Cardano price recently experienced a sudden decline due to being excessively overbought. This led to a rapid flash crash, causing concerns among investors. On the other hand, DTX Exchange has been exhibiting strong performance, with an impressive 300% increase in value.
While Cardano struggles with its price movements, DTX is gaining momentum and standing firm in the market. In this article, we will discuss the events surrounding Cardano, the emergence of DTX Exchange, and the implications for investors.
Cardano Foundation’s X Account Hacked
On December 8, the Cardano Foundation’s Twitter (X) account was hacked. The hacker shared a fake cryptocurrency called “ADAsol” and falsely stated that the Cardano Foundation would cease its support for Cardano’s main cryptocurrency, ADA.
Charles Hoskinson, the creator of Cardano, confirmed the hack through a social media post. Prior to the discovery of the fake ADAsol token, it had accumulated approximately $500,000 in trading volume. However, its value plummeted by 99% rapidly.
Both the fake ADAsol post and another message regarding a potential SEC lawsuit have been removed since then. The Cardano Foundation is addressing the hacked account and assures that no other aspects of the Cardano system were compromised. Nevertheless, users should exercise caution and refrain from clicking on any links from the Cardano Foundation’s Twitter account until the situation is resolved.
Hacks of Other X Accounts are Common
The Cardano Foundation is not the only entity that has fallen victim to Twitter account hacks. Numerous other organizations have encountered similar issues, where hackers post counterfeit links and information.
December 2023: Compound Finance’s Twitter account was hacked. The hacker disseminated fake links that resembled the genuine website in order to promote counterfeit COMP tokens. Clicking on these links could result in the theft of users’ cryptocurrencies.
October 2023: Symbiotic, a restaking service, had its Twitter account hacked. The hacker posted a fraudulent checklist for an airdrop, claiming that users could earn points by engaging with the post. The links led to counterfeit websites that stole actual Symbiotic tokens from wallets.
October 2023: EigenLayer, another restaking service, experienced a Twitter account hack. The hacker endorsed a fictitious airdrop campaign.
October 29, 2023: The founder of Truth Terminal AI’s Twitter account was hacked. The hacker utilized the account to advertise a counterfeit memecoin.
November 2023: Rapper Wiz Khalifa’s Twitter account was hacked. The hacker promoted a spurious celebrity memecoin named WIZ, falsely asserting its association with Khalifa.
The Cardano price is currently trading at lows around $1.10 USD, with a 24-hour trading volume of approximately $1.84 billion USD. Over the past 24 hours, the Cardano price has decreased by 8.83%. It is ranked #9 on CoinMarketCap, with a live market cap of around $38.67 billion USD.
DTX Exchange: Bridging Finance with DeFi and Offering Early Opportunities at $0.12!
DTX Exchange (DTX) is a new DeFi coin that is being hailed as one of the most significant projects of the year. What sets it apart is its ability to connect traditional finance (TradFi) with decentralized finance (DeFi). The platform utilizes a unique Layer-1 blockchain called VulcanX, which will integrate conventional financial tools with DeFi products, thereby appealing to a wider audience.
The platform is also developing a smart system to track token minting and burning. This means that every time tokens are created or destroyed, the system will record these actions and ensure alignment with the collateral pool. They are enhancing the backend script to ensure that the smart contract token supply accurately reflects the ETF holdings in custodial accounts, thereby maintaining balance.
Another feature they are working on is dividend management. They are exploring methods to automatically convert dividends into stablecoins, which will then be directly distributed to token holders. The amount received by each user will depend on the number of tokens held at the time of the payout.
The DTX token presale is currently in its sixth round, with each token priced at just $0.12. So far, the presale has raised over $9.9 million, presenting a great opportunity for individuals to enter early.
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