Infini Suffers $50M Exploit, Founder Assures Full Compensation Amid Ongoing Investigation
In Brief
SlowMist identified an attack on Infini’s smart contract, resulting in the theft of approximately $50 million, and promptly initiated an investigation.
Blockchain security firm SlowMist reported that its security team identified an attack on the smart contract of Infini, a stablecoin neobank, resulting in the theft of approximately $50 million. The firm stated that it promptly initiated an investigation.
According to the report, the attacker demonstrated advanced technical knowledge of smart contracts, enabling them to access and withdraw funds from the Vault and related strategies using a private key. The breach occurred in two separate incidents.
Blockchain security firm PeckShield noted that the stolen funds were transferred to a wallet linked to TornadoCash, a privacy-focused cryptocurrency mixer, before being converted into DAI. The attacker subsequently swapped approximately 49.5 million DAI for around 17,700 ETH and moved the assets to a new address.
Meanwhile, Infini’s founder, Christian, acknowledged the incident and stated that the team was actively investigating and tracking the transactions. He reassured users that withdrawals remained operational and, in the worst-case scenario, full compensation would be provided.
In a separate statement on social media platform X, Christian clarified that his personal private key had not been compromised. While some companies extended offers of assistance, Christian maintained that the platform faced no liquidity issues and was capable of fully compensating affected users. He also reaffirmed that efforts to trace the stolen funds were ongoing.
“I’m sorry to have worried everyone who trusted us. I know rebuilding trust will be a difficult process, but we won’t give up,” he stated.
What Is Infini?
It positions itself as a cryptocurrency neobank, aiming to reshape digital finance and expand accessibility to a broader user base. The platform integrates competitive savings yields, a premium crypto-linked debit card, and a streamlined user interface to facilitate the seamless management of digital assets.
Users have the opportunity to earn returns by depositing USD-backed stablecoins into Infini, where funds are automatically allocated to optimized delta-neutral strategies. Additionally, Infini offers a Visa or Mastercard prepaid debit card, enabling users to spend their stablecoin balances for everyday transactions while continuing to accrue interest on their holdings.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
