Infini Lost $50 Million in Exploit

Stablecoin payment firm Infini is facing allegations of losing $50 million due to an exploit carried out by a developer who retained admin rights after project delivery.

According to security firm Cyvers, the perpetrator, who worked on the Infini project for contract development, allegedly kept their admin privileges after the project was completed.

The attacker funded the wallet used in the exploit with 1 Ether from the Tornado Cash crypto mixer. They then transferred $49.52 million worth of USD Coin from Infini through a contract created in November 2024.

The USD Coin was immediately swapped for Dai, a stablecoin with no freeze function. The funds were then converted to 17,696 ETH and moved to a secondary address at the time of writing.

Infini did not halt withdrawals, and founder Christian Li stated in an X post that full compensation would be provided in a worst-case scenario. Li also mentioned that the platform had observed $500,000 in withdrawals since the theft.

In a now-deleted tweet, Infini team member “Christine” claimed that the engineer responsible for the theft had been identified and reported to the authorities.

Infini Exploit Follows the Largest Hack in History

The attack on Infini follows a record-breaking hack on cryptocurrency exchange Bybit on February 21, where $1.4 billion worth of Ether and related tokens were lost.

The large-scale attack sparked fears of potential insolvency. However, Bybit chose to keep withdrawals open and pledged to cover the loss if the funds couldn’t be recovered.

Bybit relied on loans from rival exchanges and partners to meet the immediate liquidity demands of customer withdrawals, which totaled over $5 billion, according to DefiLlama data.

On February 24, Bybit CEO Ben Zhou announced that the exchange had fully closed its Ether gap.

Onchain detective ZachXBT identified North Korea’s state-sponsored hacking group Lazarus as the prime suspect in the attack on Bybit. ZachXBT linked the Bybit hacker’s wallet to an attack on Phemex in January and to a BingX attack, both attributed to North Korea.

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