Charles: "Cardano Was Not Hacked. No Problem With Cardano." Angry Crypto Reacts

Cardano $ADA 24h trade volume surpasses $590,000,000 according to CoinGecko. CoinMarketCap ranks ADA as the 5th most bullish community sentiment. SecondFi "identified the root cause, rolled out a patch for all unaffected wallets, and is working to facilitate the verification process so users can claim back their assets safely. Do NOT restore your recovery phrase into another Cardano wallet." SecondFi recovers nearly 90% of funds to prevent total loss, says "we take this incident seriously and are working to ensure all assets are returned to affected users as soon as possible—Over 129M $ADA continues to be routed to an independent qualified 3rd party custodian." Midnight Foundation CTO says "very good news for everybody affected. The majority of funds were a white hack, so they can be returned via an official support ticket, careful for scammers! 129M $ADA continues to be routed to an independent custodian, held securely." EMURGO Founder Ken Kodama says "we will do our utmost to address this matter promptly and in good faith." Cardano Founder Charles Hoskinson on SecondFi, says "we look forward to independent verification of things, and explanations of how we got here, and we look forward to understanding the remedy plan that's going to be proposed and broadcasted." Charles on SecondFi, says "this does not spread to other wallets who follow best practices, are subject to 3rd party audits, commit to open-source, and do not modify cryptographic code—meticulously written and subject to multiple audits." Charles says "IOG will continue to promote good standards and best practices for things across the ecosystem. As independent audits come out, because we've been assured and promised they will, then I'll read through and comment on them." Charles says "the safest thing to do right now, is more likely than not, to just leave the keys at rest, and do not transact with any SecondFi wallet, that's my view." Charles says "Cardano is not broken. Cardano the network was not hacked. This is an application. If somebody writes buggy software and installs it on Windows, you don't say "Microsoft and Windows were hacked." The protocol's fine. The cryptography's fine." Charles provides assurance to Cardano's open-source wallets, says "I do not believe that any of the Cardano cryptographic libraries that are open-source, and used by the overwhelming majority of wallets in the ecosystem, are compromised in any way." Charles says "let me be clear, there is no problem with the Cardano protocol, core nodes, core cryptography, or any open-source wallets. This is a specific app problem. There's no cryptographic issue, no contagion spreading—this is not a protocol level issue." Charles says $NIGHT is the "first Cardano Native Asset to be listed on Binance, and other Tier-1 exchanges, which opened up the listing possibility for all CNAs." Charles says $NIGHT "listings in Asia are imminent, with a great dApp and DeFi ecosystem turning on. It's finding a beautiful product market fit in the world of agents, abstraction, privacy-enhancing technologies, and compliance." Charles says "things like the Monument bank deal, Midnight City, and Midnight Passport, show that we're really leaning into universal usage and simplicity." Charles says "24/7 we're building Leios, there's a website showing the commits real-time, and now the single biggest milestone (testnet)." Charles says Leios is targeting a "44x" improvement in Cardano's throughput. Charles says "the network currently only operates under a 20% or less load, so Leios should give us enough throughput for the next 3 to 5 years, assuming quite aggressive growth of Cardano, and no utilization of partner chains and Hydra." Charles says "our intention at the Input Output side, is to get all this work done, get the entire testnet through, no later than November." Charles says "at the current velocity, we think that we can cut it November, and hit that 2026 deadline, saying we're Leios ready, then the mainnet has to adopt it and push it." Charles says "our DevEx has grown and improved to a point where it's rather straight forward for people to build great experiences, and we're starting to see with Strike and others, the next generation of Cardano DeFi protocols coming." Charles on Leios, says "given that it's the biggest change in the history of Cardano outside of governance, I do understand if people want to err on the side of caution." Charles says "UTXO is much more amenable to rollups and ZK than accounts, just simpler proofs, and less to worry about." Charles says "we have a huge leap forward in our ability to do agents, because of Midnight and the UTXO model." Charles says "the win is, we solved the blockchain trilemma, we have (Leios), that'll be at least 40x faster than what we have, and we now have a collaborated place where everybody can start testing integration, getting everything tuned. Charles says "I still believe Cardano's best days are ahead of it." #Cardano #ADA #CryptoNews