Infini Hit by $50M Exploit as Insider Suspect Emerges

Infini, a stablecoin payment firm, lost $50 million in what appears to be an inside job.

Investigators suspect a former developer retained hidden admin access to exploit the system.

The attacker used 1 ETH from Tornado Cash to fund their wallet before draining nearly $50 million in USDC through a pre-planned contract. The stolen funds were quickly converted to DAI and then over 17,000 ETH to evade asset freezes.

Despite the breach, Infini did not halt withdrawals. Founder Christian Li assured users they would be reimbursed if necessary. Meanwhile, on-chain analyst ZachXBT linked the exploit to North Korea’s Lazarus Group, known for previous exchange hacks.

READ MORE:

Here’s How Much Ether Bybit Has Recovered After Recent Hack

Authorities are now working to track the stolen assets, but given the attacker’s sophisticated laundering techniques, recovery remains uncertain.

The incident adds to growing concerns over security lapses in the crypto sector, following Bybit’s record-breaking $1.4 billion breach just days earlier.

Deyan Angelov

Active crypto trader who also follows news related to stocks, the S&P 500, and gold. Deyan enjoys staying physically active, trains regularly, and practices calisthenics. He also likes reading sci-fi books when he has the time.