16 Million ADA Removed from SecondFi Wallets
June 24, 2026
On June 23, the team behind SecondFi announced a security problem with their wallet on the Cardano blockchain, prompting them to place the platform in secure maintenance mode temporarily. During this time, users were unable to execute transactions through the interface while developers worked to determine the extent of the incident.
SecondFi remains in secure maintenance mode, and as part of their response, they have taken a full snapshot of balances to safeguard the broader Cardano ecosystem. The team is collaborating closely with essential entities within the Cardano ecosystem to address the issue.
Recently, on June 24, SecondFi disclosed that hackers had withdrawn approximately 16 million ADA from 374 addresses associated with the platform. The estimated financial damage stood at around $2.4 million, based on the ADA price at that time.
In a strategic move to prevent total financial loss during the active exploit, emergency measures were activated to safeguard the available 129 million ADA. These funds have been transferred to an independent third-party custodian to protect the interests of affected addresses. While the incident has been a setback, SecondFi affirmed that they are actively tackling the situation.
The team also acknowledged the assistance and collaboration of key participants in the Cardano ecosystem, such as Input Output Global (IOG), Cardano Foundation, Intersect, and SundaeSwap. They further disclosed that the nature of the security breach at SecondFi was at the address level, impacting users when signing transactions.
In response to the situation, SecondFi emphasized the critical need for users not to restore their seed phrase in another Cardano-based wallet. This cautionary approach was imperative due to vulnerabilities in the wallet module responsible for key creation.
Cardano’s founder, Charles Hoskinson clarified that SecondFi is not affiliated with IOG in any way. His statement underscored that IOG has no equity, control, ownership, or business relationship with SecondFi, likening the situation to asking Apple to address an issue with a Microsoft product.
Moreover, EMURGO, a significant player in the Cardano ecosystem, is a key supporter of SecondFi (previously known as Yoroi Wallet). Despite EMURGO’s involvement, Hoskinson emphasized that IOG cannot speak on behalf of EMURGO or take responsibility for SecondFi’s actions, as they are independent entities.
In a separate incident in November 2025, a dormant Cardano wallet was activated after five years, resulting in the accidental exchange of 14.4 million ADA for the Anzens stablecoin, incurring a loss of $6.05 million. Additionally, ZachXBT previously raised concerns about Cardano’s operational model, likening it to an insider enrichment scheme.
