Infini Faces $49 Million Loss Following Smart Contract Exploit
Infini, a Hong Kong-based stablecoin platform, recently fell victim to a significant security breach, resulting in a loss of approximately $49 million.
The attack primarily targeted Infini’s smart contract, with the stolen funds originating from USDC and subsequently being funneled into a wallet associated with Tornado Cash, a tool used to anonymize transactions. The stolen funds were then converted into Ether.
The breach was confirmed by Cyvers and Blocksec security teams, who linked the incident to the exploitation of administrative privileges within Infini’s smart contract system. The contract in question, identified by the address 0x9A7, was allegedly set up by the attacker, under the pseudonymous address 0xc49, and was thought to have been part of Infini’s original project architecture.
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In response to the attack, Infini expressed regret, assuring the public that their team was actively investigating the situation and working to secure their systems. Infini’s founder, Christian, clarified that the breach stemmed from the attacker’s retention of administrative control rather than a leak of private keys. He emphasized that liquidity remained unaffected and that impacted users would be reimbursed.
This incident follows another high-profile exploit, which occurred just days earlier, targeting Bybit in what is now considered one of the largest crypto hacks to date.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
