Infini Stablecoin Faces $50M Exploit Amid Growing Crypto Security Concerns

Infini, a stablecoin payment firm, suffered a $50 million security breach allegedly executed by a former contract developer who secretly retained admin privileges. Cybersecurity firm Cyvers reported that the attacker used a wallet funded with 1 ETH via Tornado Cash to carry out the exploit.

The hacker created a contract in November 2024, siphoning $49.52 million in USDC from Infini. To evade asset freezing, the USDC was swapped for Dai (DAI) and converted into 17,696 ETH before being transferred to another wallet. Despite the breach, Infini did not halt withdrawals. Founder Christian Li assured users that full compensation would be provided if necessary, while the platform saw $500,000 in withdrawals following the attack.

Infini team member "Christine" initially claimed the perpetrator had been identified and reported to law enforcement, but later deleted the tweet, stating the investigation was ongoing.

This exploit comes days after Bybit, a leading crypto exchange, suffered a record-breaking $1.4 billion hack on February 21. Blockchain analyst ZachXBT linked the Bybit breach to North Korea’s Lazarus Group, known for past crypto heists. The Infini attack adds to growing security concerns in the crypto industry, highlighting ongoing vulnerabilities.