Cardano Foundation’s official X social media account has been under attack, with hackers posting false information about a purported SEC lawsuit against the organization and promoting a fraudulent token. The hackers first claimed that Cardano was releasing a new token on the Solana blockchain, which was soon discovered to be a scam token. At the time of reporting, the post that advertised this token had been deleted.
Following this, the compromised account shared an unverified statement claiming the US SEC had launched a lawsuit against the organization. As a result of this legal action, they have decided to cease all support for the ADA token to ensure compliance with regulatory requirements. Users are advised to be cautious and not to click on any links posted by the compromised account.
These false claims sparked uncertainty in the Cardano community, affecting ADA’s market performance. The token’s price dropped 4% to $1.18 amid the incident, according to CoinGecko data. The account breach occurred against a backdrop of ongoing scams targeting Cardano users, including fake ADA reward programs that have caused losses for token holders.
- Chainlink Expands to Bitcoin, Helping Original Blockchain With Its Layer-2 Shift
- UBS Launches its First Tokenized Fund on Ethereum Blockchain
- Bitcoin Layer 2 GOAT Network Will Let Dogecoin Users Stake Their Tokens to Earn Fixed Yields in BTC
- Litecoin’s X Account Hacked to Promote Fake Solana LTC Token
- First-Ever Robinhood Staking Service Goes Live in Europe with Solana at 5% APY
- Coinbase is Launching an App That Lets Users Track All of Their On-Chain Wallets