After completing work for Infini Stablecoin payment firm a rogue developer stole $50 million using his unauthorized administrative control. Cyvers linked the theft directly to a former vendor who kept hidden administrator privileges after the project concluded.

Cyvers discovered that the attacker made the unauthorized transaction after moving 1 Ether from Tornado Cash into their digital pocket. In November 2024 the attacker moved $49.52 million USD Coin (USDC) from Infini using an automated transfer procedure. 

The stolen money was exchanged into Dai which lacks a freeze feature after which the attacker converted it into 17,696 ETH and deposited them into another wallet. Infini did not block payments after getting hacked. On X (formerly Twitter) Christian Li promised users that Infini would pay them back if conditions turn for the worst.

Stablecoin Payment Firm Infini Hacked

According to him the platform registered $500,000 in withdrawal activity after this event took place. Different people reported competing information about detecting the hacker. The Infini digital asset workspace team member Christine stated on Twitter before removal that they reported the engineer to law enforcement after finding the hacker responsible. 

The exploit keeps breaking records since the theft of $1.4 billion from Bybit cryptocurrency exchange on February 21. The attack against Bybit raised financial concerns yet the exchange made a positive move to keep withdrawals open. Bybit secured available loans from partners and rival exchanges to pay back affected customers whose assets could not be found. 

The platform DefiLlama recorded more than $5 billion worth of withdrawals. Bybit CEO Ben Zhou made an official declaration on February 24 that the exchange had met its complete Ether short positions. The asset tracing specialist ZachXBT determined that the hacking team Lazarus operates under North Korean state orders committed the Bybit theft. 

Data Showed Hacker Accessed Funds

Data showed the hacker accessed funds from Bybit through wallets also involved in past cyber intrusions carried out by North Korean criminal hackers against Phemex and BingX. The Infini exploit reveals ongoing security weaknesses facing the cryptocurrency business sector. 

Digital asset owners need stronger security from external hackers and dishonest insiders to protect their digital assets safely. Business experts suggest performing more complete smart contract evaluations plus enhancing both entry rules and blockchain transaction monitoring to prevent future attacks.

The process of mixing cryptocurrency via Tornado Cash makes it harder for authorities to trace illegal payments. The government watchdogs evaluate how much control should be applied to these services to keep them from being used for money laundering and internet crimes. These parties need to join efforts and develop advanced cyber protection methods to stop similar breaches in the future.

The crypto community closely observes how Infini responds to the security breach as it works towards recovering. Measuring performance through open reports shows users what happened and permits compensation until better protection steps are taken. Major companies stay vulnerable to security threats through constant digital asset protection demands.