Recent Crypto Exploits
Infini, a stablecoin neobank, recently fell victim to an exploit that resulted in a loss of $49.5 million. The incident follows a similar hack at Bybit, where $1.5 billion was lost just last week.
Key Points to Note:
- The attacker behind the Infini exploit had previous involvement in the project’s development and retained admin rights secretly.
- Beosin Alert reported that the stolen USDC was converted into 17,696 Ethereum before being transferred to an external wallet.
- Christian Li, the founder of Infini, assured that full compensation is being pursued and funds are actively being traced.
Insights from Security Firms
Security firm Cyvers Alerts disclosed that the attacker had initially worked on the contract development for the Infini project and maintained admin rights surreptitiously. Christian Li affirmed that efforts are underway to recover the lost funds.
Community Response
Crypto trader Ali expressed concern over the consecutive hacks in the industry, highlighting the need for heightened security measures to prevent such incidents in the future.
Implications of the Infini Hack
The Infini exploit comes shortly after Bybit’s significant loss of $1.5 billion in Ethereum, attributed to North Korea’s Lazarus Group. Market volatility ensued, with Bitcoin and Ethereum experiencing fluctuations in value.
Developments from Bybit
Ben Zhou, Bybit’s CEO, reassured the community that the platform had addressed the security gap and was working towards restoring trust in the platform.
