Official announcements from the SEC or major financial news outlets

Cardano Foundation's X Account Hacked, Spreads False SEC Lawsuit and Token Burn News

Dec 8, 2024, 03:21 PM

The official X account of the Cardano Foundation was compromised, leading to the spread of misinformation regarding a lawsuit from the U.S. Securities and Exchange Commission (SEC) and the cessation of support for the $ADA token. The Cardano Foundation has confirmed that the account was hacked, and no such lawsuit or token burn has occurred. Users are warned not to interact with any links posted by the compromised account. The incident caused a brief dip in ADA prices, but the market quickly stabilized once the hack was confirmed. The hack is believed to be an attempt to manipulate the market, possibly for shorting gains, although the impact was minimal compared to regular market movements. Hackers also promoted a fake token to further mislead the community.