After Bybit, Hackers steal $49M from Infini Crypto Fintech

5 months ago 34

Another large crypto hack has rocked the industry. Infini, a crypto fintech company, mislaid $49 cardinal successful USDC, and the twist? The hacker was 1 of their ain developers.

Blockchain information steadfast Cyvers revealed that the developer had secretly kept admin entree to the task adjacent aft completing it. For implicit 100 days, determination was nary motion of trouble, but past retired of nowhere, they funded their wallet done Tornado Cash, a crypto mixer often associated with suspicious activities.

🚨ALERT🚨Today, @0xinfini suffered a $49M $USDC exploit owed to an attacker abusing retained administrative privileges.

The attacker, operating from 0xc49b5e5b9da66b9126c1a62e9761e6b2147de3e1, had initially developed the declaration arsenic portion of the Infini project. However, after… pic.twitter.com/olguOyNCJr

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) February 24, 2025

After sending a tiny ETH transaction to screen state fees, the hacker executed the attack, draining the full contract.

This comes successful the aftermath of the Bybit hack, successful which attackers drained approximately $1.5 billion from the exchange’s blistery wallets. With 2 high-profile hacks happening truthful adjacent together, superior doubts are being formed connected our spot successful developers and whether smart contracts are truly secure.

As crypto users and investors grapple with the ramifications of these high-profile hacks, 1 happening is for certain: Security needs to beryllium taken much earnestly than ever before.

Also Read: Safe Wallet to Resume Services successful 24 Hours After ByBit Hack

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