5 hours Ago By Alisa Davidson
To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read article for precise information. In Brief SlowMist identified an attack on Infiniti’s smart contract, resulting in the theft of approximately $50 million, and promptly initiated an investigation.
Blockchain security firm reported that its security team identified an attack on the smart contract of , a stablecoin neobank, resulting in the theft of approximately $50 million. The firm stated that it promptly initiated an investigation. According to the report, the attacker demonstrated advanced technical knowledge of smart contracts, enabling them to access and withdraw funds from the Vault and related strategies using a private key.
The breach occurred in two separate incidents. 🚨SlowMist Security Alert🚨 The contract was attacked and approximately $50 million in funds was stolen. We are following up on this incident.
Blockchain security firm noted that the stolen funds were transferred to a wallet linked to TornadoCash, a privacy-focused cryptocurrency mixer, before being converted into DAI. The attacker subsequently swapped approximately 49.5 million DAI for around 17,700 ETH and moved the assets to a new address.
A community member has reported suspicious txs, the funds were transferred to a wallet funded by & swapped the received funds to . It appears that private key 0xc49b..
.e3e1 was leaked. Meanwhile, Infiniti’s founder, Christian, acknowledged the incident and stated that the team was actively investigating and tracking the transactions.
He reassured users that withdrawals remained operational and, in the worst-case scenario, full compensation would be provided. In a separate statement on social media platform X, Christian clarified that his personal private key had not been compromised. While some companies extended offers of assistance, Christian maintained that the platform faced no liquidity issues and was capable of fully compensating affected users.
He also reaffirmed that efforts to trace the stolen funds were ongoing. “I’m sorry to have worried everyone who trusted us. I know rebuilding trust will be a difficult process, but we won’t give up,” he stated.
It positions itself as a cryptocurrency neobank, aiming to reshape digital finance and expand accessibility to a broader user base. The platform integrates competitive savings yields, a premium crypto-linked debit card, and a streamlined user interface to facilitate the seamless management of digital assets. Users have the opportunity to earn returns by depositing USD-backed stablecoins into Infini, where funds are automatically allocated to optimized delta-neutral strategies.
Additionally, Infini offers a Visa or Mastercard prepaid debit card, enabling users to spend their stablecoin balances for everyday transactions while continuing to accrue interest on their holdings. In line with the , please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts.
For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3.
With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance. Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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