ADA
SecondFi wallet exploit drains 2.4 million in ADA
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SecondFi, the Cardano wallet formerly known as Yoroi, confirmed losses of 16 million ADA worth about 2.4 million dollars from 374 user wallets in three attacks. The firm secured an additional 129 million ADA before further drains occurred. A flaw in its proprietary wallet generation software caused the breach.
Input Output announced Friday it will transfer control of key Cardano blockchain components to outside specialist teams. The handover begins in August and extends into 2027. The move advances the network's decentralization efforts.
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Cardano's ADA token has dropped to around 16 cents, its lowest level since December 2020. The decline followed comments from founder Charles Hoskinson and project setbacks. Social media attention and on-chain activity have increased sharply during the selloff.