Infini, a stablecoin payment firm, has suffered a $50 million loss due to an exploit likely conducted by a rogue developer who retained administrative rights after project completion. The perpetrator exploited a contract created in November 2024 to transfer $49.52 million in USD Coin, which was later converted to 17,696 ETH. Despite the significant theft, the Infini team did not pause withdrawals, and the founder indicated that full compensation is planned in the worst-case scenario. Following the incident, Infini has seen $500,000 in withdrawals. An apparent internal investigation is ongoing, with a team member claiming the responsible engineer has been identified and reported to the police. This incident follows a massive $1.4 billion hack of cryptocurrency exchange Bybit, further intensifying concern over security in the industry.

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