Originally published on: December 08, 2024
The Cardano Foundation faced a security breach when its Twitter account, Cardano Foundation X, was compromised by a hacker on Dec. 8. The attacker utilized the account to promote a phony token called “ADAsol” and falsely claimed that Cardano would no longer support its native cryptocurrency, ADA.
Acknowledging the hack, Cardano founder Charles Hoskinson confirmed the incident on social media. Prior to being removed, the fraudulent ADAsol token managed to generate a trading volume of approximately $500,000, only to plummet by 99% shortly afterward.
Both the misleading ADAsol posts and the warning of a possible SEC lawsuit were promptly deleted after the breach was discovered.
The Cardano Foundation is actively working to secure the compromised account, emphasizing that the incident did not impact other aspects of the Cardano ecosystem. Nonetheless, users are urged to exercise caution and refrain from clicking on any links shared via the Cardano Foundation X account until further notice.
Unfortunately, the Cardano Foundation is not alone in falling victim to hackers targeting social media pages to circulate deceitful links.
Compound Finance, Symbiotic, EigenLayer, and even rapper Wiz Khalifa have all experienced similar breaches in recent years, underscoring the growing threat of cyberattacks within the crypto space.
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