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Cardano holders received a warning Sunday: ADA trading will halt on all platforms as of Monday, Dec. 9. There’s just one problem: It wasn’t true. “Looks like the [Cardano Foundation] account got hacked,” Cardano CEO Charles Hoskinson said in an X post on Sunday. “Try harder hackers.” Hoskinson’s comment came after the Cardano Foundation’s X account posted a cryptic message that the non-profit organization would cease all support for its native cryptocurrency, ADA, effective immediately. In the bogus statement, the foundation “unexpected legal action” from the U.S. Securities and Exchange Commission (SEC). “We have made the difficult decision to immediately cease all support towards the $ADA token to ensure compliance with regulatory requirements,” the foundation seemingly stated. See the hacker’s statement below. Announcement from the Cardano Foundation The Cardano Foundation regrets to inform our community that we have been served with a lawsuit by the U.S. Securities and Exchange Commission (SEC) on December 8, 2024. In light of this unexpected legal action, we have made the difficult… — Cardano Foundation (@Cardano_CF) December 8, 2024 All ADA tokens will “consequently be burned,” community members were wrongfully told. Background on Cardano and Its CEO Hoskinson founded Cardano in 2017 and became a prominent figure in the crypto industry. The platform operates on a proof-of-stake consensus mechanism, known for its emphasis on scalability, sustainability, and security. Cardano has been widely regarded as a “third-generation” blockchain designed to overcome limitations in earlier networks like Bitcoin and Ethereum. The foundation’s perceived cessation of ADA support seemed to suggest it was prioritizing regulatory compliance, likely in hopes of mitigating further penalties. Cardano price chart The phony SEC lawsuit came as Cardano’s token price wallowed in red as community members who were duped saw the news as just another legal blow to the cryptocurrency industry, which saw…

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Filed under: News - @ December 8, 2024 4:27 pm