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Cardano Foundation X Account Hacked, Fraudulent Token Scam Exploits Users

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The Cardano (ADA) Foundation’s official X account was hacked on Dec. 8, misleading users with scam links and false claims. The attacker promoted a fake token, “ADAsol,” and alleged a lawsuit against Cardano by the SEC. The fraudulent token briefly generated $500,000 in trading volume before crashing by 99%.

Hackers Exploit Cardano X Account Trust

Hackers used the compromised account to push misleading content, claiming Cardano would stop supporting its native cryptocurrency, ADA. The fake “ADAsol” token, presented as legitimate, tricked unsuspecting users into financial losses. The posts have since been removed, and the Foundation is investigating the breach.

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Source: ZackXBT

Charles Hoskinson, founder of Cardano, confirmed the hack and warned users against interacting with links from the account. He described the incident as “an unfortunate breach” but assured no other parts of the ecosystem were impacted. Users have been advised to remain cautious until further notice.

Fraudulent schemes targeting crypto users are rising, with attackers exploiting social media trust. The Cardano Foundation joins a growing list of crypto-related accounts falling victim to such cyberattacks. The incident highlights the urgent need for vigilance among crypto holders.

Crypto Scams Surge After ADA Account Breach

The Cardano breach mirrors past attacks on other prominent accounts, including Compound Finance and Symbiotic Protocol. In December 2023, Compound Finance’s X account was hacked, redirecting users to phishing sites advertising fake COMP tokens. Symbiotic faced a similar issue in October 2024, with hackers stealing legitimate tokens using phishing links.

EigenLayer, another popular protocol, was compromised in October 2024 when hackers promoted a fake airdrop campaign. These repeated breaches reveal the persistent threat of social engineering attacks in the crypto sector. Each case emphasizes the importance of secure account management and user awareness.

High-profile individuals have also been targeted, as seen in the Nov. 2024 hacking of rapper Wiz Khalifa’s X account. Hackers used his platform to promote a fraudulent memecoin called WIZ, misleading fans into financial scams. These incidents show cybercriminals exploiting both corporate and personal accounts for gain.

The Cardano Foundation is actively working to regain control of its X account and strengthen its security protocols. The team confirmed no lasting damage to the Cardano ecosystem but reiterated warnings against interacting with suspicious links. Enhanced measures are being implemented to prevent future breaches.

Bitcoin Surges Past $40K Amidst Divergent Social Sentiments & Whales’ Accumulation

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Bitcoin has surged back above the $40,000 mark, triggering a wave of discussions on various social media platforms. The cryptocurrency market has been experiencing heightened volatility ever since the recent approvals of Exchange-Traded Funds (ETFs) just two weeks ago, leading to divergent sentiments on platforms like Telegram, Reddit, X, and 4Chan.

The Santiment analytics platform reports a stark contrast in sentiment across these social channels, with some expressing extreme bullish views while others adopt a bearish stance. As social media users grapple with conflicting opinions, market observers suggest that such moments of widespread sentiment divergence may present opportunities for contrarian investors who are willing to go against the prevailing crowd assumptions about market trends.

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As of the latest update, the price of Bitcoin stands at $40,126, accompanied by a 24-hour trading volume of $33.92 billion and a market capitalization of $786.79 billion. Over the past 24 hours, the BTC price has increased by 0.35%, indicating a degree of stability in the midst of recent market fluctuations.

BTC 1D graph coinmarketcap 13
Source: CoinMarketcap

Whales Accumulate Bitcoin Despite Market Correction

Renowned crypto analyst Ali Martinez shed light on the behavior of Bitcoin whales amidst the ongoing market correction. Contrary to expectations, these major players are not slowing down; instead, they are actively accumulating more Bitcoin.

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Martinez pointed out a significant uptick in the number of entities holding 1,000 BTC or more, with 46 new entities entering this category. This marks a 3% increase in just two weeks, signaling a bullish sentiment among larger players in the market.

Martinez also drew attention to historical patterns that indicate a positive correlation between market corrections and subsequent upside gains during bull markets. This insight suggests that the ongoing correction, currently at a 21% dip over 12 days, might offer strategic buying opportunities for investors aiming to capitalize on Bitcoin’s potential growth.

