- Cardano Foundation’s X account hack led to a fake token promotion and false ADA withdrawal claims.
- The hacker generated $500K in fake token trading before ADAsol’s value crashed by 99%.
- Cardano urges caution as hackers exploit social media for scams, affecting crypto market trust.
On Sunday, the Cardano Foundation’s official X account was hacked. The attacker used the account to spread false information. The attacker used the account to promote a fake token named ADAsol and spread misinformation about ADA withdrawals. The post alarmed many in the crypto community.
Fake Token and Withdrawal Warnings
The hacker said in their message that government crackdown would result in ADA transactions stopping. A fake token link was also shared along with the warning. The message looked convincing, but the Cardano Foundation denied it immediately. The network reassured the community that withdrawals for ADA will continue as normal and the post was a scam.
The fake token promoted by the hacker could have potentially led to financial loss for those who clicked the link. The Cardano team responded quickly, removing the posts and issuing a public statement. They clarified that no such action against ADA was planned.
Investigation and Future Security Measures
Investigations are ongoing to identify the hacker’s identity. Details on how the breach occurred have not been shared by the Cardano Foundation. They, however, have vowed to tighten their security protocols. The foundation is aiming to prevent such attacks and keep their followers safe.
Security experts also recommend increased vigilance. They warn that social media accounts of major cryptocurrency projects are frequent targets for phishing scams and hacking attempts. Users are advised to avoid clicking on links or tokens shared from unverified sources.
The attack on the Cardano Foundation’s account is a reminder of the risks in the digital world. Despite the quick action taken, it underscores the need for stronger security in cryptocurrency communities.
The Cardano Foundation is taking steps to ensure the incident does not happen again. As the investigation continues, the team is working hard to regain the trust of their community.
