The Cardano Foundation’s official X (formerly Twitter) account was hacked on December 8, with attackers promoting a fraudulent token called “ADAsol.” The hackers falsely claimed that the Cardano Foundation would cease supporting its native token, ADA, due to a fictitious lawsuit from the Securities and Exchange Commission (SEC).
Details of the Hack
Cardano founder Charles Hoskinson confirmed the hack shortly after the attackers posted the scam. Before the fraudulent posts were removed, the fake ADAsol token generated around $500,000 in trading volume but quickly crashed by 99%.
Although the posts and the false lawsuit notice have since been deleted, the Cardano Foundation warned users not to click on any links from its X account until further notice. The organization assured users that the hack did not affect other parts of the Cardano ecosystem.
X Account Hacks: A Growing Concern
The Cardano Foundation is the latest in a growing list of high-profile X accounts targeted by hackers. Threat actors often use these compromised accounts to post phishing links and promote fraudulent tokens, preying on unsuspecting users.
- Compound Finance Hack (December 2023): Hackers compromised the protocol’s X account to post phishing links mimicking its official site, advertising fake COMP tokens. Clicking the links drained victims’ crypto wallets.
- Symbiotic Restaking Protocol Hack (October 2024): A hacker shared a fake checklist encouraging users to interact with posts, leading to phishing sites that stole legitimate Symbiotic tokens.
- Eigenlayer Hack (October 2024): Attackers used the account to promote a fake airdrop campaign, tricking users into clicking malicious links.
- Truth Terminal AI Hack (October 2024): The account was hijacked to market a fraudulent memecoin.
- Wiz Khalifa Hack (November 2024): The rapper’s X account was used to promote a fake “WIZ” memecoin, misleading fans into believing the token was legitimate.
Protecting Yourself from Social Media Scams
To avoid falling victim to such hacks, users should follow these tips:
- Avoid clicking on links from compromised or suspicious accounts.
- Verify announcements on multiple official channels.
- Enable two-factor authentication (2FA) on all accounts.
- Be cautious of tokens, airdrops, or promotions that sound too good to be true.
The rising frequency of X account hacks highlights the need for better cybersecurity practices and vigilance among users and organizations alike.
