The official X account of the Cardano Foundation was compromised, leading to the spread of misleading claims about an alleged $ADA token burn.
The hackers falsely announced that all ADA tokens had been burned, a claim entirely inconsistent with Cardano’s protocol. Founder Charles Hoskinson has repeatedly clarified that token burns are not part of the network’s design.
https://twitter.com/Bitcoinsensus/status/1866036878605987996?t=QBY8fpjPkzBZAMm13pnPAQ&s=19
Adding to the chaos, the attackers promoted a fraudulent token called “ADAsol,” falsely alleging that ADA support would end due to an SEC lawsuit. The scam lured unsuspecting traders, resulting in nearly $500,000 in trading volume before the fake token’s value plummeted by 99%.
Charles Hoskinson quickly addressed the situation, confirming the account breach and assuring users that the malicious posts had been removed. He emphasized the importance of exercising caution and verifying information through trusted, official channels.
Cardano users are urged to avoid clicking on links from the compromised X account until full security measures have been restored. This incident serves as a stark reminder for crypto users to remain vigilant, as such scams exploit trust and can lead to significant financial losses.
The Cardano community, known for its robust engagement, is rallying around this breach to spread awareness and minimize the impact of the scam. While the fraudulent posts have been taken down, the incident highlights the importance of securing social media accounts and staying alert to potential threats in the crypto space.
As the situation unfolds, Cardano is working to restore confidence, ensuring the community can continue engaging without fear of further malicious activity.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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