#InfiniHacked : Stablecoin Bank Infini Suffers $49.5 Million Exploit
On February 24, 2025, decentralized stablecoin bank Infini experienced a significant security breach, resulting in the loss of approximately $49.5 million in USD Coin (USDC). The attack is believed to have been orchestrated by a rogue developer who retained administrative privileges after the project's completion.
Details of the Exploit
The perpetrator exploited a compromised private key, executing two unauthorized transactions that siphoned 11.4 million and 38 million USDC, respectively. The stolen funds were swiftly converted into Dai (DAI) and subsequently used to purchase 17,696 Ether (ETH). These assets were then transferred to a newly created wallet address, "0xfcc8...6e49."
Investigation and Response
Blockchain security firms have indicated that the attacker may have been an insider involved in the initial contract development for Infini. Founder Christian Li has assured users that the platform remains operational and has pledged to personally cover any investor losses resulting from the breach.
In an effort to recover the stolen assets, Infini has offered the hacker 20% of the misappropriated funds as a bounty if they are returned within 48 hours, warning of potential legal action if the deadline is not met.
Industry Implications
This incident underscores the persistent security challenges within the decentralized finance (DeFi) sector, particularly concerning insider threats. It highlights the critical need for rigorous security audits and robust access controls to safeguard user assets.
Stay informed and exercise caution in the evolving landscape of digital finance.
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