INFINI HACKED

Summary from the TLDR Crypto newsletter

Infini lost $49.5 million after its founder, Christian, transferred contract authority to a rogue developer who exploited admin privileges to drain funds. The attacker converted USDC to DAI and ETH, evading detection, while Christian pledged personal funds to cover losses and offered a 20% bounty for the stolen assets. The incident highlights the critical need for stronger access controls and security practices in DeFi, as blind trust in anonymous developers continues to pose significant risks.