The Cardano Foundation recently had its X account compromised by hackers, who posted scam links before they were taken down. This incident adds the Cardano Foundation to the growing number of organizations that have been targeted by account hacks, with the Securities and Exchange Commission being another notable victim.
On December 8, the Cardano Foundation's X account was hacked by an unknown individual who was promoting a fraudulent token called "ADAsol." This person claimed that the Cardano Foundation was planning to stop supporting ADA, the native token of Cardano, because of a lawsuit from the Securities and Exchange Commission (SEC).
Charles Hoskinson, the founder of Cardano, acknowledged the hack on social media after the fraudulent ADAsol token made around $500,000 in trading volume before quickly dropping by 99%.
The post about the ADAsol scam and the notification of a potential lawsuit from the SEC have both been deleted as of now.
The Cardano Foundation is currently addressing the compromised account, and there have been no other impacts on the Cardano ecosystem due to the hack. However, users are advised to be cautious and avoid clicking on any links from the Cardano Foundation X account until further updates are provided.
One of the false posts made from the hacked Cardano Foundation X account. Information provided by ZackXBT.
Cardano's price has increased by 88%, raising the question of whether the ADA rally is just beginning.
Account breaches are a frequent occurrence, with the Cardano Foundation being just one of many organizations targeted by cybercriminals who compromise social media accounts to share fake links.
During December 2023, Compound Finance's X account experienced a security breach. The hacker utilized the platform's social media page to share deceptive links to a fake website that closely resembled the protocol's actual site. This fraudulent website promoted COMP tokens that were not legitimate. If users clicked on any of these links, their cryptocurrency would be stolen without their knowledge.
In October 2024, Symbiotic, a protocol for restaking, was hacked by an account labeled as X. The hacker created a checklist that promised users points for engaging with the post, resembling Airdrop checklists. However, the links in the checklist directed users to a phishing website designed to steal authentic Symbiotic tokens from their wallets.
In October 2024, the well-known restaking protocol Eigenlayer's X account was hacked. The hacker then proceeded to use the account to advertise a fraudulent airdrop campaign.
The creator of the Truth Terminal AI account experienced a hack on October 29th. The hacker gained access to the account in order to promote a fake memecoin.
In November 2024, the social media account of rapper Wiz Khalifa was hacked to promote a fraudulent celebrity memecoin called WIZ. This token was falsely advertised as being associated with the rapper, but in reality, it had no connection to Khalifa.
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