Intersect, Cardano’s governance company, said on X that EMURGO can no longer allocate the resources needed to execute the Token2049 event because it is focused on handling the recent SecondFi security incident. After discussions among EMURGO, Intersect, and the Cardano Foundation, responsibility for delivering the event has been formally transferred to the foundation.
According to Intersect, EMURGO first requested the handover, and the transfer was approved after talks with the Cardano Foundation. Intersect said the decision was made because of the tight event timeline and the need to avoid uncertainty around delivery. The Cardano Foundation has agreed to deliver the event within the approved scope, and both EMURGO and Intersect said they recognize the foundation’s record in running past events. Token2049 remains scheduled for October.
The update follows a security issue disclosed by SecondFi in June. At the time, SecondFi said the incident affected about 16 million ADA, then worth around $2.42 million. SlowMist’s Cosine later said user losses related to SecondFi may have exceeded $20 million.
Intersect, Cardano’s governance company, said on X that responsibility for delivering the Token2049 event has been formally transferred to the Cardano Foundation after EMURGO said it could not allocate the resources needed for execution while dealing with the recent SecondFi security incident.
According to Intersect, EMURGO submitted the transfer request first. The handover was then approved after discussions with the Cardano Foundation. Intersect said the move reflected the tight timing of the event and a need to avoid uncertainty in delivery.
The Cardano Foundation has agreed to deliver the event within the approved scope, Intersect said. Both EMURGO and Intersect also acknowledged the foundation’s past event execution experience. Delivery work for Token2049 has now been officially handed over, while the event remains scheduled for October.
The development comes after a June disclosure from SecondFi, which said a security incident affected about 16 million ADA, worth roughly $2.42 million at the time. SlowMist researcher Cosine later said SecondFi user losses may have exceeded $20 million.
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