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Today's Top Crypto Headlines:
Cardano Hacked | El Salvador Bitcoin Gains | Brooklyn DA Busts NFT Scam Sites and more...
King Fatrick Gil Añasco
December 09, 2024
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Cardano Hacked: The Cardano Foundation's X account was hacked on Dec. 8, promoting a fake "ADAsol" token and causing $500,000 in trading before the token crashed.
El Salvador Bitcoin Gains: El Salvador has $333 million in unrealized Bitcoin gains from its 6,180 BTC holdings, up 122%. The nation continues its dollar-cost averaging strategy despite IMF warnings.
💡Feature of the Day - Brooklyn DA Busts NFT Scam Sites: The Brooklyn DA shut down 40 fake NFT websites after an artist lost $135,000 in a scam.
All this and more in today’s headlines!
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📰 News Highlights:
The Cardano Foundation's X account was hacked on December 8, with scammers promoting a fraudulent "ADAsol" token and falsely claiming the foundation would halt support for ADA due to an SEC lawsuit.
The scam post caused approximately $500,000 in trading volume before the token crashed by 99%.
It would be nice if you could inform the @solana community that the Cardano Foundation X account has been hacked since criminals are currently using Solana to profit from it
— Charles Hoskinson (@IOHK_Charles)
4:22 PM • Dec 8, 2024
Charles Hoskinson, Cardano's founder, confirmed the breach, and the foundation is working to secure the account.
The Cardano Foundation X account @Cardano_CF has been compromised. Please ignore any posts from the account at this time while we address this.
— Cardano Community (@Cardano)
3:22 PM • Dec 8, 2024
No other parts of the Cardano ecosystem were affected.
Users are advised to avoid clicking links from the compromised account until further notice.
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El Salvador has recorded over $300 million in unrealized Bitcoin gains as the cryptocurrency surpassed the $100,000 milestone.
Post the portfolio again. It's time to dunk on the haters.
— Autism Capital 🧩 (@AutismCapital)
3:01 AM • Dec 5, 2024
President Nayib Bukele shared the country's BTC holdings, revealing a $333 million profit on a $270 million investment.
The nation, which adopted Bitcoin as legal tender in September 2021, continues to use a dollar-cost averaging strategy, purchasing one Bitcoin daily since November 2022.
El Salvador has just bought it’s first 200 coins.
Our brokers will be buying a lot more as the deadline approaches.
#BitcoinDay#BTC🇸🇻
— Nayib Bukele (@nayibbukele)
7:55 PM • Sep 6, 2021
The portfolio currently holds 6,180 BTC, with an average purchase price of $44,739.88, reflecting a 122% increase.
💡 Feature of the Day:
The Brooklyn District Attorney’s Office dismantled 40 fraudulent NFT marketplace websites following a scam that defrauded an 85-year-old artist of $135,000.
Brooklyn District Attorney Shuts Down 40 Domains Associated With NFT Crypto Scam Targeting Artists
“[B]y shutting these domains and raising awareness about this scheme, we will prevent others from falling victim to this scam.”
Read more ⬇️ brooklynda.org/2024/12/06/bro…
— Brooklyn District Attorney Eric Gonzalez (@BrooklynDA)
4:52 PM • Dec 6, 2024
The artist was lured through LinkedIn and convinced to mint artwork on a fake NFT site resembling OpenSea.
While our office is working to root out these sites to prevent and limit future victimization, we encourage everyone to exercise caution and only use established and trusted NFT marketplaces.
More in @CBSNewYork:
— Brooklyn District Attorney Eric Gonzalez (@BrooklynDA)
4:52 PM • Dec 6, 2024
The scammers promised $300,000 in profits but demanded a $135,000 fee to access the funds, leaving the victim financially devastated after he liquidated his retirement savings.
The investigation traced the scam network to Nigeria, where funds were cashed out in local currency.
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And that’s it for this today.
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See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com