Cardano's event landscape shifted abruptly as Emurgo transferred hosting responsibilities for the upcoming TOKEN2049 conference in Singapore to the Cardano Foundation, citing an urgent need to concentrate on asset recovery after the SecondFi security breach. The decision, confirmed by Cardano governance firm Intersect on July 14, 2026, comes after SecondFi was hacked for $2.4 million in ADA, prompting Emurgo to execute a controversial white-hat operation that seized an additional $18.5 million in ADA from users to safeguard funds.
Emurgo stated its priority must now be the recovery of assets for all affected SecondFi users. "Following the recent SecondFi incident, we have confirmed that our priority right now must be solely the recovery of assets for all affected users," Emurgo tweeted, noting that it had agreed with Intersect and the Cardano Foundation that the foundation would ensure a successful event presence. This marks a significant operational pivot for Emurgo, which had previously focused on ecosystem growth and promotion.
The handover reshapes a major conference appearance. Cardano users voted last month to cancel the annual summit and instead approved Emurgo’s proposal to attend and sponsor TOKEN2049. Now, the Cardano Foundation will organize the Cardano booth and the Cardano–Draper–Bitcoin side event, funded by Draper and the foundation. The move follows Emurgo’s resignation from the "Pentad," a multi-firm executive body, again due to the SecondFi recovery workload.
SecondFi, the hacked protocol, disclosed in early July that the white-hat funds are secure and will be part of a repayment plan to affected users, while also announcing it will shut down and concentrate on asset restitution. The incident has moved beyond a single protocol failure, redirecting governance and coordination resources across the Cardano ecosystem. Stakeholders are now awaiting concrete repayment details and a public timeline, as trust restoration remains an open challenge.
