Infini, a Hong Kong-based stablecoin neobank and payments platform, has suffered a devastating $49 million exploitafter attackers drained funds from its smart contract.
Blockchain security analysts confirmed that $49 million in USDC was siphoned from a compromised contract that had previously received funds from Infini. The stolen assets were transferred to an address linked to Tornado Cash, a privacy tool often used to obscure transaction trails. The attacker then converted the stolen stablecoins into ETH, making recovery more difficult.
Security researchers revealed that the exploit was not due to a private key leak but rather resulted from compromised administrative privileges within Infini’s smart contract. The attacker manipulated contract settings through an address (0xc49), which was allegedly developed as part of the Infini project. By modifying key security parameters, the hacker was able to override protections and drain all available funds.
Infini’s Response To The Breach
Following the breach, Infini acknowledged the security compromise and issued a statement expressing regret over the situation. “We’re aware of reports on a security compromise affecting Infini. We’re deeply sorry for the concern this causes—our team is working around the clock to investigate and secure all systems at the moment,” Infini stated.
Meanwhile, Infini’s founder, Christian, clarified details of the attack, emphasizing that the hacker had retained administrative privileges, and the breach was not caused by a private key leak. In a statement, he reassured users that there was “no problem with liquidity” and that affected users would be fully compensated.
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Recent Wave Of Crypto Exploits
The Infini exploit follows closely behind another major attack, which targeted Bybit on February 21, resulting in a $1.4 billion loss. This latest incident highlights the ongoing security vulnerabilities in the crypto industry, particularly surrounding smart contract weaknesses and administrative control risks.
As Infini works to recover from this attack, the crypto community will be watching how the platform enhances its security measures to prevent future breaches.
