The price of ADA was unchanged despite the hacked Cardano Foundation X account indicating an SEC lawsuit

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

They released an interpolation on an SEC lawsuit, stating that the Foundation will stop supporting ADA.

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

As a result, the team had made “the difficult decision to immediately cease all support for the ADA token to ensure compliance with regulatory requirements.”

Such statements usually affect assets in the ever-volatile cryptocurrency market, but the quick reaction of the team of X and Charles Hoskinson seems to have protected the price of ADA. Cardano’s native token remains relatively quiet at nearly $1.2 after a small drop on the 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 is also a statement under the fake post on X that describes the compromised account.

Looks like the CF account has been hacked. Try Hackers https://t.co/DhT9PpgfZt

— Charles Hoskinson (@IOHK_Charles) December 8, 2024

ADA has been among the top performers over the past month or so, soaring 170% over that time period and jumping to a multi-year high of $1.3 before correcting slightly to its current level

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