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In the current bull market, Bitcoin has weathered four notable corrections, including a 12% drop over 12 days, a 22.6% fall over 15 days, and two approximately 21% dips, each lasting about 60 days.

Remarkably, Bitcoin is presently in the midst of a 21% correction, with the decline persisting for 12 days. The community awaits further developments and remains vigilant for signs of a potential market reversal or continued correction.

Related Reading |  BlackRock Bitcoin ETF Boosts Holdings To $1.59B With Coinbase Transfer

Elon Musk’s Social Media Platform, X, Faces Potential $75 Million Ad Revenue Loss as Major Brands Exit

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Elon Musk’s social media platform, X, is bracing for a substantial decline in ad revenue, estimated at $75 million, as major brands withdraw amidst concerns over antisemitic content.

In the aftermath of Elon Musk’s recent involvement in an antisemitic content controversy, industry giants such as Microsoft, Airbnb, and Coca-Cola have garnered significant attention for contemplating an exit strategy from advertising on the platform, according to reports by The New York Times based on internal documents.

Elon Musk’s platform, X, formerly known as Twitter, has recently gained attention as it engages in legal proceedings against Media Matters after the antisemitic content saga on its platform.

Elon Musk’s platform is long-lasting?

Reports suggest that Elon’s X could potentially lose up to $75 million in advertising revenue by the end of 2023. The decline appears to result from numerous significant brands halting their marketing campaigns on the social media platform in response to concerns over Elon Musk’s recent association with antisemitic content.

Prominent tech giants, including IBM and Apple, had suspended advertising-related activities on X earlier following the display of antisemitic content.

Internal records reviewed by The New York Times reveal that X faces more significant challenges than initially disclosed. Concerns regarding Musk and the platform extend beyond companies like IBM, Apple, and Disney, which halted their advertising on X last week.

The documents outline over 200 ad units from companies such as Airbnb, Amazon, Coca-Cola, and Microsoft, many of which have either suspended or are contemplating pausing their advertisements on social networks.

In a statement on Friday, X mentioned that $11 million in revenue was potentially at stake. However, the amount varies as certain advertisers resume activity on the platform and others escalate their spending.

X’s Advertising Chronicle To Date

Elon Musk’s X clarified that the figures reviewed by The Times were either outdated or part of an internal assessment to gauge overall risk.

The advertising suspensions coincide with the last quarter of the year, traditionally the social media platform’s most robust period, as brands launch holiday promotions for events like Black Friday and Cyber Monday.

In the final quarter of 2021, under its previous leadership before Musk’s tenure, the company reported $1.57 billion in advertising revenue, with almost 90 percent stemming from advertising.

Since Elon Musk’s acquisition of X for $44 billion last year, certain brands have hesitated to advertise on the platform due to concerns about his behavior and content moderation decisions, resulting in a surge of incendiary and hateful content.

U.S. advertising on the platform has declined by nearly 60 percent this year, prompting efforts led by the company’s CEO, Linda Yaccarino, to re-engage advertisers.

The disclosed documents portray challenges despite running ad campaigns during the holiday season to offset revenue shortfalls. Over 100 brands are marked as having “fully paused” ads and numerous others are categorized as “at risk.”

A significant number of pauses occurred around or after Nov. 15, coinciding with Mr. Musk’s statement on X endorsing a conspiracy theory about Jewish people supporting immigration to replace white populations, which he described as “the actual truth.”

Binance Revolutionizes Crypto World with Bold Social Network Leap

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Changpeng Zhao, better known as CZ, the influential head of Binance exchange, has embarked on an ambitious venture within the crypto space. CZ recently took to the new social media platform nestled within Binance, aptly named “Binance Feed,” to announce his foray into content creation. However, in a surprising twist, CZ revealed that he currently has zero followers on the platform, prompting him to extend an open invitation to the entire crypto community.

In his post on Binance Feed, CZ declared,

“Welcome to the global town square for crypto discussions.”

The choice of words is intriguing as it mirrors Elon Musk’s description of Twitter as a “global town square” during his takeover of the platform. Musk’s aim was to rekindle the spirit of free speech, and CZ appears to be harboring similar ambitions.

