The official social media X account of the Cardano Foundation was hacked on Sunday (December 8), with the attackers using this access to promote a fake token called ADASol.
The Cardano Foundation account posted two scam messages, with the first claiming that the Cardano Foundation had been sued by the U.S. Securities and Exchange Commission (SEC) and, as a result, decided to stop supporting the original ADA token to “ensure regulatory compliance.”
Cardano founder Charles Hoskinson confirmed that the official Cardano Foundation account had been hacked. The Cardano Foundation team is currently working to recover the account. Hoskinson also emphasized that no other part of the Cardano ecosystem was affected by the hack.
Meanwhile, users are urged not to click any links shared through the X account until an official notice is issued.
ADA token was impacted by this hacking incident. The price of ADA dropped by up to 4% in the last 24 hours, currently trading around $1.16. Its market capitalization also decreased by 4%, bringing it to approximately $41.07 billion.
Rising Social Media Account Hacks for Fake Crypto Promotions in 2024
Hacking social media accounts to spread false information and promote fake crypto assets has remained a significant threat in 2024. The incident involving the Cardano Foundation is just one of a series of similar hacks that have occurred this year.
In January, the official X account of the SEC was hacked to publish a false announcement regarding the approval of a Bitcoin ETF. This information temporarily boosted Bitcoin’s price before plummeting when it was revealed that the notice was a hoax.
In October, the X account of the restaking protocol Symbiotic was targeted, with hackers posting a fake checklist that encouraged users to engage with the post, promising rewards tied to an airdrop. The embedded link led to a phishing site that stole Symbiotic tokens from victims’ wallets.
In the same month, the X account of Eigenlayer, a popular restaking protocol, was also hacked to promote a fake airdrop campaign. Even the account of the founder of the AI platform Truth Terminal was hacked to spread fake memecoins.
In November, X belonging to American rapper Wiz Khalifa was reported as a target of hackers who used it to spread false promotions related to the launch of a token called $WIZ.
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