Stablecoin Bank Infini Hacked for $50M, Founders Pledge Compensation

Stablecoin bank Infini has suffered a security breach, resulting in the loss of 17,696 ETH, roughly $50 million.

Stablecoin bank Infini suffered a security breach on February 24, 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 funds were transferred 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.”

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 another 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, which is believed to be the largest digital theft in history.

The attacker gained control of an Ethereum wallet and transferred the funds to an unknown address. 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.

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.

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