EMURGO

A co-founding entity of the Cardano blockchain that drives the commercialization of blockchain and asset tokenization.

[EMURGO @emurgo_io]

EMURGO & Yoroi DRep Update: Upcoming Changes to Our DReps

As we continue to support affected users of the @secondfiapp security incident and make further progress towards the recovery phase, we want to give notice of two governance decisions: our immediate resignation from the @IntersectMBO board and our intention to de-register our DRep role in Cardano governance in due course.

Both decisions reflect our focus on directing our full attention and resources toward the recovery effort and ensuring affected users are properly supported through this process. We recognize that our seat on the Intersect board and our DRep role each represent meaningful responsibilities within the Cardano governance ecosystem and we do not take the decision to step back from either lightly.

When you migrate your wallet, it will be automatically undelegated from both your stake pool and your DRep. You will then be free to choose a new DRep that best represents you.

We will share full guidance, including timing, as the migration tool launches.

[SecondFi @secondfiapp]

An update regarding the recent security incident involving SecondFi

What happened to SecondFi
Between June 21st and 23rd, SecondFi experienced a security incident that resulted in approximately 16.1 million ADA (~$2.6 million) being stolen from 374 wallets. We want to provide users with a transparent update based on the information currently available.

An independent investigation
EMURGO engaged Groom Lake, an independent forensic investigation / blockchain intelligence provider to assist with tracing and evidentiary analysis and they reviewed the incident using primary technical evidence, including code, code history, and public blockchain data.

What the investigation indicates to date:
1. Attack from an external actor: linked to high-volume addresses employing advanced tradecraft: @0xGroomLake indicates that the primary operation behind the unauthorised transfers was sophisticated, external, and well-funded, with indicators consistent with activity by a professional, state-aligned threat actor. Certain indicators are being assessed for potential overlap with known DPRK-linked threat activity of Lazarus Group.
2. Two separate attackers: Groom Lake also identified activity by a second party that appears, based on current evidence, to be separate from the primary operation and to have affected a different set of wallets during the same window. No overlap in affected wallets has been identified to date.

The root cause: A cryptographic flaw
The root cause was a highly subtle flaw in how the wallet software generated per-transaction signatures. In simplified terms, a value that should have been derived from secret information could, under certain conditions, be computed from public transaction data. This could enable affected private key material to be derived from information visible on the public blockchain.

This cryptographic flaw was also visible in a copy of the relevant code that had been published without authorisation to a public GitHub repository. We are continuing to assess the circumstances surrounding the publication and are cooperating with the relevant authorities.

Fix and winding down of SecondFi
The flaw has been patched, and new wallets created with the corrected software are not known to be affected by this issue. However, given the gravity of this event and as previously announced, we have made the difficult decision to wind down SecondFi and Yoroi wallet.

Asset recovery and safe migration
Our current priority is supporting affected users, assisting recovery efforts, and enabling users to move assets securely.

1. Recovery tool: A secure recovery tool using zero-knowledge (ZK) proofs is being developed. The portal is designed to allow users to initiate the process directly while limiting the information required to do so. The tool is currently in testing, and we are engaging a specialist third-party auditor to review it before its anticipated release in August 2026.

2. Safe migration: In the meantime, we are preparing wallet export functionality designed to allow users to migrate their assets to a wallet of their choice. We anticipate releasing this by early August 2026.

Please follow our official channels for further updates.

Important Security Reminder

SecondFi will NEVER request private keys, recovery phrases, or wallet credentials, and we will never DM you first. Do not trust any checker, link, or account outside our official channels:
▪️ X accounts: @secondfiapp and @secondfi_jp
▪️ Support portal: https://t.co/bKfl8SK9D2

[SecondFi @secondfiapp]

Quarantine Mode Is now live across Chrome extension, iOS, and Android.

What you need to do:
- If your SecondFi app is still in maintenance mode and not quarantine mode, you are on an older version. Please update your existing app to the latest version through your app store if it has not updated automatically.

IMPORTANT: This is the same app. Do not download a new or separate app.

What quarantine mode means:
- It's the same application, with transactions disabled
- You can view your balance and wallet address only
- You cannot send, swap, or move funds

Please protect yourself from scams.
Only download SecondFi from our official link: https://t.co/vmEn757KfC

Do not accept download links from anyone else, including emails, messages claiming to be from SecondFi.

[SecondFi @secondfiapp]

How to check if your SecondFi / Yoroi Wallet was affected and submit a support ticket

Step 1: With quarantine mode now live, you can view your balance and check whether your wallet address was affected in the recent incident.

