Cardano Smart Contract Glitch Freezes $430M in ADA

A coding bug in Cardano’s $ADA

Plutus smart contract platform has frozen over $430 million in ADA across 1,100 smart contracts. The issue stemmed from an update rolled out too early without full community validation. DeFi projects like SundaeSwap and Minswap are among the most affected. ADA dropped 12% within hours, and founder Charles Hoskinson has issued a video apology. The bug has reignited concerns about Cardano’s slow development pace and lack of developer adoption. Some critics argue that this could push institutional investors away from ADA. Competing Layer-1 chains like Cosmos (ATOM) and Aptos (APT) saw increased activity following the glitch. Cardano’s core devs are racing to patch the issue, but the damage to confidence might be irreversible. Can ADA regain its position, or is it too late?