In an unprecedented turn of events, the Cardano Foundation’s X account witnessed a hack on Sunday. Notably, the yet-to-be-identified hacker promoted a fake token and alleged that ADA withdrawals would stop as a result of a crackdown by the U.S. SEC. In turn, the broader market saw a flurry of concerns, with even the native coin’s price showing a waning intraday movement.
Cardano Foundation X Account Faces Hack Raising Market Concerns
According to an X post by the coin’s community’s account as of December 8, “the Cardano Foundation X account @Cardano_CF has been compromised.” Further, the crypto team urged users to ignore any posts from this account whilst the team addressed the issue.
In the aftermath of the X account compromise, users on the social media platform saw a false promotion for a token named ADAsol. This false promotion bragged of a revolutionary bridge that came as a collaborative endeavor between the abovementioned entity and Solana.
Also, users on the platform saw an X post claiming that ADA withdrawals had been stopped as the U.S. SEC tightened its grip on the crypto project. Nevertheless, this post appears to have been deleted. Overall, the X account hack saga garnered noteworthy attention, underscoring the complexities of cyber security and its vitality in the crypto realm. Further, the project’s native coin, one of the leading crypto by market cap, also faced severe market turbulence in light of the attack.
ADA Price Wanes Amid Concerns
At the time of reporting, ADA price slipped nearly 3% intraday and is currently trading at $1.16 after the Cardano Foundation incident. Its intraday low and high were $1.15 and $1.22, respectively. Notably, the slumping intraday movement falls in line with market concerns rising in the wake of the abovementioned hack.
However, it’s also noteworthy that the monthly chart underscored gains worth 166%, conversely sparking optimism amid a bullish Q4. Market watchers remain apprehensive as the X account hack could spark negative market sentiments if not recovered. However, a recent price analysis by CoinGape revealed that Cardano whales are on an accumulation spree, further bringing optimism contrary to the hack. Intriguingly, the analysis shows that a $2 target for the coin looms ahead amid renewed crypto market interest in Q4.
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