By Nermeen Nabil Khear 
Following the $1.4 billion Bybit hack on Friday, Hong Kong-based stablecoin digital bank Infini suffered a security breach, losing nearly $50 million in USDC. Initial reports suggest that the hacker used private keys to steal $49.5 million in USDC, swapped it for DAI, then converted it to ETH via the crypto mixer Tornado Cash, and deposited it into a new address, according to PeckShield.
The hacker exploited a single private key to drain funds from the platform’s vault. According to Etherscan, the attacker stole a total of $49.5 million in two batches, 11,455,666 USDC and 38,060,996 USDC.
The attacker was originally involved in developing the contract for the Infini project. However, after delivering the project, they secretly retained admin rights. More than 100 days later, the attacker funded their address through Tornado Cash, sent a small ETH transaction for gas, and exploited the contract—draining all funds from the platform.
Infini Founder Promises Full Compensation
Infini founder Christian Li responded to the hack, assuring users that the team is actively investigating and tracking the incident. He confirmed that user withdrawals remain unaffected and emphasized that, even in the worst-case scenario, full compensation will be provided. “Users can rest assured,” Christian stated, reaffirming the platform’s commitment to resolving the situation.
Christian also reported that suspected hacker’s computer was located and reported to the police. He added,” My personal private key has not been leaked, so there is no need to worry too much. I was negligent when transferring the authority before. It is ultimately my responsibility. This has sounded the alarm.”
The post Stablecoin Bank Infini Hit by $49.5M Exploit, Founder Vows Full Repayment appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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