Infini Exploit Drains $49.5 Million Linked to Insider Admin Rights

This new breach has raised additional concerns about security in the crypto space. Bybit Sees Over $6.7 Billion Bank Run After Friday Hack

Stablecoin bank Infini suffered a massive security breach on Monday, just days after the attack on the Bybit exchange.

This new breach has raised additional concerns about security in the crypto space.

Infini Exploit Drains $49.5 Million Linked to Insider Admin Rights

According to blockchain security firm Beosin Alert, the Infini contract was exploited, leading to the loss of approximately $49.5 million. Reportedly, attackers swiftly converted the stolen USDC stablecoin into 17,696 ETH before transferring the funds to an external wallet.

“It seems that the stablecoin bank Infni was hacked and 49.5M USDC was stolen. The hacker swapped 49.5M USDC for 49.5M DAI and bought 17,696 ETH. The 17,696 ETH was transferred to a new wallet,” Lookonchain corroborated.

Moreover, the attacker was originally involved in developing the contract for the Infini project. However, after delivering the project, they secretly retained admin rights. Over 100 days later, the attacker funded their address through the Tornado Cash mixing service. They sent a small ETH transaction for gas and exploited the contract, draining all funds from the platform.

Following the incident, Infini founder Christian Li committed to active investigations. He also articulated that user withdrawals remain unaffected, emphasizing full compensation even in the worst-case scenario.

“I said that I was always ready for the first disaster, but I didn’t expect that I would be the one to run into trouble right after bybit…I was negligent when transferring the authority before. It is ultimately my responsibility. This has sounded the alarm. There is no problem with liquidity. Full compensation can be paid and the funds are being traced,” Christian explained.

Christian also reported that the bad actor’s computer was located and reported to the police. The incident marks yet another high-profile attack in decentralized finance (DeFi). It has reignited concerns over security vulnerabilities within the sector. This follows closely on the heels of the devastating attack on Bybit, which resulted in a $1.46 billion loss.

Bybit Sees Over $6.7 Billion Bank Run After Friday Hack

While Bybit’s handling of the situation received praise, the hack triggered a panic-induced mass exodus of funds. Data on Arkham indicates outflows of over $6.7 billion.

The mass movement of capital from the Bybit platform reflects growing concerns over exchange security in light of previous collapses.

Crypto developer Makickal, among others, expressed his concerns in an X (Twitter) post. He likened the situation to an economic war and drew attention to North Korea’s Lazarus Group as a key perpetrator of large-scale crypto heists.

“Wakes up. Reads Bybit hack. Falls out of bed and starts a frantic morning of moving funds and closing positions. Terrible day. This is war, but war looks different in 2025… The battlefield has changed, from land and resources to digital wealth, but the damage is just as severe,” wrote the developer.

Despite the large-scale withdrawals from Bybit, experts argue that the situation differs significantly from the collapse of FTX.

“Big difference in how you’re handling this compared to FTX, Mt. Gox, and the likes. The reason why I put my money on Bybit. Professional team, not trying to stand out, not creating enemies, just doing business,” Crypto investor Astronomer stated.

Similarly, AI and DeFi investor 0xJeff noted that Bybit’s rapid response demonstrated resilience. Unlike FTX, where mismanagement and internal fraud led to its downfall, Bybit’s transparency and strong financial backing have reassured some investors.

“No corporate silence, no vague PR statements—just straight accountability. – People rushed to withdraw their assets ➔ ALL withdrawals were processed, exactly as Ben promised… Many thought this was going to be FTX 2.0. Instead, it’s a masterclass in crisis management, communication, and execution,” the investor added.