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- SecondFi targets two-week recovery timeline after completing forensic investigations and solution identification.
- Users warned against wallet transfers as recovery testing enters critical development phase.
- Platform urges official support tickets while combating fraudulent recovery communication attempts nationwide.
SecondFi has established a 2-week recovery period to get user assets back working following its recent security incident. The platform reported in an update that the investigation phase has been completed and now they will be working on developing and testing a recovery solution prior to returning assets.
The engineering and security teams have been working round-the-clock to secure the platform, verify wallet balances and conduct forensic investigations,” Phillip said. As a result of those efforts, the company has found a recovery strategy and is able to enter into the execution phase, the company said in the statement.
The company will be spending the first week working on the recovery solution. Then, the second week will be dedicated to system testing and review with the user assets expected to return via the proper channels. Additionally, Phillip said the recovery plan is focused on security, not speed. He said that each phase needs to be carefully validated to minimize risks and make sure assets are returned safely.
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SecondFi advises users to wait for official recovery process
According to the update, users should avoid transferring or migrating assets while the recovery plan is underway. The firm said it’s built on existing wallet states, meaning that an unauthorized transfer could be a challenge when it comes to verifying the solution.
Phillip also advised users who want to transfer assets themselves to do so at their own risk. Other than that warning, he urged affected users to not take any recovery action until there are official instructions. SecondFi also noted that fraudsters are trying to take advantage of the incident, sending fake recovery messages. The statement said that malicious players are pretending to be the platform via various forms of communication.
The company emphasized that it will not ask for private keys, seed phrases, wallet details or access to wallets. It also confirmed that no recovery process requiring user participation has started. Users are therefore advised to ignore messages asking for wallet details or messages asking the users to send assets. SecondFi stated that the only updates that people should believe are those that come from the official channels of the company.
Company asks users to submit support tickets
Additionally, SecondFi advised impacted customers to file a ticket on its support page if they hadn’t already done so. Phillip says the only thing users can do during the recovery process is file a support request. Phillip also expressed his gratitude towards the Cardano community, ecosystem partners, and platform users for their support during the recovery process. Their collaboration has boosted the team’s dedication to do the job ‘responsibly,’ he said.
Additionally, the company has stated that it will be releasing regular progress reports in its official communications channels when it nears completion of the development and testing process. SecondFi should be able to finish development and testing in the next two weeks and continue to return assets. The company is still advising users against making transfers to other wallets, and to beware of bogus recovery messages until then.
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