If your wallets are potentially impacted, a warning banner will appear on your Home screen in the SecondFi app. Tap it to view your wallet status.

Please note that statuses are based on preliminary, non-final data from our review of the incident and remain subject to further review.

[EMURGO @emurgo_io]

Following the recent SecondFi incident, we have confirmed that our priority right now must be solely the recovery of assets for all affected users.

Together with our colleagues at @IntersectMBO and the @Cardano_CF, we have agreed that the best way to ensure a successful Token2049 event for the community is for the Cardano Foundation to take responsibility for delivering the agreed plans.

As one of the most experienced events teams in the ecosystem, with a strong track record in consistently delivering similar scale events, we are happy to confirm that the Cardano Foundation events team has agreed to step in and take the lead on facilitating the activation. Our local team is available to provide on-the-ground support.

We are grateful that the Cardano Foundation has graciously accepted this responsibility.

[Intersect @IntersectMBO]

As many in the community will know, EMURGO has recently been focused on managing the SecondFi incident.

As a result, EMURGO has informed us that it is unable to allocate the necessary resources to plan and execute Token2049. Intersect has received and reviewed a request from EMURGO to transfer delivery responsibility for Token2049 to the Cardano Foundation.

Following discussions between EMURGO, the Cardano Foundation and Intersect, this transfer has now been mutually agreed and accepted.

In our role as administrator, Intersect’s priority is to support delivery of what was approved by DReps and outlined in the governance action metadata. Given the timing of the event, the need to act pragmatically, and the importance of avoiding unnecessary delivery uncertainty, we believe this is the right course of action.

The Cardano Foundation has agreed to deliver Token2049 in line with the approved scope. Both @emurgo_io and Intersect regard @Cardano_CF as a reputable and capable ecosystem partner with a strong track record of delivering major events to the expected standard.

Delivery of Token2049 is now transitioning to the Cardano Foundation and we look forward to seeing Token2049 delivered in October.

[EMURGO @emurgo_io]

WebX in Tokyo is the final event delivered under the Unified Global Events Marketing Strategy.

The framework began with a straightforward conviction: Cardano deserved a unified, global presence to match it, and that presence had to be delivered as one ecosystem rather than a set of separate entities appearing at the same conferences.

From Token2049 Singapore, to Consensus Hong Kong, to the Cardano Hackathon Asia, that conviction was tested in the rooms where the next decade of adoption is being decided. Cardano arrived at each one with a single voice, a shared standard, and builders and community members carrying the work on the ground.

Tokyo is where the programme ends. @WebX_Asia is Asia's largest Web3 conference, and Intersect and members of the Japanese Cardano community are on the stand with us this week to close it out.

[EMURGO @emurgo_io]

.@WebX_Asia 2026 opens today in Tokyo.

Japan remains one of the most important markets for Cardano adoption, and this week puts the network in front of the builders, institutions, and community driving it.

@IntersectMBO and members of the Japanese Cardano community are on site alongside us.

[SecondFi @secondfiapp]

⚠️ SecondFi Is Currently in Quarantine Mode

SecondFi is running in quarantine mode. It's the same application, but transactions are disabled. You can view your balance and wallet address only, you cannot send, swap, or move funds.

A screenshot is below so you know what to expect.

Please protect yourself from scams. Only download SecondFi from our official link: https://t.co/hkFtUebtxo

Do not accept download links from anyone else, including emails, messages claiming to be from SecondFi.

Chrome extension is live, app store is pending store approval.

[SecondFi @secondfiapp]

Security Alert: Fake SecondFi Extensions and Apps

We've seen scammers create fake SecondFi browser extensions and apps. Please read this before you install anything or click any link claiming to be from us. There is no new application or link, it is the same.

Do not accept links from anyone, including people claiming to be SecondFi team members, support, or partners. We will not DM or email you links to download software, sign a transaction, or take any action with your assets. If you receive a message like that, it's a scam. Do not click it.

The only official SecondFi extension is "searchable" in the Chrome Web Store. If you see any other extension using the SecondFi name or branding, it's fake.

Check for the verified blue checkmark. Our official extension listing carries a blue verified check, shown in the screenshots below. If the listing you're looking at doesn't have it, do not install it.

Scammers can and do clone extensions and apps to steal funds. When in doubt, go directly to https://t.co/C5s1yFPlq1 and verify links yourself rather than trusting anything sent to you.

Please check carefully that you are using the correct application

[EMURGO @emurgo_io]

Today, we formally notified the entities that we will be stepping down from our duties as a member of the Pentad. We want to thank the members for their shared commitment to Cardano throughout our time working alongside them.

