Cardano Foundation X Account Compromised, ADA Slips

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As a seasoned analyst with over two decades of experience in the financial markets under my belt, I’ve seen my fair share of market turbulence and cybersecurity incidents. The recent hack on the Cardano Foundation’s X account is a stark reminder of the challenges that lie ahead for the crypto industry, particularly as it continues to grow and evolve at breakneck speed.

On an unexpected occasion, it was reported that the Cardano Foundation’s X account was targeted by hackers on Sunday. The unidentified cybercriminal spread false information about a non-existent token and claimed that ADA withdrawals would be halted due to a regulatory action from the U.S. Securities and Exchange Commission (SEC). This sparked widespread fear in the market, resulting in significant worry even among the price movements of the native coin throughout the day.

Cardano Foundation X Account Faces Hack Raising Market Concerns

Based on a post by the Cardano Foundation’s official account on December 8th, it was reported that their account “@Cardano_CF” had been hacked. The cryptocurrency team then advised users to disregard any messages from this account until the team could resolve the situation.

Following the hack of the X account, social media users encountered a misleading advertisement for a digital token called ADAsol. The deceptive ad touted a groundbreaking partnership between the named organization and Solana, claiming they had jointly developed an innovative bridge.

Users on the platform encountered a post stating that ADA withdrawals were halted due to the U.S. SEC tightening its control over the crypto project. However, it seems this post was removed. The incident involving the X account hack sparked significant interest, highlighting the intricacies of cybersecurity and its importance in the cryptocurrency world. Additionally, the project’s main coin, one of the top cryptos by market capitalization, experienced significant market volatility as a result of the attack.

ADA Price Wanes Amid Concerns

At this moment, the price of ADA has dropped approximately 3% during the day and is now being traded at $1.16. This decrease follows an incident involving the Cardano Foundation. The lowest and highest points during the day were $1.15 and $1.22 respectively. It’s worth mentioning that the downward trend in price movement today aligns with growing market concerns due to a recent hack.

It’s important to mention that the monthly chart indicated a significant increase of 166%, which has fueled optimism during a bullish Q4. Market analysts are cautious due to the X account hack, as its recovery could prevent any unfavorable market reactions. Interestingly, a recent study by CoinGape suggests that large Cardano investors (whales) are actively buying more, creating optimism despite the hack. Remarkably, the analysis points towards a potential $2 target for the coin as interest in the crypto market revives during Q4.

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2024-12-09 10:44