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Home›Crypto›Market Structure›EMURGO steps down from Cardano infrastructure funding…

EMURGO steps down from Cardano infrastructure funding group after hack

The SecondFi exploit drained about $2.4 million in ADA from 374 wallets, prompting EMURGO to shift resources to recovery efforts.

Reported · Written up by our desk · Market Structure

According to CryptoSlate, EMURGO said it is stepping down from its role in Pentad, the five-member group coordinating Cardano's infrastructure funding.

CryptoSlate reports the hack exploited a flaw in SecondFi's wallet address-generation system, draining roughly $2.4 million in ADA from 374 wallets, and EMURGO plans to focus on recovering the lost funds.

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Sources

CryptoSlateCardano’s wallet hack exposed the user layer holding its on-chain government together

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