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In recent crypto news, the Cardano Foundation's X account was compromised by hackers, El Salvador has seen significant gains from its Bitcoin investment, and some leaders in the crypto industry are expressing concern about the potential renomination of SEC Commissioner Caroline Crenshaw.
The Cardano Foundation's X account was compromised on December 8th by a malicious actor who shared harmful links on the Foundation's social media page.
At first, the hacker made a post promoting a fake token named "ADAsol", which attracted around $500,000 in trading activity before crashing.
After promoting the fake token, the hacker made another false post stating that the Cardano Foundation would no longer support ADA (ADA) because of an investigation by the SEC.
A deceptive post was made from the compromised X account of the Cardano Foundation. This information was sourced from ZackXBT.
The Cardano Foundation is currently working to regain control of their social media account after both posts were deleted.
Users are advised to avoid the account and refrain from clicking on any links from the Cardano Foundation X page until the problem is completely fixed.
The value of Bitcoin in El Salvador has exceeded $300 million, according to President Nayib Bukele. He shared this news on social media, pointing out the country's profits from its Bitcoin investments as the cryptocurrency reached a milestone of over $100,000.
Bitcoin (BTC) hit a milestone on December 5th by reaching $100,000, causing excitement among those involved in the cryptocurrency world. Autism Capital, a crypto account on X, requested Bukele to reveal El Salvador's Bitcoin investments in order to prove critics wrong. Bukele responded by publicly sharing the country's BTC holdings on X.
Origin: Nayib Bukele
The most recent report from Bukele indicates that the country has invested close to $270 million in Bitcoin since first embracing the cryptocurrency. The report also reveals that no Bitcoin has been sold, and the unrealized profits have now reached over $333 million.
The cryptocurrency industry is concerned about the upcoming vote on whether to renominate SEC Commissioner Caroline Crenshaw, who is known for being strongly against crypto. Many leaders in the industry have expressed their disappointment and worry about her potential reelection.
In January, Crenshaw was one of two SEC commissioners who opposed the approval of exchange-traded funds (ETFs) for Bitcoin (BTC).
Emilie Choi, president and chief operating officer of the crypto exchange Coinbase, expressed her disagreement with Caroline Crenshaw's views on cryptocurrency. She mentioned that Crenshaw opposed Bitcoin ETFs, calling for the SEC to make changes. This statement was made in a post on December 7th.
Origin: Alexander Grieve
According to Alexander Grieve, the vice president of government affairs at crypto investment firm Paradigm, Sherrod Brown, the Senate Banking Chair, is attempting to quickly secure the renomination of SEC commissioner Caroline Crenshaw, which is seen as a final negative action towards the crypto industry.
James Seyffart, an analyst at Bloomberg specializing in ETFs, stated in a post on December 7th that Crenshaw was not only a supporter of SEC chair Gary Gensler but was also more strongly against cryptocurrency than Gensler.
After the SEC gave approval for spot Bitcoin ETFs in the US on January 10, Crenshaw, an SEC commissioner since August 2020, criticized the decision, calling it "unsound and not based on historical precedent."