Nobody Knows Who Stole $18.5M in ADA, Including the Company That Built the Wallet

Cardano News: Charles Hoskinson disclosed on June 25 that the identity of the white hat hacker who moved 129 million ADA, roughly $18.5 million, out of vulnerable SecondFi wallets is unknown to Emurgo, the firm that built the platform.

Speaking during his X Spaces session ‘The Bingo Hall,’ Hoskinson relayed secondhand information from a contributor named ‘Jer’ who attended a meeting between Cardano governance body Intersect and SecondFi’s developers: “A member of the Emurgo team said the identity of the white hat hacker is not known to Emurgo… or at least [Emurgo] said it is not affiliated with Emurgo.”

That qualifier matters. It leaves open whether Emurgo is genuinely in the dark or carefully managing its public exposure.

ADA price has dropped 21% over the past two weeks and is now trading near $0.145, multi-year lows that sit roughly 95% below the asset’s all-time high.

The crypto hack didn’t break the Cardano protocol; every party from Intersect to Hoskinson has stressed that the vulnerability was entirely at the wallet application layer, but the reputational damage to the ecosystem is real, and the market is pricing it accordingly.

SecondFi, one of the largest Cardano wallet generators and formerly known as Yoroi Wallet, suffered a critical flaw in its key-generation software. Three external attackers drained approximately 16 million ADA ($2.4 million) from 374 addresses across four distinct draining events.

The separate 129 million ADA movement, the one at the center of the identity dispute, was framed by SecondFi as an emergency rescue operation, routed to “an independent, qualified third-party custodian” held for the benefit of affected addresses. Cybersecurity firm SlowMist has estimated total exposure could exceed $20 million.

SecondFi took a final balance snapshot on June 26 and says it will return lost user assets within two weeks, though it has flagged that this timeline is not guaranteed and that users should not move funds to new wallets in the interim, warning that “independent actions taken outside of official guidance create additional risks.”

Discover: The Best Crypto to Diversify Your Portfolio

Cardano News: Can Cardano Find a Floor at $0.145?

ADA is currently trading near $0.145, down 21% over two weeks, well below its 50-day EMA at $0.1904, its 100-day EMA at $0.2248, and its 200-day EMA at $0.3006.

The RSI sits at 29, flirting with oversold territory. MACD has turned marginally positive, signaling fading bearish momentum rather than a confirmed reversal.

Key support sits at the $0.140 psychological level, with a structural low around $0.1382. A daily close below $0.1451 exposes that zone directly.

On the upside, initial resistance clusters at $0.1726–$0.1737, the broken descending trendline combined with the 23.6% Fibonacci level, followed by the 50-day EMA at $0.1904 and the 38.2% Fibonacci retracement at $0.1957.

CoinGlass long-to-short ratio reads 0.72, the lowest in over a month, with funding rates negative at -0.0055%, meaning shorts are currently paying longs, a mild contrarian signal.

Discover: The Best Token Presales

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post Nobody Knows Who Stole $18.5M in ADA, Including the Company That Built the Wallet appeared first on Cryptonews.

Source link