{"id":37200,"date":"2025-02-24T15:00:48","date_gmt":"2025-02-24T12:00:48","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=37200"},"modified":"2025-02-24T13:58:19","modified_gmt":"2025-02-24T10:58:19","slug":"infini-suffers-50-million-attack","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/infini-suffers-50-million-attack\/","title":{"rendered":"Infini Suffers $50 Million Attack"},"content":{"rendered":"<p>A developer who retained their privileges after project delivery is suspected of stealing<strong> 50 million USDC<\/strong> from the <a href=\"https:\/\/coinengineer.net\/blog\/hk-asia-continues-bitcoin-purchases\/\"><strong>Infini<\/strong> <\/a>crypto payment firm.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/infini-suffers-50-million-attack\/#Infini_Lost_50_Million_in_Exploit\" title=\"Infini Lost $50 Million in Exploit\">Infini Lost $50 Million in Exploit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/infini-suffers-50-million-attack\/#Infini_Exploit_Follows_the_Largest_Hack_in_History\" title=\"Infini Exploit Follows the Largest Hack in History\">Infini Exploit Follows the Largest Hack in History<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"0\" data-end=\"38\"><span class=\"ez-toc-section\" id=\"Infini_Lost_50_Million_in_Exploit\"><\/span>Infini Lost $50 Million in Exploit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"40\" data-end=\"209\"><strong>Stablecoin payment firm Infini<\/strong> is facing allegations of losing $50 million due to an exploit carried out by a developer who retained admin rights after project delivery.<\/p>\n<p data-start=\"211\" data-end=\"392\">According to <strong>security firm Cyvers<\/strong>, the perpetrator, who worked on the Infini project for contract development, allegedly kept their admin privileges after the project was completed.<\/p>\n<p data-start=\"394\" data-end=\"605\">The attacker funded the wallet used in the exploit with 1 Ether from the <strong>Tornado Cash<\/strong> crypto mixer. They then transferred $49.52 million worth of USD Coin from Infini through a contract created in November 2024.<\/p>\n<p data-start=\"607\" data-end=\"791\">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.<\/p>\n<p data-start=\"793\" data-end=\"1027\">Infini did not halt withdrawals, and founder<strong> Christian Li<\/strong> 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.<\/p>\n<p data-start=\"1029\" data-end=\"1188\">In a now-deleted tweet, Infini team member &#8220;Christine&#8221; claimed that the engineer responsible for the theft had been identified and reported to the authorities.<\/p>\n<h2 data-start=\"1190\" data-end=\"1244\"><span class=\"ez-toc-section\" id=\"Infini_Exploit_Follows_the_Largest_Hack_in_History\"><\/span>Infini Exploit Follows the Largest Hack in History<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1246\" data-end=\"1410\">The attack on <strong>Infini<\/strong> follows a record-breaking hack on cryptocurrency exchange Bybit on February 21, where $1.4 billion worth of Ether and related tokens were lost.<\/p>\n<p data-start=\"1412\" data-end=\"1585\">The large-scale attack sparked fears of potential insolvency. However, <strong>Bybit<\/strong> chose to keep withdrawals open and pledged to cover the loss if the funds couldn&#8217;t be recovered.<\/p>\n<p data-start=\"1587\" data-end=\"1767\">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.<\/p>\n<p data-start=\"1769\" data-end=\"1863\">On February 24, Bybit CEO Ben Zhou announced that the exchange had fully closed its Ether gap.<\/p>\n<p data-start=\"1865\" data-end=\"2128\" data-is-last-node=\"\" data-is-only-node=\"\">Onchain detective<strong> ZachXBT<\/strong> identified North Korea\u2019s state-sponsored hacking group <strong>Lazarus<\/strong> as the prime suspect in the attack on Bybit. ZachXBT linked the Bybit hacker\u2019s wallet to an attack on Phemex in January and to a BingX attack, both attributed to North Korea.<\/p>\n<hr \/>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A developer who retained their privileges after project delivery is suspected of stealing 50 million USDC from the Infini crypto payment firm. 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.<\/p>\n","protected":false},"author":29,"featured_media":37205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[12083,12086,1201,12082,3104,12085,12084,377],"class_list":["post-37200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-50-million-usdc","tag-christian-li","tag-hack","tag-infini","tag-lazarus","tag-security-firm-cyvers","tag-stablecoin-payment-firm-infini","tag-tornado-cash"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Infini Suffers $50 Million Attack - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/infini-suffers-50-million-attack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infini Suffers $50 Million Attack - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"A developer who retained their privileges after project delivery is suspected of stealing 50 million USDC from the Infini crypto payment firm. 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