Hong Kong -based StableCoin Infank Infini was the use of nearly $ 50 million, as investigations indicated a rogue developer behind the accident.
The exploitation was made for the first time by Blockchain Certik security company on February 24 at 3:18 am UTC, which noticed unauthorized transfer operations from a contract linked to the Infini on Ethereum.
The attacker has given itself a special access to a $ 49.5 million account and withdrawal from the United States (USDC).
What happened?
In the first post -death a reportCyvers, another security company that focuses on Blockchain, claimed that the attacker was likely to be a developer who was previously working on Infini smart contracts and kept hidden administrative privileges even after the completion of the project.
Using these privileges, the developer first funded a portfolio with ETH 1 from Service Tornado Cash Cash to cover gas fees.
With this portfolio, they implemented a dedicated contract – created in November 2024 – to obtain unauthorized access to the Infini system.
This allowed them to drain 49.5 million US dollars from the platform.
Next, the stolen goods with the Dai, which are Stablecoin that cannot be frozen by exporters, allowed the attacker to avoid any immediate intervention.
After that, Dai was used to buy 17,696 ETH, which was then transferred to a new portfolio, according to Data Common by tracker on the Lookonchain series.
According to a deleted tweet now, the perpetrator was identified by the Infini team and informed the police, although no official statement was published from the company.
What is the following for Infini users?
Infini was founded in 2024, a digital financial institution only serves users without any material branches.
Infini operates completely online, provides services such as Stablecoin payments, return generation accounts, and other friendly offers for encryption.
The platform has gained a traction speed, which includes a 500 % monthly growth rate for active users, according to a press statement from February 14.
However, the last exploitation has cast a shadow over its progress.
After the incident reports began to appear on social media, the founder Christian told me the company It will replace All affected users regardless of the results of current asset recovery efforts are currently.
In a later update, he explained to me that 70 % of lost money belongs to the “big investors” who were personally contacted and informed of the accident.
He pledged to cover their losses with his own money through private settlements.
As for the remaining stolen funds, it assured me to the users that they will be fully renewed in an infinite cellar by next Monday, which ensures the continuation of the operations as usual.
He also emphasized that enough liquidity was prepared to meet any withdrawal requests during this period, and urged users to remain calm.
He added that INFINI will take the time required to upgrade and restart its services, while giving priority to money security before resuming full operations.
As of the time of publication, the clouds on the enforcement remained active.
Li also added that more than $ 500,000 has been withdrawn from the platform since exploitation.
Bad week for encryption
Hunk Hack is the latest in a wave of major security violations that shake the encryption world.
A few days ago, on February 21, the bybit of one of the largest infiltrators on the stock exchange fell in the history of Crypto, and lost more than $ 1.4 billion.
It is believed that it was organized by the North Korean Piracy Group, backed by the state, and the attackers used the logic of the smart contract to drain the funds from the cold multi -signed portfolio.
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