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In recent crypto news, the Cardano Foundation's X account was compromised by hackers. The president of El Salvador reported that the country has made significant profits of over $330 million from its Bitcoin investment. Additionally, a number of leaders in the crypto industry have expressed concerns about the potential renomination of United States Securities and Exchange Commission Commissioner Caroline Crenshaw.
The Cardano Foundation's X account was compromised on December 8th by a cyber attacker, 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 was able to generate around $500,000 in trading activity before failing.
After promoting the fake token, the hacker made another false post stating that the Cardano Foundation was going to stop supporting ADA because of an investigation by the SEC.
A deceitful post was made from the compromised X account of the Cardano Foundation. This information was sourced from ZackXBT.
The Cardano Foundation is currently trying 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 has been completely fixed.
The value of Bitcoin investments in El Salvador has exceeded $300 million, as confirmed by Salvadoran President Nayib Bukele on social media. This milestone was reached when the price of the cryptocurrency surpassed $100,000 for the first time.
Bitcoin (BTC) hit $100,000 on Dec. 5, leading to excitement among the cryptocurrency community. Autism Capital, a crypto account on an undisclosed platform, requested Bukele to reveal El Salvador's Bitcoin holdings to showcase their success. In response, Bukele shared the country's BTC portfolio on the same platform.
Origin: Nayib Bukele
According to the most recent report from Bukele, the country has invested around $270 million in Bitcoin since first using the cryptocurrency. The data 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 cryptocurrencies. Many leaders in the industry have expressed their dissatisfaction with the potential of her being reelected.
Crenshaw was one of the two SEC commissioners who opposed the decision to approve spot Bitcoin exchange-traded funds (ETF) in January.
Emilie Choi, president and COO of Coinbase, criticized Caroline Crenshaw for her negative stance on cryptocurrency, specifically opposing Bitcoin ETFs. Choi called for the SEC to make changes in a post on December 7.
Author: Alexander Grieve
Alexander Grieve, the vice president of government affairs at crypto investment firm Paradigm, described the situation as a final push for crypto before leaving, as Senate Banking Chair Sherrod Brown is attempting to quickly reappoint SEC commissioner Caroline Crenshaw, who is known for her anti-crypto stance.
According to ETF analyst James Seyffart from Bloomberg, Crenshaw was not only a supporter of SEC chair Gary Gensler but also held even stronger negative views towards cryptocurrency than Gensler himself.
After the SEC's approval of 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 baseless and not in line with historical precedent.