- Infini’s exploit follows the Bybit hack that resulted in the loss of $1.5 billion last week
- Infini’s attacker had previously worked on the project’s development contract and secretly retained the admin rights
- Christian Li said full compensation can be paid and that the funds were being traced
Infini, a stablecoin neobank, reportedly suffered an exploit that resulted in a loss of $49.5 million.
According to blockchain security company Beosin Alert, the stolen USDC was converted into 17,696 Ethereum before transferring the funds to an external wallet.
The @0xinfini contract was attacked, resulting in an estimated loss of $49.5 million. The stolen USDC has now been fully converted into 17,696 ETH and is currently transferred to 0xfcC8Ad911976d752890f2140D9F4edd2c64a6e49.
We will continue to monitor this incident.— Beosin Alert (@BeosinAlert) February 24, 2025
Posting on X, security firm Cyvers Alerts reported that the attacker had worked on developing the contract as part of the Infini project. However, after completing the project, they secretly retained the admin rights.
In a translated post, Christian Li, Infini’s founder, said:
“Full compensation can be paid and the funds are being traced.”
之前有朋友开玩笑说我这一路也太顺风顺水了，我说已经时刻做好了迎接第一个劫的准备，没想到在bybit之后紧接出事的是自己。
我的个人私钥没有泄漏，不用过度担心，是之前转交权限的时候有疏忽，归根结底是我的责任，这次敲醒了警钟。… https://t.co/7pHxtwD2ZV
— Christian (Building @0xinfini) (@Christianeth) February 24, 2025
Crypto trader Ali said:
“Another day, another hack. The community can rally behind @Bybit_Official and now @0xinfini, acting like everything is fine, but let’s be real, this isn’t a good look for the industry.”
Biggest crypto hack
The Infini hack comes on the heels of the biggest exploit in the crypto market.
Last week, Bybit suffered a loss of $1.5 billion in Ethereum at the hands of what’s believed to be, North Korea’s Lazarus Group.
As a result of the hack, Bitcoin dipped below $95,000, and Ethereum dropped to $2,641, as market volatility soared. According to data from CoinMarketCap, at the time of publishing, Bitcoin and Ethereum remained around the same trading levels.
Following uncertainty around the platform, Ben Zhou, Bybit’s founder and CEO, said it had “fully closed the ETH gap.”
Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6
— Ben Zhou (@benbybit) February 24, 2025