So, you think you can trust a developer? Think again, folks. Infini, a crypto fintech company, just lost a whopping $49 million in USDC, and guess what? The thief was one of their own. 😱
According to the blockchain security firm Cyvers, this developer had a secret weapon: admin access to the project, even after they were done with it. For over 100 days, everything seemed peachy, but then, out of nowhere, they funded their wallet through Tornado Cash, a crypto mixer that’s like the digital version of a money laundering laundromat. 🧦💰
🚨ALERT🚨Today, @0xinfini suffered a $49M $USDC exploit due to an attacker abusing retained administrative privileges.
The attacker, operating from 0xc49b5e5b9da66b9126c1a62e9761e6b2147de3e1, had initially developed the contract as part of the Infini project. However, after…
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) February 24, 2025
After sending a small ETH transaction to cover gas fees, the hacker executed the attack, draining the entire contract. Talk about a budget-friendly heist! 🛒💰
This comes hot on the heels of the Bybit hack, where attackers drained a staggering $1.5 billion from the exchange’s hot wallets. Two high-profile hacks in quick succession? It’s starting to feel like a crypto version of “Ocean’s Eleven.” 🎥💰
As crypto users and investors try to wrap their heads around these high-profile hacks, one thing is crystal clear: Security needs to be more than just a buzzword. It’s time to lock down those smart contracts and start taking this stuff seriously. 🔒🔥
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2025-02-24 10:45