🚨 Infini Neobank Suffers $49.5 Million Exploit: Insider Involvement Suspected 🚨
On February 24, 2025, Infini, a crypto-focused neobank, experienced a significant security breach resulting in the loss of $49.5 million in USD Coin ($USDC ). The attack is believed to have been orchestrated by a former developer who retained unauthorized administrative access to Infini’s smart contracts. 
Details of the Exploit:
• Unauthorized Access: The perpetrator, originally involved in developing Infini’s smart contracts, retained admin privileges post-deployment. Over approximately 100 days, they exploited this access to siphon funds. 
• Fund Diversion: The stolen $49.5 million USDC was swiftly converted into 17,696 Ether ($ETH ) to obfuscate the trail. 
• Fund Movement: The acquired ETH was transferred to a new wallet address, indicating potential laundering attempts. 
Market Implications:
This incident underscores the vulnerabilities within decentralized finance (#DeFi ) platforms, especially concerning insider threats. The breach not only impacts Infini’s users but also raises broader concerns about the security of smart contracts and the necessity for rigorous internal controls. Such exploits can erode investor confidence, potentially leading to increased market volatility and stricter regulatory scrutiny across the cryptocurrency sector.
Investors and users are advised to exercise caution, ensure platforms have robust security measures, and stay informed about potential risks associated with DeFi services.