Skip to content
- Hong Kong-based stablecoin neobank Infini suffered a smart contract exploit, leading to the loss of $49 million in USDC.
- Stolen USDC was swiftly converted to ETH and funneled through privacy tool Tornado Cash.
- The breach raises concerns over smart contract security, following Bybit’s $1.4B exploit just days earlier.
Hong Kong-based stablecoin platform and neobank Infini fell victim to a devastating exploit, and hackers stole approximately $49 million in USDC. Cybersecurity firms Cyvers and Blocksec have named Infini as the compromised party following an in-depth analysis of on-chain data.
According to blockchain security experts Cyvers, the attack happened through Infini’s smart contract system, which was compromised by administrative access. The intruder exploited a specified contract address (0x9A7) under an address (0xc49) for Infini’s project. The intruder, using such access, modified settings on the contract and made illegitimate fund transfers.
The $49 million stolen USDC filtered through Tornado Cash, an extensively recognized solution for maintaining privacy to cover up transaction flows. The stolen stablecoins were laundered by attackers in no time to others, making them traceless.
Despite continued investigations, security officials do not know better how exactly administrative access was made. They are investigating whether the breach happened through a compromised private key or manipulation of unauthorized contracts.
Infini Hack Sparks Stablecoin Security Concerns
Infini’s founder, Christian, appeared on X (formerly Twitter) to address the issue. In a tweet in a translated post, Christian clarified that the attack did not result from a leaked private key but an accident in which the intruder found himself maintaining administrative access to the contract. Christian reassured users that there “is no issue with liquidity” and that impacted users would have their fair.
The Infini hack comes on the heels of a massive security breach just days earlier on February 21, when crypto exchange Bybit suffered an exploit resulting in a staggering $1.4 billion loss. This growing wave of attacks highlights the urgent need for enhanced security measures in the DeFi and stablecoin sectors.
As investigations continue, the Infini exploit is also a stark reminder of vulnerabilities left in smart contract-based financial systems. The crypto space is now watching how Infini behaves and whether or not it is capable of regaining trust among its users after such a massive security breach.
Related | Shenzhen University Launches AI Course on DeepSeek Technology
