Originally published on: December 08, 2024
The Cardano Foundation faced a security breach when its X account was infiltrated by a malicious actor on December 8th. The hacker took advantage of the situation by promoting a counterfeit “ADAsol” token and spreading misinformation that the Foundation would no longer support ADA, the native cryptocurrency of the Cardano network.
Founder Charles Hoskinson took to social media to confirm the hack, but not before the fraudulent ADAsol token managed to generate approximately $500,000 in trading volume before crashing by 99%.
The scam links and false claims about a potential SEC lawsuit were swiftly removed, but caution is still advised for users when interacting with the Cardano Foundation X account until further notice. The Foundation is diligently working to resolve the issue and has assured users that the rest of the Cardano ecosystem remains secure.
This incident is not isolated, as various other entities have fallen victim to cyber threats compromising their social media accounts to distribute fraudulent links and tokens. From Compound Finance to EigenLayer and even rapper Wiz Khalifa, no one seems immune to these malicious attacks.
It’s crucial for users to stay vigilant and ensure they only engage with verified sources to protect themselves from falling victim to online scams. Stay informed and updated on the latest news in the crypto world to safeguard your investments and assets.
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