Cardano X Account Hacked, Fake SEC Lawsuit Announcement Causes Stir

Key Takeaways

• The Cardano Foundation’s X account was hacked, and several fake announcements were posted.
• Cardano’s compromised account promoted a fake token, leading to its market cap reaching over $500,000 within an hour of posting.
• The account remains compromised.

Cardano Foundation’s X account was hacked on Sunday, Dec. 8. The account stirred the crypto community with a barrage of fake announcements.

In a flurry of deceptively convincing posts, the unknown bad actor alleged significant changes to ADA tokens , a false SEC notice, and a new scam token.”

Cardano X Account Hacked

“The Cardano Foundation regrets to inform our community that we have been served with a lawsuit by the U.S. Securities and Exchange Commission (SEC) on Dec. 8, 2024,” the compromised account wrote.

“In light of this unexpected legal action, we have made the difficult decision to immediately cease all support towards the ADA token to ensure compliance with regulatory requirements,” it added.

Following this, Cardano’s X account published a deceptively well-written thread on a fake Solana-based token called ADASOL.

“We’ve redefined accessibility and governance, focusing on creating a seamless experience–even for nontechnical users,” the post read.

The thread included links to real resources, such as Cardano’s podcast, which added to the attack’s believability.

According to DexScreener, the token saw over $500,000 worth of trading volume within an hour of posting.

Account Remains Compromised

The Cardano Community X account said on Monday, Dec. 9, that the primary account remains compromised.

“Beware: there’s no SEC lawsuit, no token burn, and no “ADASOL” bridge,” it wrote.

The Cardano Foundation said in a statement that it was “actively working to restore security” and that none of its other social media platforms had been compromised.