$18.5M in ADA Vanishes Without a Trace, Leaving Wallet Firm Searching

Cardano News: Charles Hoskinson said on June 25 that the identity of the “white hat” who transferred 129 million ADA—valued at roughly $18.5 million—from compromised SecondFi wallets remains unknown, even to Emurgo, the firm 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 body Intersect and SecondFi developers. According to him, an Emurgo team member indicated that the actor’s identity is not known to the company, or at least that the individual is not affiliated with it.

That distinction leaves open whether Emurgo genuinely lacks visibility or is carefully managing its public messaging.

ADA has dropped 21% over the past two weeks, now trading near $0.145—multi-year lows that place the token roughly 95% below its all-time high.

Crucially, the incident did not compromise the Cardano protocol itself. Stakeholders, including Intersect and Hoskinson, have emphasized that the vulnerability was limited to the wallet application layer. Even so, the reputational damage has been notable, with market sentiment reflecting the fallout.

SecondFi, formerly 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 vulnerability, draining approximately 16 million ADA (about $2.4 million) from 374 addresses across four separate incidents.

The larger 129 million ADA transfer—central to the ongoing uncertainty—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 aims to reimburse affected users within two weeks, though it has cautioned that the timeline is not guaranteed. Users have also been advised not to move funds to new wallets, warning that actions taken outside official guidance could introduce further risks.

Can ADA Hold $0.145?

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

The Relative Strength Index (RSI) sits at 29, nearing oversold territory, while the MACD has turned slightly positive—suggesting weakening bearish momentum but not yet signaling a confirmed reversal.

Immediate support lies at the $0.140 psychological level, with a structural floor around $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 aligns with the 23.6% Fibonacci retracement level. Additional resistance sits at the 50-day EMA ($0.1904) and the 38.2% Fibonacci level 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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