tl;dr
Stablecoin bank Infini experienced a security breach resulting in a $49.5 million loss, with the attacker converting the stolen funds to Ethereum. The attacker, who had insider admin rights, exploited the Infini contract after retaining admin access following project delivery. Infini founder Christi...
Infini, a stablecoin bank, suffered a security breach resulting in a $49.5 million loss, with the attacker converting the stolen funds to Ethereum. The attacker, with insider admin rights, exploited the Infini contract after retaining admin access following project delivery. Infini founder Christian Li committed to active investigations and assured full compensation for affected users, reigniting concerns over security vulnerabilities in decentralized finance (DeFi).
Bybit, another platform, experienced a bank run of $6.7 billion following a hack, triggering mass fund withdrawals. Despite the concerns, Bybit's handling of the hack received praise for transparency and resilience, raising broader concerns about exchange security in the crypto space.
According to blockchain security firm Beosin Alert, the Infini contract was exploited, resulting in the loss of approximately $49.5 million. The attacker swiftly converted the stolen USDC stablecoin into 17,696 ETH before transferring the funds to an external wallet. The attacker, originally involved in developing the contract for Infini, secretly retained admin rights after project delivery. Over 100 days later, the attacker exploited the contract, draining all funds from the platform. Christian Li emphasized full compensation for affected users, with active investigations underway.
Following the Bybit hack, a mass exodus of funds reflected growing concerns over exchange security. Although the situation triggered panic-induced withdrawals, Bybit's handling received praise for its transparency and resilience. Despite significant fund outflows, experts noted differences in Bybit's response compared to past collapses, emphasizing the platform's professional team and strong financial backing.