Cardano Foundation Takes Over TOKEN2049 After $20M Emurgo Hack

Emurgo, a co‑founder of the Cardano blockchain, has handed over the organization of the self‑described “world’s largest crypto event” TOKEN2049 to the Cardano Foundation. The change follows a $20 million hack of Emurgo’s neo‑finance platform SecondFi.

Emurgo said it cannot allocate resources to plan the event and must focus on recovering assets for affected users. SecondFi was previously hacked for $2.4 million worth of ADA in June, prompting an $18.5 million white‑hat fund seizure whose hacker remains unidentified. Emurgo also stepped down from Cardano’s executive “Pentad” body to concentrate on the recovery process. The Cardano Foundation will host a side event, Cardano × Draper × Bitcoin, funded by Draper, and is now responsible for TOKEN2049’s execution.