Cardano price recently experienced a sudden decline due to being excessively overbought. This led to a rapid flash crash, causing concern among investors. On the other hand, DTX Exchange has been performing strongly, with an impressive 300% increase in value.
While Cardano is struggling with its price movements, DTX is gaining traction and maintaining a strong position in the market. In this article, we will discuss the events surrounding Cardano, the rise 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 claimed that the Cardano Foundation would cease supporting Cardano’s main cryptocurrency, ADA.
Charles Hoskinson, the creator of Cardano, confirmed the hack in a social media post. The fake ADAsol token had approximately $500,000 in trading volume before it was exposed, but 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 security breach and assures that no other aspects of the Cardano system were affected. 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 encountered Twitter account hacks. Numerous other organizations have faced similar issues where hackers disseminate deceptive links and information.
In December 2023, Compound Finance’s Twitter account was hacked. The hacker shared counterfeit links that resembled the genuine website to promote fake COMP tokens. Clicking on these links could result in the theft of users’ cryptocurrency.
In October 2023, Symbiotic, a restaking service, had its Twitter account compromised. 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 pilfered genuine Symbiotic tokens from wallets.
In October 2023, EigenLayer, another restaking service, experienced a Twitter account breach. The hacker endorsed a phony airdrop campaign.
On October 29, 2023, the founder of Truth Terminal AI’s Twitter account was hacked, and the hacker used it to advertise a fake memecoin.
In November 2023, rapper Wiz Khalifa’s Twitter account was hacked. The hacker promoted a counterfeit celebrity memecoin called WIZ, falsely asserting its association with Khalifa.
The Cardano price is currently trading at 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 current market capitalization of approximately $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 specialized Layer-1 blockchain called VulcanX, which combines conventional financial tools with DeFi products, making it 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 they align 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, 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 each user receives will depend on the number of tokens they hold at the time of payout.
The presale of DTX tokens 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 early participation.
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