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In recent crypto news, the Cardano Foundation's X account was compromised by hackers, El Salvador has seen a significant increase in the value of its Bitcoin investment surpassing $330 million, as reported by the country's president. Additionally, a number of executives in the crypto industry have expressed dissatisfaction with the pending renomination of United States Securities and Exchange Commission Commissioner Caroline Crenshaw.
The Cardano Foundation's account named X was compromised by a hacker on December 8th. The hacker posted harmful links on the Foundation's social media page.
At first, the hacker made a post promoting a fake token named "ADAsol". This token gained 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 would no longer support ADA (ADA) because of an investigation by the SEC.
A deceitful post was made from the Cardano Foundation's hacked X account. This information was sourced from ZackXBT.
The Cardano Foundation is currently working on regaining access to the social media account after both posts were removed.
It is advised for users 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 El Salvador's investment in Bitcoin has exceeded $300 million, according to President Nayib Bukele. Bukele shared this news on social media after the cryptocurrency reached a new high of over $100,000.
Bitcoin (BTC) hit a milestone on December 5th, reaching $100,000 and causing excitement among those involved in the cryptocurrency world. Autism Capital, a crypto account on an unspecified platform, requested for Bukele to share El Salvador's Bitcoin assets in order to prove doubters wrong. In response, Bukele shared the country's BTC holdings on the same platform.
Origin: Nayib Bukele
The recent update from Bukele reveals that the country has invested almost $270 million in Bitcoin since first incorporating the cryptocurrency. The records indicate that no Bitcoin has been sold, and the current unrealized profits are now over $333 million.
The cryptocurrency industry is worried about the upcoming vote on whether to renominate SEC Commissioner Caroline Crenshaw, who is known for being strongly against cryptocurrencies. Many leaders in the industry have expressed their concerns about her potential reelection.
Crenshaw was one of the two SEC commissioners who did not support the decision to approve spot Bitcoin exchange-traded funds (ETF) in January.
Emilie Choi, president and COO of crypto exchange Coinbase, expressed criticism towards Caroline Crenshaw for her negative stance on cryptocurrency, particularly her opposition to Bitcoin ETFs. Choi believes that the SEC needs to make some changes in response to Crenshaw's views.
Author: Alexander Grieve
Alexander Grieve, the vice president of government affairs at crypto investment firm Paradigm, described the push from Senate Banking Chair Sherrod Brown to reappoint SEC commissioner Caroline Crenshaw as a final "gift" for the crypto industry before his departure.
According to Bloomberg's ETF analyst James Seyffart, Crenshaw is not only a supporter of SEC chair Gary Gensler but is also more strongly opposed to cryptocurrency than Gensler.
After the SEC granted approval for spot Bitcoin ETFs in the US on January 10, Crenshaw, a newly appointed SEC commissioner since August 2020, criticized the agency's decision as being both unsound and not in line with historical precedent.