The Cardano Foundation's X account was hacked, leading to the posting of scam links before they were eventually removed. This incident adds the Cardano Foundation to the growing number of organizations that have been targeted by account hacks, with even the Securities and Exchange Commission being affected.
On December 8, the Cardano Foundation's X account was hacked by a malicious actor who was promoting a fraudulent token called "ADAsol" and spreading false information that the foundation would no longer support ADA (ADA), Cardano's native token, 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, which had generated around $500,000 in trading volume, quickly plummeted by 99%.
As of now, both the post about the ADAsol scam and the announcement of a possible lawsuit from the SEC have been taken down.
The Cardano Foundation is currently addressing the issue with the compromised account, and there have been no other impacts on the Cardano ecosystem from the hack. However, users are advised to be careful and avoid clicking on any links from the Cardano Foundation X account until more information is provided.
A deceptive post was shared from the hacked Cardano Foundation X account. The information was sourced from ZackXBT.
Cardano's price has increased by 88%, leading to speculation about whether the ADA rally is just beginning.
Account hacks are a common occurrence, not limited to just the Cardano Foundation. Many organizations have experienced threat actors gaining access to their social media accounts and sharing fake links.
In December 2023, there was a hack on Compound Finance's X account. The hacker used the social media page to share deceptive links to a website that appeared very similar to the protocol's official site, promoting fake COMP tokens. If users clicked on these links, their cryptocurrency would be stolen without their knowledge.
Symbiotic, a protocol for staking assets, was the target of a hack in October 2024. The hacker created a checklist that promised users points for engaging with a post, similar to Airdrop checklists. However, the links in the checklist actually directed users to a phishing site designed to steal legitimate Symbiotic tokens from their wallets.
In October 2024, the well-known restaking protocol Eigenlayer's X account was hacked. The hacker then utilized the account to advertise a fraudulent airdrop campaign.
The creator of the Truth Terminal AI account was hacked on October 29th. The hacker gained access to the account in order to promote a fake memecoin.
In November 2024, there was a case where someone hacked into rapper Wiz Khalifa's X account to promote a fake celebrity memecoin named WIZ. This token was falsely marketed to users as being endorsed by the rapper, but in reality, Khalifa had no connection to it.
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