- Infini suffered a security breach, losing 17,696 ETH.
- The hacker swapped $49.5 million in DAI for ETH before transferring it to a new wallet.
- The Infini team assures users of full compensation and ongoing investigation.
Stablecoin bank Infini has suffered a security breach, resulting in the loss of 17,696 ETH, roughly $50 million. Blockchain security firm PeckShield first reported the exploit, noting that the hacker swapped $49.5 million in DAI for ETH.
The heist, which happened today, February 24, saw the funds transfer to a new wallet address (0xfcc8a…6e49), according to PeckSheild. The exact method of the exploit is still under investigation.
Infini Founders Confirm Breach, Pledge Compensation
The founder of the stablecoin bank, Christian, acknowledged the breach on X, stating that the team is actively tracking the incident. “We are still sorting out the details. Withdrawals are normal; in the worst case, we will provide full compensation,” he assured users.
Infini’s co-founder, Christine, echoed this sentiment, reaffirming that the platform has the financial capacity to cover losses. “Please rest assured—we will compensate for the losses and can afford it.”
Related: DeFi Platform zkLend Hit by Hacker – $900K Whitehat Bounty on the Table
Focus on Recovery, Not “Constant Reassurances”
Christine also conveyed that the team focuses on resolving the issue rather than offering constant reassurances.
She assured users that updates would be provided as soon as possible and urged them to trust the team.
Another Major Crypto Platform Breached
The Infini hack comes hot on the heels of a major security breach in the crypto industry in less than three days.
Over the weekend, popular cryptocurrency exchange Bybit suffered a $1.5 billion hack. This hack is believed to be the largest digital theft in history.
Bybit Hack Details Emerge: $20B in Assets Remain, Investigation Ongoing
The attacker gained control of an Ethereum wallet and transferred the funds to an unknown address. Meanwhile, Bybit CEO Ben Zhou reassured customers that their holdings were safe and that the company would cover any unrecovered funds.
Zhou stated that Bybit remains solvent despite the loss, holding $20 billion in customer assets. The exchange received over 350,000 withdrawal requests following the breach, causing delays in processing transactions.
Related: Latest Bybit Hack Linked to N. Korea’s Crypto Theft for Weapons Funding
Routine Transfer Exploited in Bybit Attack
The Bybit hack reportedly occurred during a routine transfer from a cold wallet to a warm wallet.
The attacker exploited security vulnerabilities to siphon funds. Bybit has since called on cybersecurity experts to help recover the stolen assets, offering a 10% reward on any recovered funds.
Crypto Industry Under Renewed Security Spotlight
The Infini and Bybit hacks highlight the vulnerabilities in the crypto industry. As blockchain security firms and affected platforms investigate, users are urged to stay vigilant and follow official updates.
The Bybit breach, in particular, has raised concerns about state-sponsored cyberattacks, with some reports linking the attack to North Korean hacking groups.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
