Key Highlights:
• Infini loses $49.5 million in an exploit tied to an ex-developer who secretly retained admin rights.
• The hack follows Bybit’s massive $1.5 billion theft last week, intensifying concerns over crypto security.
• Infini’s founder, Christian Li, assures that full compensation can be paid and that stolen funds are being traced.
If you thought Bybit’s $1.5 billion hack was enough chaos for the month, think again Paradisers. Infini, a stablecoin neobank, has now suffered a $49.5 million exploit, making February feel like a cybercriminal’s holiday season.
According to blockchain security firm Beosin Alert, the attacker converted the stolen USDC into 17,696 Ethereum before transferring the funds externally. But here’s the real kicker—this wasn’t some random hacker operating in the shadows. Instead, it turns out the attacker was a former developer on the project who had secretly kept admin rights after finishing their work.
Security firm Cyvers Alerts broke the news on X, revealing that Infini’s own code contributor essentially had a “backdoor key” the whole time. This revelation is bound to make every DeFi founder suddenly paranoid about who has access to what in their projects.
Christian Li’s Assurance: “We Can Cover It”
In the aftermath of the attack, Infini’s founder Christian Li quickly addressed concerns, stating that full compensation could be paid and that the team is actively tracing the funds.
While the commitment to covering losses is reassuring, traders remain wary, especially in the wake of Bybit’s recent troubles. Crypto analyst Ali summed up the general sentiment:
“Another day, another hack. The community can rally behind @Bybit_Official and now @0xinfini, acting like everything is fine, but let’s be real, this isn’t a good look for the industry.”
The Bybit Fallout and Its Ripple Effect on the Market
Infini’s attack comes just days after Bybit suffered the largest crypto hack in history, losing $1.5 billion in Ethereum—an incident many believe was orchestrated by North Korea’s Lazarus Group. The sheer scale of the Bybit hack shook the market, sending Bitcoin below $95,000 and dragging Ethereum down to $2,641.
The fear now? A domino effect of vulnerabilities being exposed, leading to further sell-offs and market uncertainty. Bybit CEO Ben Zhou has since claimed that the exchange “fully closed the ETH gap,” but the damage to investor confidence remains.
MCP Private Perspective: What’s the Real Trade Here?
Mainstream traders might see these hacks as nothing more than another round of bad headlines, but MCP News Private members know better. This isn’t just about security breaches—it’s about market sentiment and liquidity shifts.
When hacks of this scale occur, they often create temporary fear-driven sell-offs, opening up prime trading opportunities. Remember the FTX collapse? Retail panic sold the bottom while institutions scooped up Bitcoin on the cheap. We saw it, called it, and traded it inside ParadiseFamilyVIP.
Are we seeing another liquidity trap here? Or is there an opportunity brewing beneath the panic? Our MCP Private analysts are already mapping out the plays.
If you’re still relying on the same surface-level news as the masses, you’re trading blind. Join MCP News Private now to get the insights that actually move markets.
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