BlockBeats News, June 24th, the Cardano ecosystem project SecondFi stated on social media that the team has identified the root cause of the recent security incident. The issue originated from their own Cardano network wallet generation software. The team has completed on-chain analysis to determine the scope of the impact. Currently, they are working with a leading blockchain security company to conduct an independent technical assessment to validate the findings. The estimated overall impact is around 16 million ADA, and they are still addressing operational issues and have committed to continuing to support affected users.

In response, SlowMist founder Cosmos indicated that based on the behavior of the hacker's addresses, the theoretical losses for SecondFi's users should exceed $20 million (over 129 million ADA and other tokens stolen).