Categories: MarketsMenafn

Cardano Foundation Website Compromised, False Token Sale Generates $500K in Trading Volume

Charles Hoskinson, founder of Cardano (ADA) and Input Output (IOHK), confirmed the Cardano Foundation’s X account was hacked this Sunday.

Cardano Foundation X Account Compromised

The Cardano Foundation clarified that the incident was limited to the X account and didn’t affect other platforms or systems. Hoskinson also called for better security measures on the social media platform.

The hackers used the account to post several false claims to mislead the community. The first fraudulent announcement claimed the launch of a Solana-based token called ADASOL and described it as a “Cardano, reimagined for Solana’s speed and innovation.”

Related: SEC Expected to Reject Spot Solana ETF Applications

The 13-post thread was highly detailed and linked to official resources, including the Foundation’s website and a recent podcast episode to make the scam more convincing. The fake token generated over half a million dollars in trading volume before users flagged it as fraudulent, per DEX Screener’s data.

However, after the initial post was deleted, the compromised account published another false statement. This time, it falsely claimed that the Cardano Foundation had been served with a lawsuit by the U.S. Securities and Exchange Commission (SEC). 

The post falsely stated:

In light of this unexpected legal action, we have made the difficult decision to immediately cease all support towards the $ADA token to ensure compliance with regulatory requirements.

This second post, which had replies disabled, quickly gained attention, with over 256,000 views on X. Many users issued warnings through the tweets, urging others to disregard posts from the account. 

When a community member questioned the legitimacy of the notice, a team lead at the Cardano Foundation confirmed the account had been compromised. The official Cardano Community X account also clarified, advising followers to ignore any content from the compromised handle.

Related: The Financial Times Releases Petty Apology to Bitcoin Supporters, Receives Immediate Backlash

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Blockchain is booming again, and ETH and XRP holders are using InvroMining to increase their income

London, UK, 31st July 2025, ZEX PR WIRE, As a global leader in blockchain financial…

1 hour ago

XRP Hot News: Sunny Mining Launches Cloud Mining Rewards Contract, Earning XRP Passive Income Daily

New York City, NY, 31st July 2025, ZEX PR WIRE, On-chain data shows that a single…

1 hour ago

Don’t miss it! Find Mining, which is being targeted by Wall Street giants, is quietly changing the wealth landscape.

Making Crypto Mining Simple, Compliant, and Profitable for Everyone Los Angeles, California, 31st July 2025,…

1 hour ago

From Institutions to Individuals: Cloud Mining Is the New Standard — BAY Miner Leads the Revolution

A New Era of Passive Crypto Income Has Arrived Florida, USA, 31st July 2025, ZEX…

1 hour ago

Unlock Ripplecoin mining with XRP and earn daily income from major cryptocurrencies.

No hardware investment or specialized knowledge required. Simply activate Ripplecoin Mining with XRP and participate…

1 hour ago

$1 Memecoin Hits 66.5% Diamond Hands Milestone – Second Only to SPX6900

London, United Kingdom, 31st July 2025, ZEX PR WIRE, The $1 memecoin has hit a…

7 hours ago