Infini Stablecoin Bank Hit by $49M Exploit: Insider Access Behind the Breach

A burgeoning neobank, Infini, has suffered a significant security breach resulting in a loss of $49 million in USDC. The attack exploited a vulnerability stemming from an administrative access issue with the smart contract developer responsible for its stablecoin products. 30% more users signed up for Infini’s services in the past few weeks leading to the exploit as it launched card campaigns. The bank offers high-yield earnings products, contributing to increased liquidity and potentially attracting those seeking quick returns.