SlowMist’s Yu Xian: Stolen funds from SecondFi may exceed $20 million.

Cardano ecosystem project SecondFi announced on social media that its team has pinpointed the root cause of the recent security incident, which stems from its own Cardano network wallet generation software. The team has completed on-chain analysis to assess the scope of the impact, and is now working with a leading blockchain security firm to conduct an independent technical evaluation to validate its findings. The overall estimated impact amounts to roughly 16 million ADA, and the project is still addressing related operational issues while committing to ongoing support for affected users. Separately, Cosine, founder of blockchain security firm SlowMist, noted that judging by the funds in the hacker addresses, SecondFi’s user losses should theoretically exceed $20 million (over 129 million ADA and other tokens were stolen).