Cardano Foundation’s X Account Hacked, Hackers Post Fake SEC Lawsuit Notice

By Anthony • December 8, 2024 2:51 pm • Comments

Cardano Foundation’s official X account was hacked on Sunday.

Shortly after Cardano Foundation’s X Account was compromised hackers, the account posted a false tweet claiming the Cardano Foundation was facing a SEC Lawsuit.

In a seperate post, the hackers promoted a cryptocurrency scam.

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Charles Hoskinson the founder of Cardano, adressed the hack and shared, to disregard the posts and assured holders Cardano was facing no SEC lawsuits.

Per Crypto Potato:

Charles Hoskinson, the founder of IOG – the organization between the Cardano ecosystem, has informed that the Cardano Foundation’s X account has been compromised by bad actors.

They posted a tweet about an SEC lawsuit, claiming that the Foundation will cease its support for ADA.

The false statement begins by explaining that the US Securities and Exchange Commission has continued with its war against crypto under the current regime by filing a lawsuit against the Cardano Foundation.

Consequently, the team had made “the difficult decision to immediately cease all support towards the ADA token to ensure compliance with regulatory requirements.”

Such statements typically impact assets in the ever-volatile cryptocurrency market, but the swift reaction of X’s team and Charles Hoskinson seem to have protected ADA’s price. Cardano’s native token remains relatively still at almost $1.2 after a minor decline on a 24-hour scale.

Here’s what Crypto Briefing reported:

Cardano Foundation’s official X social media account has been under attack, with hackers posting false information about a purported SEC lawsuit against the organization and promoting a fraudulent token.

The hackers first claimed that Cardano was releasing a new token on the Solana blockchain, which was soon discovered to be a scam token. At the time of reporting, the post that advertised this token had been deleted.

Following this, the compromised account shared an unverified statement claiming the US SEC had launched a lawsuit against the organization. As a result of this legal action, they have decided to cease all support for the ADA token to ensure compliance with regulatory requirements.

Users are advised to be cautious and not to click on any links posted by the compromised account

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