A recent announcement by the Cardano Foundation’s X account has alarmed the community. Speculations have surfaced about the official X account being hacked. The announcement claims that Cardano has been sued by the SEC and that all support for the ADA token will be halted.
Subject: Cardano Foundation X Account Hacked
According to the community insights feature on the X platform, the post in question was made as a result of a hacking attack. The attackers, who gained control of the account, fabricated claims about Cardano being hacked in an attempt to manipulate the price. The community insights have confirmed that the announcement is false.
Is Cardano Being Shut Down?
The announcement by the Cardano Foundation’s X account has deeply shaken the community. According to the statement, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Cardano, prompting the immediate cessation of support for the ADA token. This development has raised significant concerns among the community, with many questioning the announcement’s authenticity.
The statement specifies that the SEC filed a lawsuit on December 8, 2024, and that supporting the ADA token would lead to legal non-compliance for the foundation. While the Cardano Foundation emphasized the difficulty of this decision, they assured the community that further details regarding the process would be shared soon.
Community Divided Over the Announcement
This statement has divided the community. Many users claim that the announcement is false and speculate that the Cardano Foundation’s official account might have been hacked. These suspicions arise from the unusual nature of a well-established project like Cardano announcing such a critical decision through social media.
Additionally, the lack of any subsequent official statement from the foundation and the absence of any response from major cryptocurrency exchanges strengthen the hacking claims.
What Does the Tweet Say About the SEC Lawsuit?
The tweet states:
“We regret to inform our community that the Cardano Foundation has been served with a lawsuit by the SEC on December 8, 2024. Due to this unexpected legal situation, we have made the difficult decision to immediately cease all support for ADA to ensure regulatory compliance.”
The announcement continues:
“We are aware of the impact this may have on our valued community members and stakeholders. We assure you of our commitment to providing support during this transition. Further details on how we plan to assist ADA holders will be shared in the coming days. Thank you for your understanding and support during this time.”
How Did ADA’s Price React?
As debates about the authenticity of the news continue, ADA’s price has experienced significant volatility. The price dropped briefly as panic selling began among investors. Whether Cardano’s founder, Charles Hoskinson, will address the issue remains to be seen.
In light of the situation, investors are advised to wait for official statements before acting on speculations. The Cardano community is eagerly anticipating a clear response from the foundation to clarify the matter.
During this development, ADA’s price has fallen by approximately 2% in the last 24 hours, with a 1.4% decline observed shortly after the announcement. This indicates that selling pressure emerged following the brief price movement.
At this time, no confirmation has been provided by the Cardano team regarding the authenticity of the announcement. As Kriptokoin.com, we will continue to update you on the developments.
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