Breaking News: Infini Crypto Neo-Bank Suffers $49.5 Million Hack
Details of the Hack
Response from Infini’s Founder
Industry Experts Weigh In
Experts from QuillAudits, a smart contract audit firm, confirmed that the breach was due to compromised access and privilege escalation. Specifically, they noted that the hacker had access to a private key linked to a specially privileged account, which allowed the withdrawal of the funds.
Meanwhile, Hakan Unal, a Senior Blockchain Scientist at Cyvers, emphasized the critical risks associated with retained administrative privileges in smart contracts. Consequently, he advised that projects must thoroughly audit and revoke unnecessary permissions post-deployment to prevent such exploits.
Broader Implications for the Crypto Industry
This incident at Infini is not isolated. Just days before, the crypto exchange Bybit suffered a colossal loss of $1.4 billion in Ethereum and related tokens. On-chain analysis pointed to the Lazarus Group, a North Korean state-sponsored hacking group, as the culprits behind the attack.
The growing frequency of these incidents, with over $2.2 billion in crypto stolen last year alone, underscores the urgent need for enhanced security measures in the DeFi space. According to a report by Chainalysis, the number of individual hacking incidents rose from 282 in 2023 to 303 in 2024, with 50% of the stolen funds linked to North Korean groups.
As the crypto industry continues to evolve, platforms must prioritise robust security protocols to safeguard user assets effectively. Treating access control as a core security priority is crucial.
Infini has assured its users that the team is rigorously performing all system checks to secure the platform and prevent future breaches. The company’s proactive approach in handling the situation demonstrates its commitment to user security and may set a precedent for other platforms in the industry.
For more insights into the importance of security in the crypto industry, check out our article on securing talent in crypto.
