Cardano Community Issued Urgent Scam Alert, Here’s What Happened

In a concerning development for the Cardano ecosystem, the community has issued an urgent scam alert following a hack of the Cardano stablecoin USDM official X handle.

This latest breach has been used to promote fake rewards, putting users at risk of significant financial losses.

BREAKING NEWS:@USDMOfficial twitter has been hacked again.

Avoid every link posted there until further clarity from their team.

— Mintern (@MinswapIntern) October 14, 2024

Scammers targeted the USDM stablecoin X account, leaving it compromised for the second time. The first occurred last week, in which the team quickly swung to action to regain its account. In both instances, the breach was used to disseminate false information, including fake rewards, luring unsuspecting users into a scam.

The Cardano community promptly responded to this threat, issuing warnings across various platforms to alert users of the scam. The community emphasized the importance of not clicking on any links shared by the compromised X account.

This proactive approach aims to protect users from falling victim to the scam being perpetuated. At the time of writing, it seems that the USDM team had regained control of the X account, with the scammers’ tweets promptly deleted.

What’s going on in Cardano ecosystem

Meanwhile, in the broader Cardano ecosystem, preparations are continuing for the Chang #2 hard fork, which would bring Cardano fully compatible with CIP-1694’s on-chain governance features.

Town Hall 178 debuted in Cardano’s Project Catalyst. Fund13 proposal submissions are already closed, and the finalization window closes on Oct. 16. Community review registration is open until Oct. 20.

Additionally, new GHC9 benchmarks for node v.9.2 and governance action upgrades are in the works. Cardano-tracer-0.3 has been deployed, with ongoing metrics alignment, and the automation setup and implementation for the beacon have been completed, making it available for testing.

In the past week, 11 tenets were written toward a blockchain bill of rights to provide a complete overview of how blockchain systems should work and interact with their users and contributors. These tenets are meant to capture the natural desiderata of these systems and the rights of their users.

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