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Infini Suffers $49M Exploit in Stablecoin Heist

Stablecoin Bank Infini has suffered a security breach that resulted in the theft of over $49 million in USDC. On-chain tracking platforms identified that the attack happened due to an exploiter misusing retained administrative privileges. Ex-Developer Behind the Hack CertiK was the first to detect unusual activity on February 24, reporting unauthorized fund transfers from an Infini-associated contract on Ethereum. Lookonchain later confirmed that the hacker stole 49.5 million USDC from the platform before converting the entire amount into 49.5 million DAI, an Ethereum-based stablecoin. The attacker then used the converted DAI to acquire 17,696 ETH, which was then moved to a newly created wallet 0xfcc8…6e49. Cyvers Alerts revealed that the bad actor behind the incident, operating from address 0xc49b…3e1, was a developer who had originally worked on the contract for Infini. Although the project was completed and handed over, the individual secretly retained administrative control. Over 100 days later, they funded their wallet using Tornado Cash, conducted a small ETH transaction to cover gas fees, and then exploited the system. PeckShield Alert provided a different explanation, suggesting that a private key leak was to blame for the security breach. However, Infini founder Christian Li dismissed concerns that his private key had been compromised. Admitting to previous oversights in transferring control, he took full responsibility for the situation, acknowledging it as a wake-up call. Meanwhile, another co-founder, Christine, assured customers that the company would compensate them for lost funds, stating that Infini had sufficient resources to cover the losses. Founded in 2024, the digital-only neobank connects traditional banking and cryptocurrency finance. It offers stablecoin transactions, yield-generating accounts, and other banking services through its mobile platform. A Broader Issue The Infini hack is the latest in a series of high-profile breaches affecting the crypto sector. Just days earlier, on February 21, crypto exchange Bybit was targeted in a $1.5 billion exploit, marking the largest thefts in the industry’s history. CEO Ben Zhou confirmed that the attack resulted in the loss of most of Bybit’s ETH holdings. The breach saw more than 400,000 Ether suspiciously leave the exchange’s wallet before being quickly swapped, converting staked mETH and stETH tokens into ETH. The exchange has been working with blockchain security firms to recover the stolen assets, launching a $140 million bounty to incentivize assistance. Blockchain investigator ZachXBT has since identified the North Korean hacker group Lazarus as the likely attacker behind the incident The post Infini Suffers $49M Exploit in Stablecoin Heist appeared first on CryptoPotato . Bitcoin World

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Bybit Promises up to $140,000,000 Bounty To Hunt Down Perpetrators of ‘Largest Heist’ in Crypto History

The Singapore-based crypto exchange Bybit is offering a large bounty for information that could lead to the recovery of the funds that were stolen in a major hack. Last week, hackers manipulated a transfer executed by one of Bybit’s Ethereum ( ETH ) cold wallets. The exchange says the perpetrators used a sophisticated attack to gain control of the said wallet and transfer the holdings to an unidentified address. The crypto analysis firm Arkham says the attackers siphoned about $1.4 billion in ETH and Lido Staked Ether ( stETH ), making the incident the largest heist in crypto and potentially in human history. In a new statement, ByBit says it is launching a recovery bounty program to identify the malicious actors and recover the stolen funds. “ Bybit , the world’s second-largest cryptocurrency exchange by trading volume, is calling on the brightest minds in cyber security and crypto analytics to join the global hunt for the perpetrators of crypto’s largest heist in history.” The exchange says the bounty will be 10% of the retrieved amount, or up to $140 million for a full recovery. “As part of the investigation and recovery efforts, Bybit is pledging 10% of recovered funds to reward ethical cyber and network security experts who play an active role in retrieving the stolen cryptocurrencies in the incident. The total amount of the bounty is calculated based on the verifiable recovery of the compromised ETH worth over $1.4 billion at the time of the incident.” Bybit says individuals and organizations can email bounty_program@bybit.com to participate in the bounty program. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Bybit Promises up to $140,000,000 Bounty To Hunt Down Perpetrators of ‘Largest Heist’ in Crypto History appeared first on The Daily Hodl . Bitcoin World