Cardano is in the news again. However, this time for all the ‘wrong’ reasons. On Sunday, 8th December, the Cardano Foundation’s X account got hacked. The hackers spread false news about a pending SEC lawsuit. Please be aware that the posts I’m showing you are fake. They are from the Cardano intern X account and show the posts made by the hackers.
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 $ADAsol token. This would be Cardano reimagined for Solana’s speed and innovation.
Cardano ($ADA)
The $ADA Price
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.
JUST IN:
The Solana Devs who’ve hacked the @Cardano_CF X account just posted false lawsuit.
Please ignore. pic.twitter.com/aZPBvyAyDX
— Cardano Intern (@Cardano_Intern) December 8, 2024
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 $ADAsol. If you see that post, don’t click on any links!
JUST IN:
Cardano Foundation X account has been compromised.
Do not trust any links to dApps, or new tokens being launched on X.$ADAsol IS A SCAM pic.twitter.com/Zmhj0qrMdX
— Cardano Intern (@Cardano_Intern) December 8, 2024
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.
Given that the CF account was hacked, it’s a good opportunity to re-visit a change X could make that would dramatically improve security for all users https://t.co/oaThTPI5wi
I will implement it for free @elonmusk. Just light the beacon
— Charles Hoskinson (@IOHK_Charles) December 8, 2024
SEC Lawsuits
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 $ADA, you can try CoinEx.
Supra ($SUPRA) Is on the Rise
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.
What in the world is Supra L1?
Our Co-founder and CEO @JoshuaTobkin breaks it down for @mattzahab on the @cryptonews podcast.
Get the alpha on how Supra L1 runs faster and more secure, supports MoveVM and EVM together, and what sets us apart from Solana, Sui, Aptos, and more…
— Supra (@SUPRA_Labs) December 10, 2024
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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