Something interesting happened last week, on 25 January.
Staci Warden, the CEO of the ALgorand Foundation joined the likes of Vitalik Buterin, Elon Musk, Bill Gates and even the SEC itself, after getting hit with one of the most publicized account hacks on X.
Someone took control of Warden's account, and began to post everything from racial slurs to "sell ALGO" calls that targeted the Algorand CEO and her followers.
The hacker even went as far as changing Warden's profile pic and bio to feature derogatory and plain false claims about her and the Algorand Foundation.
$ALGO, so far, has dipped along with the rest of the market because of this.
Can things come back to normal with the cryptocurrency, and the Algorand foundation?
This direct attack on Warden has garnered attention from the crypto community, with many X users expressing everything from shock to amusement at what was going on.
The attacker supposedly used a racial slur in now-deleted tweets, while calling the Algorand community "poor", and asking the crypto community to sell their Algorand ($ALGO).
According to the Algorand Foundation, its team is aware of what is going on and is working hard to fix the issue.
However, as of 28 January 2024, the hacker was still in control of the account, and the Algorand Foundation has warned against interacting with the account.
Most of the offensive tweets have now been deleted, with Warden's bio changed to a simple "It's me".
The current hack on Warden's account is far from the most outrageous hack in 2024.
January is only a few days from being over, and we have had reports of Coingecko, Staci Warden and even the US Securities and Exchange Commission being hacked on 10, 25 and 9 January respectively.
During the SEC's hack, the hacker used the agency's account to falsely announce that 11 of the long-awaited spot Bitcoin ETFs had been approved.
As expected, the market surged upwards, and then crashed terribly as the tweet was announced as a hack, and subsequently deleted.
Interestingly, most of the Twitter account hacks in 2024 have turned out to be 'sim swap" hacks, indicating the need for awareness in the crypto space as highlighted by blockchain sleuth, ZachXBT.
According to data from CoinMarketCap, ALGO is currently battling with some bearish waves.
The cryptocurrency has recovered since 25 January but is still behind with a 0.68% decline on the daily timeframe, as well as a 4.45% decline over the last week.
According to charting provided by TradingView, ALGO is currently in the middle of a rebound from $0.1483 as shown below.
This trendline held the cryptocurrency down since May 2023 but was eventually broken on 3 December.
The cryptocurrency reversed for a correction and appears to be in the middle of a rebound from here.
If this setup turns out to be a valid one, we are set to see a 100% rally on ALGO from $0.15 where it currently sits, to around $0.3.
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