Ethereum Nowa Attempts To Scam Users In The Name Of Ethereum Constantinople Upgrade?

Ethereum Frozen

Since its inception, Ethereum Nowa has caused a lot of controversy in the cryptocurrency community. Ths website is trying to trick users into parting with their Ether ahead of the Ethereum Constantinople hardfork. The website suggested that a hardfork is on the way and smart holders ought to snap up new tokens. Already, some Twitter users have reportedly taken the bait listing Nowa as a possible hardfork that will be born after the Constantinople upgrade.

Ethereum Nowa: Scam Or Not?

Some members of the Nowa Telegram group have been requesting details regarding how exchanges handle hardforks. The Ethereum address on the Nowa website has received $830 in ETH so far. There is a possibility that the founders of the project sent this amount anonymously to convince users of the legitimacy of the project. The main reason why we believe this site is a scam site is that ETH holders are being asked to hand over their private keys. This means they would be handing over control of all their funds now and in the future.

It’s true that there is an upcoming upgrade known as the Ethereum Constantinople upgrade. This upgrade will reduce block rewards as well as send ASIC miners away from the network. So, Nowa is appealing to the unscrupulous. It’s easy to think that the project is legitimate but a closer look will convince you otherwise.

For starters, all the members of the team are models. The team photos on the website originate from Shutterstock. When this was brought to the attention of the Nowa Telegram group, the admin quickly said that the website was built with a standard template. He stated that the people in the picture are not members of their team.

About Ethereum Nowa (ETN)

The website claims that Ethereum Nowa (ETN) will serve as the currency code and blockchain asset for Ethereum. It claims that it is going to upgrade Ethereum to the new consensus mechanism and increase the total supply to 104 million tokens. The speed will move to 20,000 transactions per second from 15 transactions per second. This kind of scalability hasn’t been achieved by any blockchain in the world.

So, it seems too good to be true.
Another issue you should consider is that the price sticker for Ethereum Nowa is already being used by a more popular cryptocurrency, Electroneum. So, it’s unlikely that this code was written for the fork. What’s more, the token, according to the website, has been listed on some of the top exchanges in the world. Keep in mind that the token hasn’t been created yet.

The website claims it will offer the additional 36 million tokens to investors at a fair price. However, to buy this tokens, users will need to click on a link. This link leads directly to a phishing website. When you get there, you’ll be required to send some Ether to the provided wallet address. To seal the deal, you’ll need to provide your private key. The oldest rule in the cryptocurrency world urges users never to give out their private key. So, if a website is asking for your private key, it means it wants permission to all your funds. It’s better to avoid taking unnecessary risks and stay away from Ethereum Nowa.


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