According to the latest development, a message was shared via the Cardano (ADA) Foundation's official X account that the SEC had filed a lawsuit against them, and that they had cut off all support for the ADA token.
When the content of the message is examined, it is thought that the official account in question may have been hacked.
At the time of writing, the post in question is still live on the Cardano Foundation official X account. However, although the ADA price reacted negatively to the development, the reaction was not extreme. Here is the post believed to have been shared by hackers:
“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 process, we have made the difficult decision to immediately cease all support for the ADA token to ensure compliance with legal requirements. We recognize the impact this may have on our valued community members and followers, and we assure you that we are committed to providing support during this transition. We will share more details about next steps and how we plan to assist all ADA holders in the coming days.
Thank you for your understanding and support during this time.”
*This is not investment advice.