development meant all exchanges were now pulling the switch on the update procedures.

Following the revelation, development company Input Output noted that they had completed the testing phase. The company also expanded on the developers’ readiness to meet the demands of the ADA community.

VASIL UPGRADE: DATE CONFIRMED
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the #Vasil upgrade on the #Cardano mainnet. $ADA
1/9

— Input Output (@InputOutputHK) September 2, 2022

Usher in greatness

While the much-anticipated event had stalled with a series of postponements, Input Output restated that it would bring so many benefits to the ADA ecosystem.

In summary, the Vasil upgrade would bring cheaper transactions and an increase in Cardano’s network capability. This announcement comes after investment platform Robinhood listed ADA.

For developers, the upgrade offers an opportunity to build better decentralized applications via the ADA ecosystem. It may seem that these developers do not plan to wait until the final upgrade before they begin. 

According to Essential Cardano, projects built on the network have continued to increase. Based on its latest report, at least one project was built everyday for the whole of August.

This brought the total number of projects built to 1,076 at August ending from 1,045 at the end of July. Additionally, it had gone up to 1,082 from the few days in September. All of these involved six million native tokens and 49.1 million transactions in the last one week.

Despite the increased number of projects, development activity on the ADA took a big fall. Santiment showed that the decrease had been in progress since 31 August. The fall may not be surprising since Cardano had confirmed slowing down and development and getting set for the final touch. 

However, it seemed that Cardano did most of the work between 23 August and 30 August. As for its active addresses, there has been some reaction. At press time, the ADA 24-hour active addresses had increased to 63,183.

Where’s the next stop?

Interestingly, ADA looks to be on its way to turning the update into profits for its investors. CoinMarketCap data showed that ADA was up 3.34% to $0.47 over the last 24 hours. The cryptocurrency had also gained a similar percentage against Bitcoin [BTC] and Ethereum [ETH]. As for its 24-hour volume, there has been a 16.90% rise to $657.19 million. So, can ADA sustain the momentum?

The odds of ADA failing may be to the disappointment of its abhors. This is because the Relative Strength Index (RSI) showed that ADA maintained solid buying momentum. Sustaining the momentum may mean investors could profit more in the short term before the upgrade is completely implemented.

Bitcoin and other cryptocurrencies are based on Blockchain technology and Decentralized Finance and are touted to be almost unhackable. However, dubious players find ingenious methods to dupe the naïve investors.

NDTV reveals that a scam has been perfected by a fraudster based somewhere in West Asia. With a website, the fraudster was able to pull out a fraud worth Rs 1,200 crores.

Fraud operated with just a website 

The Enforcement Directorate has registered a case against 31-year-old Malappuram native Nishad K for pulling out a cryptocurrency fraud running into Rs 1,200 crores in the country. Most of the victims are non-resident Keralites (NRKs) who were promised huge returns on investment in a non-existent cryptocurrency called ‘Morris Coin. Nishad was able to carry out the deception with just a website — morriscoin.com

The ED, which is investigating the case, has attached properties of Nishad obtained from his ill-gotten wealth. The investigation revealed that the fund was invested in real estate in Tamil Nadu, Karnataka, and Kerala projects. Nishad, who created the website, did not give any address or phone number. Still, people believed him and invested money on the assurance that they would get Morris Coin and three percent of the invested amount as returns daily.

Kingpin arrested in 2020 but jumped bail

The police could get their hands on seven people; the main kingpin, Nishad, has gone underground. He was earlier arrested in connection with a Morris Coin fraud case registered at Pookoottupadam police station in Malappuram on September 28, 2020. However, he managed to give the police the slip, according to Kannur ACP P P Sadanandan.

PP Sadanandan was instrumental in uncovering the fraud. The probe revealed that the arrested persons used their bank accounts to collect money from the people. Most of the bank accounts were in the rural branches of Ujjivan Bank in Kerala to collect money from the people. Investigators were astonished to find transactions of Rs 90 crore to Rs 100 crore from each of the arrested who helped Nishad carry out the fraud.

The modus operandi was just like any other Ponzi scheme. Investors first invested small amounts, and the faith was gained by making prompt payments when the investor invested more significant quantities and became a victim of the fraud.

Cryptocurrency consultant Sinjith K Nanminda said that cryptocurrency is still a grey area for many. Bitcoin, which was valued a fraction of what it is today, often aid fraudsters to ensnare the gullible. It’s easy to dupe people in the name of cryptocurrency. Nishad also did the same, and ignorant people fell for it.