As a seasoned researcher who has witnessed the tumultuous rollercoaster ride that is the cryptocurrency market, I find myself once again observing an intriguing event unfold. The recent hack of the Cardano Foundation’s X account and the false claims regarding a supposed SEC lawsuit against the foundation sent ripples through the crypto community.
Charles Hoskinson, the creator of IOG within the Cardano network, announced that the X account of the Cardano Foundation was taken over by unscrupulous individuals.
They posted a tween about an SEC lawsuit, claiming that the Foundation will cease its support for ADA.
Under the current administration, the U.S. Securities and Exchange Commission (SEC) is reportedly persisting in its efforts to regulate cryptocurrencies, as demonstrated by their recent legal action against the Cardano Foundation.
In light of regulatory considerations, I found myself compelled to take immediate action and discontinue our support for the ADA token within our organization. This wasn’t an easy choice, but ensuring compliance is a priority we must uphold.
Statements like these often influence prices in the constantly fluctuating cryptocurrency market. However, it appears that quick actions taken by X’s team and Charles Hoskinson have managed to shield ADA’s value from significant drops. Despite a minor dip over the past 24 hours, Cardano’s native token, ADA, has maintained its position near $1.2, demonstrating a relatively stable trend.
As a researcher, I swiftly made it known to my one million followers on platform X that our Foundation’s account had succumbed to a cyber attack. A declaration, unfortunately a fabrication, was posted beneath this unauthentic update on X, detailing the breached account.
Looks like the CF account got hacked. Try harder hackers
— Charles Hoskinson (@IOHK_Charles) December 8, 2024
Over the past month or so, I’ve witnessed impressive gains with ADA, surging an astonishing 170%. This surge propelled it to a multi-year high of $1.3, only to momentarily retreat and settle at its current level.
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2024-12-08 19:02