SecondFi to Shut Down After $2.6 Million Cardano Wallet Hack
Summary
- Cardano-based wallet service SecondFi said about 16.1 million ADA were stolen because of a flaw in its encryption technology.
- SecondFi said it plans to shut down its own wallet service and Yoroi in stages.
- SecondFi said it is preparing a zero-knowledge (ZK)-based asset recovery tool and a wallet export feature for asset transfers, but has not announced a direct compensation plan.
Forecast Trend Report by Period
SecondFi, a Cardano-based wallet service, is moving to shut down after a hack.
Odaily reported on July 22 that SecondFi disclosed the loss of about 16.1 million Cardano tokens because of a flaw in its wallet software's encryption technology. The stolen assets were worth about $2.6 million at current prices. The hack affected 374 wallets.
SecondFi plans to phase out both its own wallet service and Yoroi. The company is also developing a zero-knowledge, or ZK, asset recovery tool for release in early August.
It is also preparing a wallet export feature to help existing users move assets to other services. Odaily said SecondFi has not announced a direct compensation plan or said whether it will use its own assets to reimburse users.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul