Infini Faces a $50M Breach, Founder Promises Full Reimbursement During Ongoing Inquiry

Blockchain security firm SlowMist Reports indicate that the security team recognized an assault on the smart contract of Infini , a stablecoin neobank, leading to an approximate theft of $50 million. The company stated it promptly started an inquiry.

The report highlighted that the hacker displayed a sophisticated understanding of smart contracts, which allowed them to access and withdraw assets from the Vault and connected strategies utilizing a private key. This security breach unfolded across two distinct events.  

Blockchain security firm PeckShield It was noted that the misappropriated funds were funneled to a wallet associated with TornadoCash, a cryptocurrency mixer that emphasizes privacy, before being converted into DAI. Following that, the hacker exchanged nearly 49.5 million DAI for roughly 17,700 ETH and transferred the assets to a different address.  

In a response, Infini's founder, Christian, acknowledged the situation and confirmed that the team was diligently investigating and monitoring the transactions. He reassured users that withdrawals were still functional and, in the worst-case scenario, they would be fully compensated.  

In a separate update shared on the social media platform X, Christian clarified that his individual private key had remained secure. Despite offers of aid from various firms, Christian assured that liquidity issues were not a concern for the platform and they had the capacity to fully reimburse impacted users. He also reiterated that the tracing of the stolen assets was actively ongoing.  

I apologize for the concern caused to those who placed their trust in us. I recognize that restoring confidence will be challenging, but we are committed to the process,” he expressed.

What Is Infini?

Infini positions itself as a cryptocurrency neobank striving to revolutionize digital finance while broadening access for a wider audience. The platform combines attractive savings yields, a premium crypto-linked debit card, and a user-friendly interface to assist in the effortless management of digital assets.  

Users can earn returns by depositing USD-pegged stablecoins into Infini, where the funds are automatically allocated to optimized delta-neutral strategies. Additionally, Infini provides a prepaid debit card from Visa or Mastercard, enabling users to utilize their stablecoin reserves for everyday purchases while still earning interest on their holdings.