#InfiniHacked
On February 24, 2025, Infini, a Hong Kong-based neobank specializing in stablecoins, experienced a significant security breach resulting in the loss of approximately $49.5 million in USDC. The attacker exploited administrative privileges within Infini's smart contract, converting the stolen funds into 17,696 ETH, which were then transferred to an external wallet.
Reports indicate that the perpetrator was involved in the initial development of Infini's smart contract and retained unauthorized administrator rights. Over 100 days after the project's completion, the attacker utilized Tornado Cash to fund their address, executed a small ETH transaction for gas fees, and subsequently drained all assets from the platform.
In response, Infini's founder, Christian Li, has initiated a comprehensive investigation and assured users that withdrawals are functioning normally. Li emphasized the platform's capability to fully compensate for the lost assets and noted that the hacker's computer has been recovered and handed over to law enforcement authorities.
This incident underscores the critical importance of robust security measures within the decentralized finance (DeFi) sector, especially concerning administrative controls and smart contract integrity. Users are advised to exercise caution and ensure the security of their assets when engaging with DeFi platforms.
As of February 24, 2025, Ethereum (ETH) is trading at $2,684.19, reflecting a decrease of 4.34% from the previous close. The intraday high is $2,835.39, and the intraday low is $2,667.85.