Cardano Foundation X account hacked leading to fake token claims

The Cardano Foundation's X account was hacked on December 8, resulting in the posting of false information regarding a new token and an unfounded SEC lawsuit.  

An unknown party gained access to the account, first using it to announce a Solana-based token named $ADASOL, which was described as "Cardano, reimagined for Solana’s speed and innovation."  

This announcement was crafted in a sophisticated manner, featuring thirteen posts that detailed the token's purpose and linked to legitimate resources, including the Cardano Foundation's website and a podcast episode.  

Despite being a scam, the fake token generated over $500,000 in trading volume before traders recognised the deception.  

The misleading post was removed within an hour, but shortly after, another false notice claimed that the Cardano Foundation had been served with an SEC lawsuit.  

"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," the fake notice stated.

This post attracted over 256,000 views on X but had replies disabled, leading many users to warn others about the compromised account.  

In response to inquiries about the authenticity of the notice, a team lead at the Cardano Foundation confirmed, "Confirmed, we’re on it."  

The Cardano Community X account later clarified that the @Cardano_CF account had been compromised and urged users to disregard any posts until further notice.  

The Cardano Foundation issued a statement indicating that its team is "actively working to restore security" and will provide updates on its LinkedIn page.  

They reassured users that this breach does not imply any other platforms or systems have been compromised.

At the time of reporting, the Cardano price was $1.18.