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What we know about the $49.5 million Infini exploit so far
- Infini, a Hong Kong-based stablecoin neobank, was hacked for $49.5 million in USDC and swapped for 17,696 ETH.
- The attacker exploited retained admin privileges in Infini's smart contract, manipulating settings to drain the funds.
- Infini's founder acknowledged the breach, attributing it to negligence in authority transfer and promised full compensation.
- The attack, discovered by CertiK, has highlighted vulnerabilities in DeFi, following the recent Bybit hack.
- The hacker converted the stolen USDC to Dai and purchased 17,696 Ethereum, transferring funds to a new wallet, splitting them across multiple addresses.
- Infini reassured users that all transactions are functioning normally despite the security breach.
- The incident raises concerns about private key management, smart contract security, and insider threats in DeFi platforms.
- Infini's growth and attractive high-yield products inadvertently facilitated the exploit, amplifying its financial impact.
- Speculations link the Lazarus hacker group to the exploit, similar to the Bybit hack, prompting calls for enhanced security measures in crypto platforms.
- The stolen ETH influx boosted Ethereum's price temporarily, while concerns about money laundering and hostile financing emerged due to Tornado Cash use and theft scale.
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