Cardano’s EMURGO Steps Down From Pentad Governance After $2.4M Hack
The post Cardano’s EMURGO Steps Down From Pentad Governance After $2.4M Hack appeared on BitcoinEthereumNews.com. Cardano News Cardano (ADA) came under renewed pressure after EMURGO, one of the network’s three founding entities, formally stepped down from the Pentad — the cooperative body that steers Cardano’s strategic governance. The token slipped roughly 4% to 5% over 24 hours as the news circulated. EMURGO confirmed on social media that it had notified the other Pentad members — Input Output Global, the Cardano Foundation, Intersect and the Midnight Foundation — of its departure. The company tied the decision directly to the SecondFi security breach, saying it needed to redirect resources toward compensating affected users rather than splitting attention across governance duties it could no longer prioritise. The breach at the heart of the exit was substantial. On-chain data indicates the SecondFi exploit drained roughly $2.4 million and hit hundreds of wallet holders across the ec