Web3 is Going Just Great

...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.

Created by Molly White. Subscribe to her newsletter for weekly recaps.

Users of the SecondFi Cardano wallet lose $2.4 million in series of hacks

Users of the Cardano wallet SecondFi (formerly Yoroi) have lost a cumulative 16 million ADA (~$2.4 million) across three attacks targeting a vulnerability in the project's wallet generation code.

After the attacks commenced, SecondFi "rescued" another 129 million ADA (~$19.4 million) by moving the assets to a third party entity. They announced that an external accounting firm would verify the funds and process user claims.

About a month after the hack, SecondFi announced it would shut down operations.

Theme tags: Collapse, Hack or scam
Blockchain tags: Blockchain: Cardano