The Cardano Foundation’s X account was compromised on December 8, leading to the promotion of a fraudulent Solana-based token called $ADASOL. Hackers falsely described the token as “Cardano, reimagined for Solana’s speed and innovation.”
In a 13-part thread, the hackers provided elaborate details about $ADASOL, using references to legitimate Cardano resources, including the Foundation’s website and a podcast episode. The scam token generated approximately $500,000 in trading volume before its value plummeted by 99% when the fraud was exposed.
Fake SEC Lawsuit Announcement Targets ADA Token
Shortly after the $ADASOL scam, another fraudulent post appeared on the hacked X account. This time, the post falsely claimed that the U.S. Securities and Exchange Commission (SEC) had filed a lawsuit against the Cardano Foundation.
The fraudulent notice stated that, due to this “unexpected legal action,” support for the ADA token would be immediately discontinued to comply with regulatory requirements.
Scam Posts Quickly Removed; ADA Price Remains Steady
The $ADASOL promotion and the false SEC lawsuit announcement were deleted within hours. Charles Hoskinson, the creator of Cardano, quickly addressed the misinformation. He confirmed the hack on social media, dismissing the hackers with the remark, “Try harder, hackers.”
Despite the attempted scams, Cardano’s ADA token remained largely unaffected in market performance. As of press time, ADA was valued at $1.18, experiencing only a 1% decline, according to CoinGecko data.
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Cardano Foundation Responds to the Hack
The Cardano Foundation has taken steps to regain control of its X account and warned its community. A LinkedIn post from the Foundation advised users to disregard any posts from the compromised account until the issue was resolved.
“The Cardano Foundation X account @Cardano_CF has been compromised. Please ignore any posts from the account while we address this. Thank you,” the Foundation stated.
Cybersecurity Remains Critical for Cardano and the Crypto Community
This incident highlights the persistent risks associated with social media hacks targeting the crypto industry. The Cardano Foundation continues its efforts to secure its account and restore trust, emphasizing the importance of community vigilance in preventing further scams.
Cardano and the broader cryptocurrency ecosystem can better protect users from malicious actors by addressing these vulnerabilities and enhancing security protocols.
