Cardano Foundation Recovers Control of Official Account
The Cardano Foundation (CF) has successfully regained control of its official X account following a hacking incident that occurred on Dec. 8. During the breach, the account was utilized to promote a fraudulent ADASOL token and spread false information about the Foundation facing legal action from the US Securities and Exchange Commission (SEC).
Foundation’s Response
In a statement released on Dec. 13, the Foundation clarified that the social media posts made during the breach were baseless and did not reflect its actual stance. The Foundation reassured the community that its internal systems were not compromised and an investigation is underway to determine the source of the breach.
Internal Governance Disputes in Cardano Ecosystem
Amidst the recent incident, tensions and governance disputes have surfaced within the Cardano ecosystem. On Dec. 11, a prominent community member, BigPey, shared an anonymous email containing allegations about internal issues within the Foundation.
Whistleblower Allegations
The email accused the Foundation of power struggles, attempts to sideline key contributors like Charles Hoskinson, and a lack of meaningful involvement in decentralized governance initiatives. Specific points of contention included the Foundation’s involvement in Catalyst Fund13 and its engagement with CIP-1694.
- Concerns over potential misuse of voting power
- Lack of contribution to governance initiatives
- Disputes over event prioritization
Hoskinson’s Response
In response to these allegations, Charles Hoskinson acknowledged the challenges within the ecosystem and criticized the Foundation’s opaque decision-making processes. He highlighted the lack of community accountability in the Foundation’s board and expressed frustration over its resistance to collaborative governance efforts.
Market Data
As of 2:59 pm UTC on Dec. 13, 2024, Cardano is ranked #9 by market cap, with a 2.06% decrease in price over the past 24 hours. The market capitalization of Cardano stands at $39.13 billion, with a trading volume of $1.51 billion.
Crypto Market Summary
At the same time, the total crypto market is valued at $3.63 trillion, with a 24-hour volume of $184.94 billion. Bitcoin dominance is currently at 55.02%.