It’s becoming apparent that CZ is determined to transform the exchange Feed into a crypto-centric equivalent of the former Twitter, encouraging crypto enthusiasts to engage in meaningful discussions. This move could revolutionize the exchange, not just as a cryptocurrency exchange but also as a “crypto social network.”

Will Binance Follow Musk’s “Everything App” Strategy?

Elon Musk’s acquisition of Twitter this year led to significant updates on the platform, including long-form content, live video features, and plans for audio messages in direct messages (DMs). Rumors also suggest that Musk intends to integrate job hunting and dating sections, envisioning Twitter as an “everything app.”

It raises the question of whether CZ will follow suit and introduce similar features on Binance Feed. Musk’s rebranding of Twitter and the addition of new features has already influenced Mark Zuckerberg, CEO of Meta, to launch “Threads” on Instagram, owned by Meta, in a bid to emulate Twitter’s success on a different platform.

CZ’s move into content creation on Binance Feed is a bold step, reflecting his commitment to fostering a vibrant crypto community within the platform. As he aggressively follows early adopters, the crypto world watches with bated breath to see if Binance Feed will evolve into the next big thing in the crypto social networking sphere, potentially reshaping how we engage with cryptocurrencies and blockchain technology.

Dogecoin’s Whimsical Whisper: Musk Drops X-citing Teaser

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In an unexpected twist, the CEO and owner of X, formerly Twitter, Elon Musk, engaged in a casual conversation with a key member of the Dogecoin (DOGE) team, unveiling an intriguing hint about an impending major update. The discussion began innocently, as the Dogecoin designer proposed the retirement of X’s iconic birdhouse icon, symbolizing the “home” feature. Musk’s enigmatic reply, a simple “We will,” has ignited a wave of curiosity among tech enthusiasts.

This cryptic response may not come as a shock to those following Musk’s relentless drive to redefine X since his acquisition of the social media giant roughly a year ago. The rebranding from Twitter to X was just the beginning of Musk’s mission to reshape the platform’s identity. The iconic bluebird logo, which had become synonymous with Twitter, was replaced with the sleek letter “X.” This change sparked intense discussions and debates among users and industry experts alike.

Under Musk’s visionary leadership, X is undergoing a transformation from a traditional microblogging platform into a multifaceted super app. This transformation includes ambitious plans to integrate financial services such as payments and banking directly into the platform. To support these endeavors, X has acquired money transfer licenses in various U.S. states, including Arizona, Missouri, and Georgia.

One of the most intriguing innovations in the pipeline is the introduction of a “small monthly fee” for users. This fee is primarily designed to address the longstanding issues of bots and spam on the platform. Musk firmly believes that a subscription-based approach is the most practical way to combat the persistent problem of automated accounts, ensuring a more authentic and enjoyable experience for genuine users.

Market Performance: Dogecoin Faces Challenges

On August 30, 2023, a significant milestone was achieved in Dogecoin’s journey toward institutional acceptance. Robinhood Market Inc., a prominent cryptocurrency provider catering primarily to institutional investors, made a pivotal move by adding wallet support for Dogecoin (DOGE). This development allows millions of Robinhood users to now securely hold DOGE directly in their wallets, marking a notable step in the cryptocurrency’s journey towards mainstream recognition.

Despite this momentous announcement, DOGE’s market performance faced headwinds. On August 30, it was trading at $0.0658, but by September 1, it had dipped to $0.0638. The downward trend continued, with DOGE declining by 5.6% to $0.0621 by September 16. Nevertheless, analysts remain optimistic about the future of Dogecoin’s institutional adoption. The Robinhood partnership has generated excitement, and there are rumors that other platforms serving institutional crypto investors are considering adding support for DOGE, potentially propelling its value to $0.0694 in the near future.

Crypto Revolution: X’s Licensing Paves New Financial Frontier

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Amidst recent developments in the crypto technology sector, Rhode Island regulators have made a pivotal move by awarding X, previously known as Twitter, a currency transmitter license. This transformation signifies not only a notable shift in X’s identity but also highlights its bold entry into the financial services domain, particularly focusing on digital assets.

