Infini Founder Offers 20% Bounty to Hacker in Blockchain Transaction

In a surprise move, Christian Li, founder of the stablecoin digital bank Infini, has reached out to the hacker responsible for stealing $49.5 million from the company’s wallets, offering a 20% bounty of the stolen funds in exchange for their return.

White-Hat Agreement Proposal

Li sent a message to the hacker’s address via a blockchain transaction, praising their skill in identifying vulnerabilities in Infini’s protocol and proposing a white-hat agreement. The agreement would see the hacker return the stolen funds, with no legal action taken in response, and receive a 20% bounty as a reward.

This is the second message Infini has sent to the hacker, following an initial warning on February 24, the day of the hack. In the first message, Infini warned the hacker that they were monitoring the address in question and were prepared to take action and freeze the stolen funds if necessary. The company also offered a 20% bounty for the return of the stolen assets, giving the hacker 48 hours to respond.

The Hack and Its Aftermath

The hacker stole $49.5 million from Infini’s wallets, just days after the company announced that it had reached $50 million in total value locked. The stolen funds were exchanged for Dai (DAI) and used to purchase 17,696 Ethereum (ETH).

According to reports, the exploit occurred due to a developer who helped set up the smart contract retaining admin rights. Three months later, the developer used these rights to drain the funds to a wallet funded through the crypto mixer Tornado Cash. The breach appears to have been caused by a compromised private key rather than a vulnerability in the wallet infrastructure.

Reassurance to Customers

Infini’s co-founder has assured customers that they will be reimbursed for their losses. The company is taking steps to address the issue and prevent similar breaches in the future.

For more updates on this story and other cryptocurrency news, stay tuned to Global Crypto News.

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