The Cardano Foundation’s official X (formerly Twitter) account has been hacked, with attackers posting about a fake SEC lawsuit against Cardano (ADA) while promoting a fraudulent token.
Cardano X Account Hacked
The hackers initially claimed that Cardano had ceased support for all $ADA tokens due to an alleged lawsuit by the SEC. They falsely stated that all ADA tokens would “consequently be burned.”
Following this post, the hackers also promoted a fake token named ADAsol.
Looks like the CF account got hacked. Try harder hackers https://t.co/DhT9PpgfZt
— Charles Hoskinson (@IOHK_Charles) December 8, 2024
Shortly after the hack, Cardano CEO Charles Hoskinson addressed the situation on X, writing: “Looks like the [Cardano Foundation] account got hacked.” He sarcastically added, “Try harder, hackers.”
The fraudulent lawsuit message caused temporary panic among ADA holders. Many users, perceiving the apparent news as legitimate, began selling their ADA tokens.
In a statement, the Cardano Foundation said its team is “actively working to restore security” and noted that a confirmation of restored access would be posted to its LinkedIn page. “This breach of our X account does not indicate any other platforms or systems are compromised,” the statement adds.
Users are advised to exercise caution and avoid clicking on any links shared by the compromised account.
Cardano (ADA) Market Trends
At press time, Cardano, which is touted at the third gen blockchain , after Bitcoin and Ethereum, is trading at $1.179, reflecting a 2.32% dip.
The fake alarm prompted panic selling, causing the 24-hour trading volume of $ADA to decrease by 24.66% to $1.70 billion. The market cap has also dropped by 2.38%, currently standing at $41.39 billion.
This account breach is part of a broader wave of scams targeting Cardano users, including fake ADA reward programs that have already caused significant losses for token holders.
