Three distinct attacks targeted SecondFi, taking advantage of a vulnerability in its wallet generation software. The team managed to secure an additional 129 million ADA before any further damage occurred.
By Oliver Knight|Edited by Cheyenne Ligon Jun 24, 2026, 3:45 p.m. 1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SecondFi suffers exploit (Clint Patterson/Unsplash)SummaryShow- SecondFi disclosed that three external attacks siphoned off 16 million ADA ($2.4 million) from 374 wallets due to a flaw in its proprietary wallet generation software; a fix has been implemented for unaffected accounts.
- The team successfully safeguarded an additional 129 million ADA before it could be compromised, transferring the funds to a third-party custodian — however, blockchain security firm SlowMist suggests that total losses could still surpass $20 million pending an independent audit.
- Users cannot mitigate risk by transferring their seed phrase to another wallet; the vulnerability is activated at the address level during transaction signing, requiring affected users to file claims directly with SecondFi.
SecondFi, previously known as Yoroi, reported that a substantial exploit led to the loss of around 16 million ADA, valued at approximately $2.4 million, from 374 user wallets over three separate incidents.
This incident was traced back to a flaw in SecondFi's proprietary wallet generation software. The vulnerability exists at the address level, meaning that merely transferring a seed phrase to a different wallet does not provide any security. "The security risk arises when an affected user signs a transaction," the team stated on X.
Before further losses could occur, SecondFi activated emergency protocols, transferring the funds to an independent third-party custodian. An external audit firm has been commissioned to confirm these holdings, and users who have been affected can submit claims to SecondFi.
SlowMist, a blockchain security firm, estimates that total losses could exceed $20 million when considering the full range of impacted wallets and tokens, although this figure remains unverified pending an independent evaluation.
Charles Hoskinson, the founder of Cardano, acknowledged the event but remarked that the monetary loss is relatively minor compared to other cryptocurrency hacks, while emphasizing that this is little comfort to those impacted. "It hurts them whenever they lose anything," he commented. "This is the unfortunate reality of crypto."
Currently, ADA is trading at approximately $0.15, marking its lowest price since 2020.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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