ADA Price Unfazed Despite Hacked Cardano Foundation X Account Indicating SEC Lawsuit

Charles Hoskinson, the founder of IOG – the organization between the Cardano ecosystem, has informed that the Cardano Foundation’s X account has been compromised by bad actors.

They posted a tween about an SEC lawsuit, claiming that the Foundation will cease its support for ADA.

The false statement begins by explaining that the US Securities and Exchange Commission has continued with its war against crypto under the current regime by filing a lawsuit against the Cardano Foundation.

Consequently, the team had made “the difficult decision to immediately cease all support towards the ADA token to ensure compliance with regulatory requirements.”

Such statements typically impact assets in the ever-volatile cryptocurrency market, but the swift reaction of X’s team and Charles Hoskinson seem to have protected ADA’s price. Cardano’s native token remains relatively still at almost $1.2 after a minor decline on a 24-hour scale.

Hoskinson was quick to point out to his one million followers on X that the Foundation’s account had been hacked. There’s also a statement under the false post on X outlining the compromised account.

Looks like the CF account got hacked. Try harder hackers https://t.co/DhT9PpgfZt

— Charles Hoskinson (@IOHK_Charles) December 8, 2024

ADA has been among the top performers in the past month or so, skyrocketing by 170% within that timeframe and jumping to a multi-year peak of $1.3 before correcting slightly to its current level.