Cardano Foundation X Account Hacked, Fraudulent Token Scam Exploits Users
The Cardano (ADA) Foundations official X account was hacked on Dec. 8, misleading users with scam links and false claims. The attacker promoted a fake token, ADAsol, and alleged a lawsuit against Cardano by the SEC. The fraudulent token briefly generated $500,000 in trading volume before crashing by 99%.
Hackers Exploit Cardano X Account Trust
Hackers used the compromised account to push misleading content, claiming Cardano would stop supporting its native cryptocurrency, ADA. The fake ADAsol token, presented as legitimate, tricked unsuspecting users into financial losses. The posts have since been removed, and the Foundation is investigating the breach.
Source: ZackXBT
Charles Hoskinson, founder of Cardano, confirmed the hack and warned users against interacting with links from the account. He described the incident as an unfortunate breach but assured no other parts of the ecosystem were impacted. Users have been advised to remain cautious until further notice.
Fraudulent schemes targeting crypto users are rising, with attackers exploiting social media trust. The Cardano Foundation joins a growing list of crypto-related accounts falling victim to such cyberattacks. The incident highlights the urgent need for vigilance among crypto holders.
Crypto Scams Surge After ADA Account Breach
The Cardano breach mirrors past attacks on other prominent accounts, including Compound Finance and Symbiotic Protocol. In December 2023, Compound Finances X account was hacked, redirecting users to phishing sites advertising fake COMP tokens. Symbiotic faced a similar issue in October 2024, with hackers stealing legitimate tokens using phishing links.
EigenLayer, another popular protocol, was compromised in October 2024 when hackers promoted a fake airdrop campaign. These repeated breaches reveal the persistent threat of social engineering attacks in the crypto sector. Each case emphasizes the importance of secure account management and user awareness.
High-profile individuals have also been targeted, as seen in the Nov. 2024 hacking of rapper Wiz Khalifas X account. Hackers used his platform to promote a fraudulent memecoin called WIZ, misleading fans into financial scams. These incidents show cybercriminals exploiting both corporate and personal accounts for gain.
The Cardano Foundation is actively working to regain control of its X account and strengthen its security protocols. The team confirmed no lasting damage to the Cardano ecosystem but reiterated warnings against interacting with suspicious links. Enhanced measures are being implemented to prevent future breaches.
Read more: https://www.tronweekly.com/cardano-foundation-x-account-hacked/
Text source: TronWeekly
