The Cardano Foundation’s X account was hit with a major hack on Sunday. The hacker, an unidentified person, promoted a fake token and claimed that withdrawals of $ADA would be stopped due to pressure from the US SEC. This caused major concerns in the market, and the price of Cardano (ADA) experienced significant fluctuations during the day.

In a statement on December 8, the Cardano Foundation announced that the X account had been compromised and urged users to ignore all posts from this account. The hacker promoted a fake token as part of a collaboration between Cardano and $SOL Solana, claiming that this token was a revolutionary bridge project.

In addition, a post was shared that the US SEC would increase its control over Cardano and that ADA withdrawals would be stopped, but this post was later deleted. This hack drew attention to security issues and potential market uncertainties in the crypto world. Cardano’s native token ADA experienced serious market volatility after this attack.