The newly obtained currency transmitter license holds immense significance for X as it allows the company to engage in a wide spectrum of activities related to cryptocurrencies on behalf of its users. The license essentially bestows X with the legal authority to facilitate the storage, transfer, and exchange of digital currencies while also extending the opportunity to provide an array of services linked to crypto assets.

Rhode Island’s regulatory approval effectively positions X alongside other entities such as cryptocurrency exchanges, digital wallets, and payment processors that are now authorized to oversee virtual currency transactions on behalf of clients. It’s imperative to note, however, that this license’s jurisdiction is confined to the state of Rhode Island, delineating its applicability within the boundaries of a single US state.

Crypto and Commerce:

The license acquisition comes on the heels of a strategic rebranding move spearheaded by Elon Musk, the proprietor of X. On July 23, Musk publicized the company’s transition to the name “X,” a departure from its erstwhile Twitter branding. This rebranding, accompanied by a phased-out approach to the iconic Twitter bird logo, was swiftly embraced by the platform. This rebranding initiative aligns seamlessly with Musk’s overarching vision of shaping X into an all-encompassing application catering to a multitude of needs.

As X embarks on this transformative journey, it raises pertinent questions about the evolving landscape of both social media and financial technology. The convergence of these two spheres underscores the growing demand for seamless integration of digital services, blurring the lines between communication platforms and financial tools. X’s successful pursuit of a currency transmitter license not only positions it as a player in the cryptocurrency domain but also serves as a testament to the malleability of companies in adapting to changing market dynamics.

In conclusion, the grant of a currency transmitter license to X symbolizes a pivotal juncture in the company’s evolution, propelling it into the realm of financial technology. Rhode Island’s endorsement of X’s cryptocurrency-related operations underscores the increasing acceptance of digital assets within regulatory frameworks. As the company pivots towards a broader, more encompassing vision under the stewardship of Elon Musk, the fusion of digital communication and financial services is poised to reshape the digital landscape in unprecedented ways.

Dogecoin Embarks On A New Era After Twitter’s Bird Out, ‘X’ In

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Dogecoin’s price reached a 10-week high following a flurry of new changes in the last few days. Often regarded as the OG meme coin, the token has also witnessed a tremendous surge in its trading volume, with levels last seen in early April. The past weekend, Twitter made headlines after Elon Musk announced the phasing-out of its bird-themed brand in favor of X, the site’s new name.

Shortly after it, Musk made an appearance in a Twitter Space titled “No one talks until we summon Elon Musk” to confirm the logo change was real. When asked why he was changing the logo now, the tech billionaire replied, “It should’ve been done a long time ago.”

On July 23, recently appointed CEO Linda Yaccarino characterized her vision for X. She described it as “the future state of unlimited interactivity—centered in audio, video, messaging, payments, and banking—creating a global marketplace for ideas, goods, services, and opportunities.” In all these, a bigger question looms about the role of crypto on the new site.

Elon Musk’s New Bio Has Dogecoin In It

The concept for X originated twenty years ago. Elon’s second venture was a financial services website called X that aimed to become the first digital bank on the Internet. In the end, Peter Thiel’s Confinity and the original X merged to establish PayPal.

PayPal attempted to launch its own Internet-based currency at the time, but it was never successful. Coincidentally, Bitcoin and Dogecoin appeared a decade and a few years later, respectively. With both currencies’ popularity continuing to expand throughout this time, experts believe the groundwork is now in place for digital money to establish itself as the first online bank.

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Dogecoin Embarks On A New Era After Twitter's Bird Out, 'X' In 7

Most significantly, hawk-eyed onlookers noticed Musk’s slight alteration in his latest Twitter bio, which now includes the symbols “X” and “D,” and they hypothesized it has something to do with the meme coin. X is thought to be a reference to Twitter’s new logo, while D is interpreted as Dogecoin, which he previously showed support for in public. One user excitedly wrote,

With all this in mind, it’s hard to imagine a more bullish development for Doge than the arrival of X. The most interesting place on the Internet is entering a new era, and Dogecoin has never felt more inevitable than now. The bird has served Twitter well over the years. May Doge rise ascendant in its place!