- Emurgo has handed over organization of TOKEN2049 to the Cardano Foundation after a $20 million hack on its NEO-finance platform SecondFi.
- Intersect, Cardano’s governance firm, announced that Emurgo cannot allocate resources to plan the event, prioritizing asset recovery for affected users.
- SecondFi was hacked for $2.4 million in ADA in June, leading to a controversial $18.5 million white-hat fund seizure whose Hacker identity remains unknown.
- Emurgo also stepped down from Cardano’s executive “Pentad” body, citing the recovery process as its immediate focus.
Emurgo, the co-founder of Cardano, has been forced to hand over the running of the self-styled “world’s largest crypto event” TOKEN2049 to the Cardano Foundation, following the $20 million hack of its neo-finance platform SecondFi. Intersect, Cardano’s governance firm, made the announcement on Tuesday, stating that Emurgo “is unable to allocate the necessary resources to plan and execute Token2049.”
Consequently, Emurgo added, “Following the recent SecondFi incident, we have confirmed that our priority right now must be solely the recovery of assets for all affected users.” The Cardano Foundation said it is also organizing a side event, CardanoxDraperxBitcoin, funded by Draper and the Foundation.
Meanwhile, Emurgo also stepped down last week from the “Pentad,” an executive body of multiple Cardano firms, stating, “Our immediate priority is the @secondfiapp recovery process, and we are concentrating our resources where they are needed most.” SecondFi was hacked for $2.4 million worth of ADA in June, prompting Emurgo to take $18.5 million worth of ADA from users as part of a mysterious white-hat hack event.
The identity of that white-hat hacker remains unknown, according to Cardano founder Charles Hoskinson. In early July, SecondFi claimed those funds “are currently protected and accessible” and will form part of the recovery effort. SecondFi also announced it will shut down to dedicate time to recovering stolen assets.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
