Cardano made it into the news over the weekend for all the wrong reasons. Its X account got hacked with various threats by the hacker.
They also falsely claimed that the Cardano Foundation would no longer support the $ADA token. This decision was supposedly made to remain compliant with regulatory requirements. Trading on all platforms would halt today, 9th December. Furthermore, they would burn all $ADA tokens and launch a new $ADAsol token. This would be Cardano reimagined for Solana’s speed and innovation.
Before it became clear that these were false statements, $ADA took a minor hit and dropped by 4%. It went from $1.21 to $1.16. This shows some good strength from $ADA. I expect it to make a swift recovery.
The embedded tweet could not be found…
X Security
Charles Hoskinson, Cardano’s CEO, challenged the hackers, by telling them to try harder. However, currently, it seems that the Cardano Foundation’s X account is still compromised. A pinned post shows even now an announcement mentioning $ADAsol. If you see that post, don’t click on any links!
The embedded tweet could not be found…
Nonetheless, Hoskinson also pointed out that Elon Musk’s X should improve their security. He even offered that he would implement security measures for free.
This is also a good moment to point out that the Cardano blockchain has never experienced a hack. That’s a great achievement, considering that it has been around since 2017.
However, it’s not the first time that X’s security risks are under fire after Elon Musk took over. For example, the SEC saw its X account compromised in January this year. After he took over, Musk tuned heavily down on staff. This included X’s security team.
This brings me to a different point altogether. It’s not that strange that Cardano holders believed the fake posts about the SEC.
That’s because the SEC has brought similar charges throughout 2024. For example, against Nova Tech Ltd, and CryptoFX for running Ponzi schemes. Respectively, to the tune of $650 and $300 million. Maverick Protocol and the Gemini Earn Program were also targeted. They supposedly offered unregistered securities.
Cardano itself found itself back in the SEC’s crossfire in 2023. It included $ADA in lawsuits against Kraken and Binance. According to the lawsuit, $ADA is an unregistered security under U.S. securities laws.
Even Musk found the attention of the SEC focused on him. He faced a lawsuit for influencing the $DOGE price. However, a US court dismissed this case.
So, stay vigilant and don’t click on any links on social media that you don’t trust or know. I also expect that long term $ADA price isn’t affected by this hack. So, in case you wonder where you can buy $ADA, you can try CoinEx.
On a different note, here’s a project that lit up over the weekend. I’m talking about Supra ($SUPRA). Supra is an oracle built on its own Layer 1. Over time, its team added plenty of other features to its stack. You can build your own composable ecosystems in the coding language you prefer.
The $SUPRA token had its TGE and airdrop on 27th November. Until 6th December, it went sideways at a 1 cent price. However, over the weekend, the price exploded and did a 7x. Its current ATH is 7 cents. Now it cooled off a bit, and the current $SUPRA price is 5 cents. Nonetheless, over the last 3 days it went up by a cool 416%.
It has a market cap of $311 million. So, current dips are great opportunities to get in. If $SUPRA keeps going up like it did, you’re in for a ride. You can buy $SUPRA at MEXC.
Disclaimer
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