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Infini’s Prepaid Payments Card Issuer Hacked, Loses $49.5 Million
Summary
Infini, a Hong Kong-based neobank, has fallen victim to a hacking attack, resulting in the loss of nearly $50 million in cryptocurrency. The attack occurred just days after Bybit, the second-largest cryptocurrency exchange by trading volume, was also targeted by hackers, who stole nearly $1.5 billion in crypto.
The Attack
The hack occurred when a developer, who had set up Infini’s smart contract, kept admin rights over it. Over three months later, they leveraged these rights and drained the funds to a wallet funded by cryptocurrency mixer Tornado Cash. The attack was discovered when Infini noticed that the funds were missing and an investigation was conducted to identify the perpetrator.
Response to the Hack
Infini has taken steps to respond to the attack, including offering a 20% share of the stolen assets to the hacker if they choose to return the funds. The company has also warned the hacker that if they fail to respond, it will continue its investigation in collaboration with law enforcement. In a blockchain transaction, Infini told the hacker, "We are closely monitoring the address involved and are prepared to take immediate action to freeze any stolen funds if necessary."
The Impact
The hack has left Infini’s founder, Christian Li, to cover the full loss from his personal funds. The incident highlights the need for enhanced security measures in the cryptocurrency space. The hack also raises questions about the role of cryptocurrency mixers in facilitating illegal activities.
Conclusion
The hack of Infini’s prepaid payments card issuer is a stark reminder of the risks associated with the cryptocurrency space. As the industry continues to grow, it is essential to prioritize security and implement robust measures to prevent such attacks.
FAQs
Q: How did the hack occur?
A: The hack occurred when a developer, who had set up Infini’s smart contract, kept admin rights over it. Over three months later, they leveraged these rights and drained the funds to a wallet funded by cryptocurrency mixer Tornado Cash.
Q: How much was lost in the hack?
A: Infini lost nearly $49.5 million in cryptocurrency as a result of the hack.
Q: What is Infini’s response to the hack?
A: Infini has offered a 20% share of the stolen assets to the hacker if they choose to return the funds. The company has also warned the hacker that if they fail to respond, it will continue its investigation in collaboration with law enforcement.
Q: What is the impact of the hack on Infini’s founder?
A: The hack has left Infini’s founder, Christian Li, to cover the full loss from his personal funds.
