Internal Employee perpetrates $50 Million Cryptocurrency Theft through Infini Attack Strategy
Breaking: Infini Suffers Severe $50 Million Heist
Crypto payment platform Infini has been hit hard with a significant security breach, losing a whopping $50 million.
The attack, allegedly masterminded by a former Infini smart contract engineer, exploited admin privileges that hadn't been entirely severed after contract deployment. Here's the lowdown on this stealthy heist.
The Morpho MEVCapital USDC Vault Heist
According to cybersecurity firm, Cyvers, the engineer clandestinely retained admin access, despite claims to other team members that the privileges had been revoked. After several months, this cunning crook leveraged this access to plunder the platform.
The attack targeted the Morpho MEVCapital USDC Vault, resulting in the theft of approximately $49.5 million. The perpetrator moved funds through a cryptocurrency mixer, Tornado Cash, and swapped the stolen USDC into Dai, a stablecoin without a freeze function, before exchanging it for Ethereum (ETH) and transferring it to a secondary wallet.
Infini Founder Vows Full Compensation
Despite the security breach, Infini did not immediately halt withdrawals. The company's founder, Christian Li, assuaged users via the social media platform X, promising full compensation in a worst-case scenario. Li announced that $500,000 had already been withdrawn from the platform since the incident and pledged to cover the entire loss with his personal funds.
The Aftermath: Infini vs. Bybit
This unfortunate incident follows the largest hack in cryptocurrency history, where Bybit, a major crypto exchange, suffered a staggering $1.4 billion loss in Ether and related tokens on February 21. However, unlike Infini, Bybit managed to maintain withdrawals and secure emergency funding from partners and rival exchanges to cover the deficit, sparing a liquidity crisis.
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With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, traversing traditional equities, venture capital, and the cutting edge of digital currency. That's what drives me to bring you clear and insightful digital currency journalism.
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Cryptocurrency’s rapid advancement in finance further highlights the increased importance of robust cybersecurity measures as a former Infini smart contract engineer allegedly orchestrated a $50 million heist using lackluster cybersecurity practices. The stolen funds were transferred through blockchain technology to a mixer, Tornado Cash, then exchanged for Dai, a stablecoin without a freeze function.
Infini’s founder, Christian Li, promised full compensation for users affected by the breach, pledging to use personal finance to cover the loss despite maintaining withdrawals after the incident. This security breach adds to growing concerns in the cryptocurrency world, where cybersecurity, finance, technology, and blockchain all intersect.
