Cardano News: Charles Hoskinson said on June 25 that the identity of the so-called white hat who transferred 129 million ADA—worth roughly $18.5 million—from compromised SecondFi wallets remains unknown, even to Emurgo, the company behind the platform.
Speaking during an X Spaces session titled “The Bingo Hall,” Hoskinson cited remarks from a contributor known as “Jer,” who attended a meeting between Cardano governance group Intersect and SecondFi developers. According to Hoskinson, an Emurgo representative stated the actor’s identity is not known to the firm, or at least that the individual is not affiliated with it.
That nuance leaves open key questions about whether Emurgo lacks full insight or is limiting its public disclosures.
ADA has dropped 21% over the past two weeks and is now trading near $0.145—multi-year lows that put the token roughly 95% below its all-time high.
Importantly, the incident did not involve a breach of the Cardano protocol itself. Stakeholders, including Intersect and Hoskinson, have stressed that the vulnerability was confined to the wallet layer. Still, the reputational damage has been significant, and markets appear to be pricing it in.
SecondFi, formerly known as Yoroi Wallet and one of the largest Cardano wallet generators, was found to have a critical flaw in its key-generation system. Three attackers exploited the weakness, draining around 16 million ADA (about $2.4 million) from 374 addresses across four separate events.
The larger transfer of 129 million ADA—now at the center of the dispute—has been described by SecondFi as an emergency safeguard. The funds were reportedly moved to an independent third-party custodian to protect affected users. Cybersecurity firm SlowMist estimates total exposure could exceed $20 million.
SecondFi took a final balance snapshot on June 26 and plans to reimburse users within two weeks, though it has warned the timeline is not guaranteed. Users have also been advised not to move funds to new wallets, as actions taken outside official guidance could introduce further risk.
Can ADA Hold $0.145?
ADA is currently trading near $0.145, down 21% over two weeks and well below key technical levels, including the 50-day EMA at $0.1904, the 100-day EMA at $0.2248, and the 200-day EMA at $0.3006.
The RSI stands at 29, nearing oversold territory, while the MACD has turned slightly positive—suggesting fading bearish momentum but not yet confirming a reversal.
Immediate support is seen at the $0.140 psychological level, with a structural floor near $0.1382. A daily close below $0.1451 would increase the likelihood of testing those levels.
On the upside, resistance is clustered between $0.1726 and $0.1737, where a descending trendline meets the 23.6% Fibonacci level. Further resistance lies at the 50-day EMA ($0.1904) and the 38.2% Fibonacci retracement at $0.1957.
CoinGlass data shows a long-to-short ratio of 0.72—the lowest in over a month—while funding rates remain negative at -0.0055%, indicating shorts are paying longs, a potential contrarian signal.
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