Infini Stablecoin Platform Loses $50M in Suspected Insider Hack
- Infini lost 17,696 ETH caused by a compromised private key
- The hacker converted $49.5 million in stolen USDC to DAI, then swapped it for ETH and then moved the funds
- Infinis founder Christian Li, promised full compensation and is actively investigating the incident
Infini, a stablecoin payment company, has been hacked, losing 17,696 ETH, which is valued at about $50 million. Reports have it that a developer who still has administrative access after finishing the project may have been responsible for the breach.
Infini Earn Exploited as Hackers Convert Stolen USDC to ETH
Cyvers shared a report that the attacker is likely involved in Infinis contract development and secretly kept administrative control after completing the project.
According to Lookonchain, it was a compromised private key that allowed two separate transactions to drain 11.4 million and 38 million USDC.
The hacker funded their wallet with 1 ETH from Tornado Cash before transferring $49.52 million in USDC from Infini using a contract they created in November 2024.
The stolen funds were quickly exchanged for DAI, a stablecoin which could not be frozen, then later converted to 17,696 ETH. As of now, the assets had been moved to another address. Investigators are still analyzing the exact details of the breach.
Infinis Founder Responds to Security Breach and Ongoing Investigation
Christian Li, the founder of the company has not been silent about the matter as he has encouraged users about the safety of their assets.
Li admitted to the security failure and accepted responsibility for not correctly transferring contract authority, which caused the breach. He assured users that withdrawals are still available, but all financial operations have been paused to help reduce further risks.
Li also promised full compensation if the situation worsens and noted that the platform has already seen $500,000 withdrawn since the incident.
Co-founder Christine also supported this statement, confirming that Infini has enough funds to cover all the losses. She assured users that there would be compensation and emphasized that the team is more concerned with fixing the issue rather than giving reassurances. Christine promised timely updates and encouraged users to trust the teams efforts.
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Read more: https://www.tronweekly.com/infini-stablecoin-platform-loses-50m-in-suspected-insider-hack/
Text source: TronWeekly
