Cardano Foundation's X Account Hacked to Promote Scam Token, ADA Drops

Cardano Foundation's X Account Hacked to Promote Scam Token, ADA Drops

 Cardano Foundation's X Account Hacked to Promote Scam Token, ADA Drops 4%

The official X social media account of the Cardano Foundation was hacked on Sunday (12/8), with the attacker exploiting the access to promote a fake token called ADASol.

The Cardano Foundation account posted two fraudulent updates, with the first claiming that the Cardano Foundation had been sued by the U.S. Securities and Exchange Commission (SEC). It also stated that as a result, the foundation had decided to cease support for the native ADA token to “ensure regulatory compliance.”

Postingan palsu dari pelaku peretasan Cardano Foundation. Sumber: ZachXBT

This was followed by the promotion of the ADASol token, which reportedly recorded trading volumes of up to $500,000 before its value plummeted by 99% in a short period.

Charles Hoskinson, founder of Cardano, confirmed that the official Cardano Foundation account had been compromised. The Cardano Foundation team is currently working to regain control of the account. Hoskinson also reassured the community that no other parts of the Cardano ecosystem were affected by the hack.

Meanwhile, users are advised not to click on any links shared via the X account until an official notice is issued.

Hoskinson also addressed the incident in a post, saying:

"Given that the CF account was hacked, it's a good opportunity to revisit a change X could make that would dramatically improve security for all users. I will implement it for free, @elonmusk. Just light the beacon."

The ADA token was impacted by this hacking incident. Its price dropped by 4% over the past 24 hours, currently standing at around $1.16. The token's market capitalization also fell by 4% to approximately $41.07 billion.

Source Coinvestasi

Follow Our Social Media
Instagram : @communityofcai
Twitter : @CommunityCAI
Telegram : https://t.me/CAICommunity