After a $1.4 billion hack of Bybit, Hong Kong-based stablecoin digital bank Infini suffered a security breach, losing nearly $50 million in USDC. The hacker used private keys to steal the funds, swapped them for DAI, and then converted it to Ethereum through Tornado Cash before moving it to a new address. The hacker, involved in the initial development of Infini’s contract, secretly kept admin rights and exploited them later on. Despite this, Infini’s founder, Christian Li, promised full compensation for any losses and stated that user withdrawals remain unaffected. He assured users that the company is investigating and taking responsibility for the mishap, emphasizing a commitment to resolving the issue. Additionally, the suspect’s computer has been reported to the police, although Christian confirmed his personal key was not leaked.

• Infini suffers a significant security breach.
  Hong Kong-based stablecoin digital bank Infini experienced a security breach, resulting in the loss of nearly $50 million in USDC. An attacker used private keys to steal funds, converted them into DAI and then ETH, utilizing crypto mixer Tornado Cash to obscure transactions. This incident follows closely on the heels of a massive Bybit hack, raising concerns over security vulnerabilities in crypto platforms.
• The breach reveals exploit by a contract developer.
  It was uncovered that the hacker, who played a role in developing the Infini project, secretly retained admin rights to the system. Over 100 days after project delivery, the attacker used their position to exploit the platform’s contract and drain funds. The stolen funds were systematically moved through different cryptocurrencies and addresses to obfuscate their origins.
• Infini promises user compensation and security improvements.
  Infini’s founder, Christian Li, assured users that all stolen funds will be fully compensated, despite the incident. Li emphasized ongoing investigations with police involvement and acknowledged responsibility for previous security oversights. This event serves as a critical reminder of the importance of stringent security measures and oversight in cryptocurrency operations.