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Infini Crypto Bank Loses $49.5M in Developer Hack

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sparksAI summary
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  • Infini crypto bank lost $49.5 million in a hack by a former developer
  • Hacker exploited administrative privileges, accessed private key, and converted funds to Ethereum
  • Infini's founder acknowledged the breach, offered compensation, and aimed to recover stolen funds
  • Incident highlighted risks of retained admin privileges in smart contracts
  • Infini assured users that all transactions were unaffected
  • The breach adds to concerns about security in the DeFi space
360 summary
  • Christian Li admitted negligence in transferring authority, taking full responsibility for the breach.
  • Li offered the hacker 20% of the stolen amount as a reward for returning the funds, emphasizing a desire to resolve the situation amicably.
  • Despite the breach, Infini continued to allow withdrawals, with Li assuring users of full compensation in the worst-case scenario.
decrypt.co
  • Hakan Unal emphasized the critical risks of retained administrative privileges in smart contracts, urging projects to thoroughly audit and revoke unnecessary permissions post-deployment.
  • QuillAudits research team highlighted the importance of treating access control as a core security priority rather than an afterthought to prevent future hacks.
  • The research team stressed that addressing these security issues requires not just better technology but also the development of better security habits within projects.
decrypt.co
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