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Infini’s $49.5 Million Hack Raises Security Concerns After Bybit’s $1.46 Billion Breach
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In a shocking turn of events, the DeFi platform Infini experienced a significant security breach, resulting in the theft of $49.5 million in USDC.
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This incident closely follows the Bybit exchange hack, which saw a staggering $1.46 billion drained and raised urgent calls for enhanced security measures in the crypto space.
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According to sources at COINOTAG, “The rapid succession of these hacks emphasizes the pressing need for robust security protocols in centralized exchanges.”
Infini suffers a major security breach with $49.5 million stolen, following the Bybit hack. Will this lead to stronger security measures in crypto trading?
Infini Exploit Drains $49.5 Million Linked to Insider Admin Rights
Blockchain security analytics firm Beosin Alert reports that a sophisticated attack on Infini’s contract allowed a rogue actor to siphon off approximately $49.5 million. The assailant swiftly converted the stolen USDC into roughly 17,696 ETH, subsequently transferring these funds to an external wallet.
“It seems that the stablecoin bank Infini was hacked and 49.5M USDC was stolen. The hacker swapped 49.5M USDC for 49.5M DAI and bought 17,696 ETH. The 17,696 ETH was transferred to a new wallet,” noted Lookonchain, corroborating the magnitude of the theft.
Interestingly, the antagonist in this incident once contributed to the development of the Infini project. They retained undisclosed admin privileges after project delivery, waiting over 100 days before exploiting the system to drain the funds. For cover, the assailant utilized the Tornado Cash mixing service, concealing their digital tracks.
Infini’s founder, Christian Li, has since pledged to manage the aftermath of this crisis diligently. He reassured users that withdrawals would continue without disruption, emphasizing that all clients would see full compensation.