Infini Hack: $49.5M Stolen, Neobank Offers Hacker 20% to Return Funds

Infini, a Hong Kong-based neobank offering interest on stablecoin deposits, suffered a devastating exploit, losing $49.5 million. Blockchain security firm PeckShield reported the incident just days after Infini announced hitting $50 million in total value locked.

The attacker exploited a vulnerability left by a developer who retained admin rights over Infini’s smart contract. Over three months later, they used these privileges to drain the funds, transferring them through the cryptocurrency mixer Tornado Cash.

Infini publicly addressed the hacker via a blockchain transaction, warning that it had gathered crucial IP and device data. The company offered the attacker 20% of the stolen funds as a bounty for returning the remainder, setting a 48-hour deadline for compliance. If the hacker refuses, Infini vowed to escalate the case with law enforcement.

The exploit comes on the heels of another massive crypto heist at Bybit, where a hacker drained its ether cold wallet, making off with nearly $1.5 billion in the largest theft in crypto history.

Infini’s founder, Christian Li, took full responsibility and pledged to cover all losses from personal funds, ensuring affected users are compensated.

This breach raises serious concerns about security in the crypto-financial space, emphasizing the risks associated with centralized control over smart contracts. As investigations continue, the crypto community awaits whether the hacker will return the funds or face legal consequences.

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