The X account of the Cardano Foundation was compromised by an unknown party

The X account of the Cardano Foundation was compromised on Sunday by an unknown party, leading to the false announcement of a Cardano-branded token on Solana

An X account belonging to the Cardano Foundation was compromised on Sunday by an unknown party, who used the account to announce a Cardano-branded token on Solana and, later, disclose an SEC lawsuit against the company.

The compromised X account was first used to post a thread purportedly announcing a token called $ADASOL, a Solana-based token that was purportedly "Cardano, reimagined for Solana's speed and innovation."

Unlike some scam attempts, the thread was written in a relatively sophisticated way, with thirteen posts explaining the purpose of the token and linking to genuine resources, such as the Cardano Foundation's website and a recent podcast episode that purportedly discussed the token.

The fake token saw over $500,000 worth of trading volume, according to DexScreener, before traders appeared to realize that the token was the result of a scam.

The post was removed within an hour after posting, at which point the account posted another false notice: this time, supposedly warning Cardano's community that the Foundation was served with an SEC lawsuit on Sunday. "In light of this unexpected legal action, we have made the difficult decision to immediately cease all support towards the $ADA token to ensure compliance with regulatory requirements," the false notice reads.

The post, which has replies disabled, has over 256,000 views on X at time of publishing, though many quote-tweets warn that the account has been compromised.

When one Cardano fan asked whether the notice was real, a team lead at the Cardano Foundation replied, "Confirmed, we’re on it." The Cardano Community X account also later clarified, "The Cardano Foundation X account @Cardano_CF has been compromised. Please ignore any posts from the account at this time while we address this."

In a statement, the Cardano Foundation said its team is "actively working to restore security" and noted that a confirmation of restored access would be posted to its LinkedIn page. "This breach of our X account does not indicate any other platforms or systems are compromised," the statement adds.

The news comes amid a rise in cryptocurrency scams, with scammers increasingly targeting major platforms and community members. Earlier this year, several cryptocurrency exchanges, including Binance, Bybit, and KuCoin, were targeted by scammers who stole large sums of cryptocurrency.

The scammers used the compromised accounts to post fraudulent messages and scam users into sending them cryptocurrency. The exchanges were able to recover their accounts and no user funds were lost in the scams.

The scams highlight the importance of cryptocurrency users being vigilant and aware of the scams that are circulating. Users should only interact with official accounts and be wary of any messages that request personal or financial information.

Stay tuned for more updates.