Cardano (ADA)

SlowMist: Cardano Ecosystem Project SecondFi Losses May Exceed $20 Million

SecondFi, a Cardano ecosystem project, said the root cause of its recent security incident has been traced to an issue in its proprietary Cardano wallet generation software. The team stated it has completed on-chain analysis to assess the scope of the impact and is working with a blockchain security firm on an independent technical review. SecondFi's preliminary estimate puts the total impact at around 16 million ADA.

SlowMist founder Cos (Yu Xian) said that based on the hacker's fund flows and wallet activity, actual user losses could theoretically exceed $20 million, involving more than 129 million ADA and other tokens.

Manwu Yuxian: SecondFi users may have lost over $20 million

Manwu founder Yuxian posted that, based on on-chain behavior analysis, in the Cardano ecosystem project SecondFi security incident, suspected hacker addresses transferred a total of over 129 million ADA and other tokens, estimating user losses exceeding $20 million.

Wu said that he learned that the Cardano ecosystem project SecondFi has released investigation progress on the recent security incident, stating that the root cause has been identified as its native Cardano Web wallet generation software, and the impact has not exceeded that component. The team has completed on-chain analysis and is conducting an independent technical review with a blockchain security firm to verify the findings. It is currently estimated that the incident caused a loss of about 16 million ADA. SecondFi said the platform remains in security maintenance mode, has completed a snapshot of user balances, and is cooperating with Cardano ecosystem entities such as Input Output (IOG), Cardano Foundation, Intersect, and SundaeSwap to monitor exchange-related fund flows and reduce the impact on other protocols. https://t.co/0wwXDOSftr