Hackers Make Fake Announcements Through Cardano Twitter Account

The official Cardano X (Twitter) account was hacked, and a fraudulent tweet falsely claimed that the United States Securities and Exchange Commission (SEC) had filed a lawsuit against Cardano and that support for the $ADA token would be halted.

The tweet, which was quickly flagged as fake, incorrectly stated that the Cardano Foundation would stop supporting $ADA in response to the alleged legal action. It is clear why Cardano was targeted, as between December 2023 and January 2024, Cardano processed over 4 million transactions, demonstrating a noteworthy uptick in on-chain activity.

Deception Thrives

As per the deceptive message, the Cardano Foundation stated they regret to inform their community that they have been served with a lawsuit by the U.S. SEC on December 8th, 2024. Due to this unexpected legal matter, the tweet added, the difficult decision has been made to immediately end all support for the $ADA token to comply with regulatory requirements.

The misleading tweet also falsely claimed that the Cardano Foundation would offer further updates and assistance during the supposed transition. However, the community quickly debunked the claim.

Additionally, the compromised account shared more incorrect information, such as claiming that $ADA trading will stop on all platforms starting December 9th, 2024 and that all $ADA tokens will be burned.

Damage Control

ZachXBT, an on-chain investigator, quickly flagged the incident and warned his Telegram followers, urging them not to click on any links by the compromised account. As of now, the Cardano Foundation has not publicly addressed the breach or the false SEC lawsuit claims. Official statements and updates are expected to come through verified channels.

This incident highlights growing concerns about security in the cryptocurrency space, as high-profile accounts are increasingly targeted by hackers and scammers. Experts advise the crypto community to remain cautious and avoid engaging with compromised accounts. Users are urged to avoid clicking on suspicious links or messages by the compromised X account and to rely solely on official announcements via verified Cardano channels.