Infini’s $50M Fiasco: Developer Shenanigans or Just Bad Luck? 🤔💸

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In a most unfortunate turn of events, the stablecoin payment firm Infini has found itself in a bit of a pickle, having lost a staggering $50 million in what can only be described as a rather audacious exploit. It appears that a developer, who had the audacity to retain administrative privileges post-project delivery, is the prime suspect in this caper. One can only imagine the cheek! 😏

According to the esteemed security firm Cyvers, this nefarious individual, who was initially contracted for development, managed to keep their admin rights under wraps like a magician concealing a rabbit. The wallet used in this dastardly deed was funded with a mere 1 Ether (ETH) from the notorious cryptocurrency mixing service, Tornado Cash. From there, the plot thickened as they whisked away $49.52 million worth of USD Coin (USDC) through a contract they conjured up in November 2024. Quite the trick, I must say! 🎩✨

But wait, there’s more! The USDC was promptly swapped for Dai (DAI), a stablecoin that, unlike its more timid counterparts, lacks a freeze function. The funds then transformed into a whopping 17,696 ETH, which had already been spirited away to a secondary address by the time one could say “Bob’s your uncle.” 🏃‍♂️💨

In a rather curious twist, the Infini team, perhaps in a fit of optimism, did not pause withdrawals. Founder Christian Li took to X to assure the masses that full compensation would be forthcoming in a worst-case scenario. Meanwhile, a cool $500,000 in withdrawals had already been observed since the theft. Talk about a confidence boost! 💪

In a now-deleted tweet, a team member named “Christine” claimed that the engineer responsible for this grand theft had been identified and reported to the authorities. However, when pressed by CryptoMoon for confirmation, she cryptically replied, “We are still investigating.” One can only wonder what that entails! 🕵️‍♀️

Infini exploit follows largest hack in history

As if the universe had a wicked sense of humor, this attack on Infini comes hot on the heels of the cryptocurrency exchange Bybit suffering a record-breaking hack, losing a jaw-dropping $1.4 billion in Ether and related tokens on February 21. It seems the hackers are having a field day! 🎉

This large-scale debacle raised eyebrows and concerns about possible insolvency. However, Bybit, in a rare display of bravado, decided to keep withdrawals open and vowed to cover the loss if the funds could not be recovered. Quite the gamble, wouldn’t you agree? 🎲

To meet the immediate liquidity demands of customer withdrawals, which totaled over $5 billion, Bybit resorted to loans from partners and rival exchanges. A rather creative solution, if I do say so myself! 💰

On February 24, Bybit CEO Ben Zhou triumphantly announced that the exchange had fully closed its Ether gap. Bravo! 👏

Meanwhile, the onchain detective ZachXBT has pointed the finger at North Korea’s state-sponsored hacking group, Lazarus, as the prime suspect in the Bybit attack. It seems this group has a penchant for mischief, having been linked to previous attacks on Phemex and BingX. Oh, the tangled web we weave! 🕸️

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2025-02-24 12:30