Cardano Community Issued Urgent Scam Alert, Here’s What Happened

As a seasoned crypto investor with years of experience navigating the volatile digital asset landscape, I find myself constantly on edge, yet intrigued by the ever-evolving ecosystem. The recent hack of the Cardano stablecoin USDM official X handle is indeed a cause for concern, especially considering it’s not the first time such an incident has occurred. It serves as a stark reminder that even in the seemingly secure world of blockchain, scams and hacks are never too far away.


In a troubling turn of events for the Cardano community, there’s been an alarm raised due to a hack on the official account associated with the Cardano stablecoin USDM.

The recent security incident was exploited to advertise false incentives, potentially exposing users to substantial monetary losses.

Latest Update: The US Dollar Memes Official Twitter account has reportedly been hacked once more. Until we get official confirmation from their team, please be cautious with any links they post.

— Mintern (@MinswapIntern) October 14, 2024

Scammers struck the USDM stablecoin’s account twice, most recently and previously last week. The initial attack resulted in the team taking swift action to secure their account once more. In both occurrences, the intrusion was manipulated to spread misleading information such as fictitious rewards, enticing unaware users into a scam.

Quickly addressing the issue at hand, the Cardano community broadcasted alerts about the scam through multiple channels to ensure users stayed informed. They underscored the significance of refraining from clicking on any links that might have originated from the hacked X account.

This forward-thinking method is designed to safeguard users against being tricked by the ongoing fraudulent activity. As I write this, it appears that the USDM team has successfully reclaimed the X account, swiftly erasing any suspicious tweets from the scammers.

What’s going on in Cardano ecosystem

Simultaneously within the wider Cardano community, arrangements persist for the upcoming Chang #2 hard fork, a development that will make Cardano fully aligned with the on-chain governance characteristics outlined in CIP-1694.

178th Town Hall was introduced in the Cardano Project Catalyst. The deadline for submitting Fund13 proposals has passed, with the finalization process wrapping up on October 16. Registration for community review remains open until October 20.

Moreover, we’re developing new benchmarks for node version 9.2 and governance updates, as well as plans for future implementation. Cardano-tracer-0.3 has been launched, with continued efforts to align metrics, and the automation setup and execution for the beacon are now complete, ready for testing.

Over the past week, I’ve been involved in drafting eleven key principles for a Blockchain Bill of Rights. This comprehensive set of guidelines aims to clearly define how blockchain systems should operate and engage with their users and contributors. These principles are designed to encapsulate the inherent needs of these systems and the rights of their users, ensuring fairness and transparency in their functioning.

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2024-10-14 16:20