Cardano Foundation is back in control of their official X Account after it had been compromised during a hacking event.
On Dec. 8th, the breach occurred. The account was used to spread a fake ADASOL coin. They also made up false claims against the Foundation by claiming that the US Securities and Exchange Commission was suing the Foundation.
In a 13th December statement, The Foundation assured its community that these social media posts are completely unfounded and do not reflect the Foundation’s position. It also confirmed that the organization’s internal systems were unaffected and that an investigation was underway to uncover how the breach occurred.
Cardano is experiencing a rise in tensions, and there are growing disputes over governance.
Whistleblower accusations
BigPey a well-known Cardano member shared an anonymous Whistleblower Email on Dec. 11 outlining challenges internal to the Foundation.
The mail accused the Foundation of power struggles, attempts to marginalize key ecosystem contributors like Cardano’s founder Charles Hoskinson, and a lack of meaningful involvement in decentralized governance initiatives.
Catalyst Fund13 is a program that sets ecosystem priorities. The Foundation was reportedly registered under the Delegated Representation (DRep) program, which gave it 180,000,000 ADA of voting authority. The critics expressed concerns over this potential abuse of influence.
Another point of contention was the Foundation’s engagement with CIP-1694, a critical proposal for on-chain governance, and its minimal contribution to drafting the Cardano Constitution. The Foundation’s participation in these initiatives increased only after others had made substantial progress.
Emails also raised disputes regarding the Cardano Summit. The Foundation is accused of giving priority to its preferred venue in Dubai, while ignoring other possible locations such as Argentina. In addition, the demands for substantial funding despite having large ADA reserve has sparked concerns over transparency and inclusivity.
Hoskinson’s reaction
Hoskinson addressed these concerns in a social media post, acknowledging the ecosystem’s challenges. While noting progress in some areas, he criticized the Foundation’s opaque decision-making processes.
The statement was made by:
“The board members are not community elected or appointed. No one can influence or veto their decisions and policies. And there does seem to be a strong dislike of me personally in the organization. You can not hide things forever in a decentralized ecosystem. Everything comes out.”
Hoskinson pointed out that the Foundation’s board operates independently, with no accountability to the broader community, and expressed frustration over its resistance to collaborative efforts like the Intersect initiative for governance.
Cardano Market Data
The time of the press On Dec. 13, 2:59 PM UTCCardano ranks #9 in terms of market capitalization and is currently trading at Downward 2.06% Over the last 24 hours. Cardano’s market cap is 39,13 Billion Dollars With a daily trading volume of 1 billion, 551 millions dollars. Learn more about Cardano ›
Cardano
On Dec. 13, 2:59 PM UTC
$1.11
-2.06% Crypto Market Overview
The time of the press The date is December 13, 2024, at 2:59pm UTCThe crypto market has a total value of at 3 663 Trillion Dollars A 24-hour volume is $184.94 billion. Bitcoin dominates the market at 55.02%. Learn more about the crypto market ›
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