As a seasoned researcher who has witnessed far too many instances of cybercrime in the cryptosphere, I can’t help but feel a sense of deja vu when reading about yet another account compromise. The Cardano Foundation’s X account hack is just the latest chapter in an all-too-familiar narrative. It seems that every time a new project or personality emerges, cybercriminals are quick to follow suit, exploiting the trust and excitement surrounding these developments for their own gain.
On December 8th, an unauthorized individual infiltrated the X account belonging to the Cardano Foundation. This hacker spread misinformation about a non-existent “ADAsol” token while falsely asserting that the Cardano Foundation would cease support for its native token, ADA (ADA), as a result of a hypothetical lawsuit from the Securities and Exchange Commission (SEC).
In a social media update, Charles Hoskinson, the creator of Cardano, acknowledged an occurrence of unauthorized activity. However, prior to this admission, a fake token named ADAsol had garnered approximately half a million dollars in trading value, only to plummet by 99% shortly after.
At present, both the questionable ADAsol post and the SEC’s pre-lawsuit announcement have been taken down.
The Cardano Foundation is currently addressing an issue with a compromised account, but the rest of the Cardano network remains untouched by the hack. However, it’s important for users to be vigilant and refrain from clicking on any links from the Cardano Foundation X account until additional instructions are given.
X account hacks are all too common
It’s not just the Cardano Foundation that encounters hackers taking control of social media accounts and spreading false links.
In December 2023, the account of Compound Finance was subjected to a hack. The perpetrator exploited their social media platform to share deceptive links to a website that closely resembled Compound Finance’s official site. These links promoted fake COMP tokens. Users who clicked on these links unwittingly lost their cryptocurrency.
In October 2024, there was an unauthorized access to the account of a restaking protocol named Symbiotic. The hacker provided a list, pretending it awarded points for engaging with the post – much like an Airdrop checklist. However, these links directed users towards a fraudulent site designed to pilfer legitimate tokens from their Symbiotic wallets. (Paraphrased)
In October 2024, the widely-used staking protocol Eigenlayer’s X account fell victim to a hack. The malicious party took advantage of this compromised account to propagate a fraudulent airdrop initiative.
On October 29, it’s unfortunate that even the creator of the Truth Terminal AI account fell victim to a hacking incident. This unscrupulous individual seized control of the account and exploited it for promoting a questionable digital currency, disguised as a memecoin.
In November 2024, the account of renowned rapper Wiz Khalifa, known as X, was illegitimately taken over to advertise a fictional celebrity memecoin named WIZ. The coin was falsely portrayed to users as an authentic memecoin endorsed by the musician, but it had no connection whatsoever with Khalifa.
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2024-12-08 21:34