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In the world of cryptocurrency today, there was news of the Cardano Foundation's X account being compromised by hackers. The president of El Salvador announced that the country has seen over $330 million in potential profits from its investment in Bitcoin. Additionally, some leaders in the cryptocurrency industry have expressed concerns about the upcoming renomination of United States Securities and Exchange Commission Commissioner Caroline Crenshaw.
The Cardano Foundation's account, known as X, was breached on December 8th by a cybercriminal who shared harmful links on the Foundation's social media platform.
At first, the hacker made a post promoting a fake token named "ADAsol", which attracted around $500,000 in trading activity before it failed.
After promoting the fake token, the hacker made another false post stating that the Cardano Foundation was going to stop supporting ADA because the United States Securities and Exchange Commission (SEC) was investigating it.
One of the fake posts originating from the compromised X account of the Cardano Foundation. Information source: ZackXBT.
The Cardano Foundation is currently working on recovering control of their social media account after both posts were removed.
Users are advised to avoid the account and to refrain from clicking on any links from the Cardano Foundation X page until the problem has been completely fixed.
The value of Bitcoin in El Salvador has exceeded $300 million, according to President Nayib Bukele. He shared on social media about the country's profit from investing in Bitcoin, as the cryptocurrency reached over $100,000 for the first time.
Bitcoin reached a milestone of $100,000 on December 5th, causing excitement among those involved in the cryptocurrency community. Autism Capital, a crypto account, requested that Bukele share El Salvador's Bitcoin holdings on a platform. Bukele agreed and shared the country's BTC portfolio on the same platform.
Origin: Nayib Bukele
The most recent report from Bukele reveals that the country has invested close to $270 million in Bitcoin since first starting to use the cryptocurrency. The latest financial statement indicates that no Bitcoin has been sold, and the unrealized profits have now surpassed $333 million.
The cryptocurrency industry is concerned about the upcoming vote in the US Senate Banking Committee on Dec. 11 to decide whether to reappoint SEC Commissioner Caroline Crenshaw, who has been openly critical of cryptocurrency. Many leaders in the industry have expressed their disappointment at the prospect of her being reelected.
In January, Crenshaw was one of the two SEC commissioners who opposed the approval of exchange-traded funds (ETFs) for Bitcoin trading on the spot market.
Emilie Choi, president and COO of crypto exchange Coinbase, expressed dissatisfaction with Caroline Crenshaw's stance against cryptocurrency, particularly her opposition to Bitcoin ETFs. Choi called for the SEC to make changes in a post on Dec. 7.
Origin: Alexander Grieve
Alexander Grieve, the vice president of government affairs at the crypto investment firm Paradigm, described Senate Banking Chair Sherrod Brown's attempt to push through the renomination of SEC commissioner Caroline Crenshaw as a final "gift" for the crypto industry before his term ends.
According to Bloomberg ETF analyst James Seyffart's post on December 7, Crenshaw was not only a supporter of SEC chair Gary Gensler but also held even stronger anti-crypto views than Gensler.
After the SEC gave approval for spot Bitcoin ETFs in the US on January 10th, Crenshaw, who became an SEC commissioner in August 2020, criticized the agency's decision to allow the ETFs as being both unfounded and not in line with historical precedent.