Crypto Catastrophe: Infini’s $49M Heist Leaves Everyone in Shock! 😱💸

by

In the shadowy corridors of finance, where digital dreams intertwine with the specter of betrayal, the Stablecoin Bank Infini has found itself ensnared in a web of misfortune, losing a staggering $49 million in USDC to the clutches of a nefarious exploit. Ah, the irony! A bank built on the promise of stability, now a mere echo of its former self.

On the grand stage of blockchain, the miscreant, a former architect of Infini’s very foundation, wielded the keys to the kingdom with reckless abandon. The tale unfolded on February 24, when CertiK, the vigilant guardian of the blockchain realm, first caught wind of the foul play, reporting unauthorized fund transfers from a contract that bore Infini’s name like a tarnished badge of honor.

The Rogue Developer’s Dance

Lookonchain, with its watchful eye, confirmed the heist: 49.5 million USDC vanished into the ether, only to be transformed into an equal measure of DAI, that elusive Ethereum-based stablecoin. The thief, in a flourish of digital bravado, then procured 17,696 ETH, whisking it away to a freshly minted wallet, 0xfcc8…6e49, as if it were a mere trinket.

Cyvers Alerts, ever the sleuths, unveiled the identity of the villain: a developer who had once toiled on the very contract that now lay in ruins. Though the project had been completed and the reins handed over, this crafty soul had retained a shadowy grip on administrative control. Over a hundred days passed, a silent predator lurking in the depths, until the fateful day arrived when they unleashed their cunning.

PeckShield Alert offered a different narrative, whispering of a private key leak as the culprit behind this digital debacle. Yet, Infini’s founder, Christian Li, stood firm, dismissing the notion that his private key had been sullied. Instead, he acknowledged the oversight in relinquishing control, a moment of clarity amidst the chaos, a wake-up call echoing through the halls of his enterprise.

Meanwhile, co-founder Christine, with a reassuring smile, promised customers that the company would rise from the ashes, compensating them for their losses, as if to say, “Fear not, dear patrons, for we have the resources to mend this rift!”

Founded in the year 2024, this digital-only neobank sought to bridge the chasm between traditional banking and the wild frontier of cryptocurrency. With promises of stablecoin transactions and yield-generating accounts, it danced on the precipice of innovation, only to stumble into the abyss.

A Wider Conundrum

The Infini hack is but a single note in the symphony of chaos that has plagued the crypto sector. Just days prior, on February 21, the crypto exchange Bybit fell victim to a staggering $1.5 billion exploit, a theft that would make even the most seasoned bandit blush.

CEO Ben Zhou confirmed the grim reality: a significant portion of Bybit’s ETH holdings had vanished, over 400,000 Ether slipping through the cracks of security like sand through an hourglass. The exchange, now scrambling to recover its losses, has enlisted the aid of blockchain security firms, offering a $140 million bounty as a siren’s call to those who might assist in reclaiming the stolen treasures. Meanwhile, the shadowy North Korean hacker group Lazarus has been fingered as the likely culprit, a name that sends shivers down the spine of the crypto community.

Read More

2025-02-24 21:26