Our immediate priority is the @secondfiapp recovery process, and we are concentrating our resources where they are needed most. We believe this is the right decision for our users and for the ecosystem, and it reflects the standard of accountability we hold ourselves to as a founding entity of Cardano.

As stated by SecondFi, quarantine mode is being enabled this week, letting users check if a wallet address appears in preliminary incident data and submit a support ticket. Our intention is that next week, the secure wallet export will be deployed to help affected users safely move assets to a new wallet. On asset recovery, we continue to make progress with the recovery tool, initiated through a portal, that keeps users in control while protecting their information

[EMURGO @emurgo_io]

https://t.co/bTjxCIgt7v

[EMURGO @emurgo_io]

https://t.co/Wud0K5WIkG

[SecondFi @secondfiapp]

https://t.co/ByZx5DmTXG

[EMURGO @emurgo_io]

https://t.co/RSdbSawY4d

[EMURGO @emurgo_io]

https://t.co/19PlJ1BTBS

[Intersect @IntersectMBO]

https://t.co/eFwqtgjbfv

[Yoroi @YoroiWallet]

A Clarification on EMURGO and Yoroi DRep Voting Policies and the Daedalus Proposal

To the Cardano community,

We are writing to clarify our position on governance voting regarding wallet infrastructure proposals, and to address our recent votes on the Daedalus Maintenance and Enhancement Proposal.

Our Position on Wallet Proposals:
EMURGO and Yoroi DReps have implemented an internal policy to abstain from voting on proposals submitted by other wallet providers. Given our own history and active role in the wallet space, abstaining from these proposals is a necessary step to avoid any conflict of interest.

We recognize that we have not been sufficiently clear about this policy in the past, and we want to officially clarify this stance moving forward. Yoroi and EMURGO DReps will abstain on all wallet infrastructure proposals as a standing position.

The Daedalus Proposal VoteL
Regarding the recent Daedalus Maintenance and Enhancement Proposal, the votes recorded by the Yoroi and EMURGO Governance DReps were the result of an operational error on our end and did not reflect the abstention policy outlined above. Had we correctly voted to abstain, all else being equal, the final result for the proposal would have been just over 62%.

Remediation and Next Steps:
We have been in contact with the Daedalus team to acknowledge our error. As a gesture of accountability, we offered to cover the deposit required for them to resubmit their proposal directly onchain. The team has respectfully declined and we wish them well with their next steps. The offer stands should they change their minds.

Our Governance Framework:
As a DRep, our responsibility is to review proposals carefully and explain our reasoning publicly. When evaluating governance actions outside of wallet infrastructure, we focus on these core criteria:

▪️ Commercial and Institutional Focus: We look for a clear enterprise application. Proposals should contribute to meaningful, real-world adoption and use cases.
▪️ Core Ecosystem Integration: Priority is given to initiatives that strengthen Cardano's core infrastructure, integrations, and native asset ecosystem.
▪️ Demonstrated Traction: We look for concrete evidence of real usage, development progress, or ecosystem adoption.

We are deeply committed to fostering a Cardano ecosystem characterized by genuine wallet choice and healthy competition. We appreciate the community's vigilance and thank you for continuing to hold the process to a high standard.

[EMURGO @emurgo_io]

If you are building on Cardano and want to put your work in front of one of Asia's largest Web3 audiences, now is the time to put your name forward.

Submit your project details and preferred participation format here: https://t.co/TNp4e0ZPwp

[EMURGO @emurgo_io]

.@WebX_Asia brings the global Web3 community to Tokyo on July 13-14 and Cardano will be there with a dedicated booth presence. 🇯🇵 💪

This is an open invitation to ecosystem projects. You can feature a project showcase video on the booth screen, host a live presentation session at the booth, or take part in both.

Presentation slots are limited and when requests exceed availability, projects are selected based on relevance, audience interest, content quality, and overall program fit.

[EMURGO @emurgo_io]

Reliable market data is foundational infrastructure for DeFi and it is now live on Cardano.

Every project building on Cardano can claim a full year of institution-grade Pyth Pro price feeds at no cost. Pricing for lending markets, DEXs, derivatives, and stablecoins, aggregated from 100+ publishers.

Delivered through Critical Integrations, led by the Pentad.

[Intersect @IntersectMBO]

Pyth Network is live on Cardano and every project building on Cardano can now claim free Pyth Pro price feeds for a full year. 🧵

@Cardano 🤝 @PythNetwork

https://t.co/KuazQJ0FNr