- Hong Kong-based neobank Infini lost $49.5 million in a security breach, nearly its entire total value locked.
- The exploit occurred when a developer retained admin rights to the smart contract and used them to drain funds.
- Stolen funds were routed through Tornado Cash cryptocurrency mixer.
- Company offered the Hacker a 20% bounty for returning the funds, with a 48-hour deadline.
- Founder Christian Li committed to personally cover all losses from the incident.
Hong Kong-based prepaid card issuer Infini suffered a devastating blow when a hacker drained $49.5 million from its wallets, mere hours after the company celebrated reaching $50 million in total value locked (TVL).
The security breach emerged through a critical vulnerability in the platform’s smart contract administration. Cyvers security analysts revealed that a developer maintained administrative access to the smart contract for over three months before executing the exploit.
In response to the attack, Infini attempted to negotiate with the perpetrator, sending a message through a blockchain transaction: “We are willing to offer you 20% of the stolen assets should you choose to return the funds.” The company also claimed to have collected the attacker’s IP and device information.
This incident follows a broader pattern of cryptocurrency heists, coming shortly after crypto exchange Bybit lost approximately $1.5 billion in what stands as the largest cryptocurrency exploit to date. These attacks highlight the ongoing security challenges in the digital asset sector.
Christian Li, Infini’s founder, has taken personal responsibility for the breach and pledged to reimburse affected users from his personal funds. The stolen funds were reportedly channeled through Tornado Cash, a cryptocurrency mixer frequently used to obscure transaction trails.
Cryptocurrency mixers, like Tornado Cash, are privacy tools that combine multiple transactions to hide their origin, making them controversial due to their potential use in money laundering activities.
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