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.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
