Close Menu
    Facebook X (Twitter) Instagram
    Saturday, July 19
    Top Stories:
    • CaaStle Founder Turns Herself In Amid Fraud Charges
    • Global Pulse: Insights from the State of the World
    • Too Fast to Handle: The Scooter That Beats Tesla!
    Facebook X (Twitter) Instagram Pinterest Vimeo
    IO Tribune
    • Home
    • AI
    • Tech
      • Gadgets
      • Fashion Tech
    • Crypto
    • Smart Cities
      • IOT
    • Science
      • Space
      • Quantum
    • OPED
    IO Tribune
    Home » Infini Loses $49M in Stablecoin Heist
    Crypto

    Infini Loses $49M in Stablecoin Heist

    Staff ReporterBy Staff ReporterFebruary 24, 2025No Comments3 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Essential Insights

    1. Major Security Breach: Stablecoin Bank Infini experienced a significant hack, losing over $49 million in USDC, attributed to an ex-developer exploiting retained administrative privileges.

    2. Prompt Detection: The breach was first reported by CertiK on February 24, with on-chain tracking confirming the conversion of stolen funds into DAI and subsequent transactions to acquire ETH.

    3. Controversial Oversight: Infini’s founder Christian Li acknowledged past oversights in transferring control and took responsibility, while another co-founder assured customers of compensation for losses.

    4. Wider Crypto Concerns: Infini’s hack adds to a troubling trend, with recent high-profile attacks like bybit’s $1.5 billion exploit by suspected North Korean hackers highlighting ongoing vulnerabilities in the crypto market.

    Infini Suffers $49M Exploit in Stablecoin Heist

    Stablecoin Bank Infini has experienced a significant security breach. Hackers stole over $49 million in USDC, as confirmed by on-chain tracking platforms. The attack exploited retained administrative privileges, allowing the breach to occur.

    CertiK first detected suspicious activity on February 24. They reported unauthorized fund transfers from an Infini-related contract on Ethereum. Lookonchain later confirmed that the hacker converted the stolen funds into 49.5 million DAI, an Ethereum-based stablecoin. The attacker then acquired 17,696 ETH, moving it to a new wallet.

    Cybersecurity firm Cyvers Alerts identified the hacker as a former developer of Infini. This developer had maintained secret administrative control after the project’s completion. Over 100 days later, they used Tornado Cash to fund their wallet and execute the exploit. Additionally, PeckShield Alert suggested that a private key leak might have contributed to the breach. However, Infini founder Christian Li denied any compromise of his private key. He admitted previous oversights in control transfer, taking full responsibility for the incident.

    Co-founder Christine reassured customers that Infini would compensate for the losses. She stated that the company has ample resources to cover the stolen funds. Founded in 2024, Infini connects traditional banking with cryptocurrency, offering stablecoin transactions and yield-generating accounts.

    The Infini hack highlights ongoing security challenges in the crypto sector. Just days earlier, crypto exchange Bybit suffered a $1.5 billion exploit, marking one of the largest thefts in industry history. CEO Ben Zhou confirmed that the attack led to the loss of most of Bybit’s ETH holdings. The stolen assets quickly vanished from the exchange’s wallet, prompting Bybit to launch a $140 million bounty for recovery.

    As technology continues to develop, these incidents spotlight the urgent need for enhanced security measures in digital finance. The crypto industry must prioritize transparency and secure practices to protect both users and their assets.

    Discover More Technology Insights

    Explore the future of technology with our detailed insights on Artificial Intelligence.

    Access comprehensive resources on technology by visiting Wikipedia.

    Disclaimer

    This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.

    CryptoV1

    Crypto Cryptocurrency DeFi Hacking Stablecoins USDC VT1
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleNSF 101: Unlocking America’s Seed Fund
    Next Article AI Uncovers Hidden Brain Abnormalities in Epileptic Children
    Avatar photo
    Staff Reporter
    • Website

    John Marcelli is a staff writer for IO Tribune, with a passion for exploring and writing about the ever-evolving world of technology. From emerging trends to in-depth reviews of the latest gadgets, John stays at the forefront of innovation, delivering engaging content that informs and inspires readers. When he's not writing, he enjoys experimenting with new tech tools and diving into the digital landscape.

    Related Posts

    Tech

    CaaStle Founder Turns Herself In Amid Fraud Charges

    July 19, 2025
    Crypto

    Ondo Finance Launches USDY: A Tokenized US Treasury Fund on SEI Blockchain

    July 19, 2025
    Gadgets

    Mark Your Calendar: Google Pixel Event on August 20!

    July 19, 2025
    Add A Comment

    Comments are closed.

    Must Read

    CaaStle Founder Turns Herself In Amid Fraud Charges

    July 19, 2025

    Ondo Finance Launches USDY: A Tokenized US Treasury Fund on SEI Blockchain

    July 19, 2025

    Mark Your Calendar: Google Pixel Event on August 20!

    July 19, 2025

    Revolutionizing Space: Rapid Sensor Launch Technology Unveiled

    July 18, 2025

    Global Pulse: Insights from the State of the World

    July 18, 2025
    Categories
    • AI
    • Crypto
    • Fashion Tech
    • Gadgets
    • IOT
    • OPED
    • Quantum
    • Science
    • Smart Cities
    • Space
    • Tech
    • Technology
    Most Popular

    Waymo Set to Unveil Robotaxi Service in DC by 2026!

    March 25, 2025

    NASA Unveils Groundbreaking US-India Radar Mission: A New Era in Space Exploration

    July 16, 2025

    AI crawler wars threaten to make the online extra closed for everybody

    February 11, 2025
    Our Picks

    Perseverance Rover’s Bold ‘Krokodillen’ Quest: A New Era of Discovery!

    June 4, 2025

    Unleashing Creativity: Dive into the MIT Generative AI Impact Consortium! 🎉 | MIT News

    March 11, 2025

    Top Internet Providers in Zanesville, OH

    March 28, 2025
    Categories
    • AI
    • Crypto
    • Fashion Tech
    • Gadgets
    • IOT
    • OPED
    • Quantum
    • Science
    • Smart Cities
    • Space
    • Tech
    • Technology
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • About Us
    • Contact us
    Copyright © 2025 Iotribune.comAll Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.