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Infini Offers 20% Bounty And Immunity To Hacker For Stolen Funds
- Written by Kiara Fabbri Former Tech News Writer
- Fact-Checked by Sarah Frazier Former Content Manager
Infini’s founder, Christian Li, has once again reached out to the hacker responsible for the $49.5 million heist from the stablecoin digital bank’s wallets.
In a Rush? Here are the Quick Facts!
- Infini offered a 20% bounty for the return of $49.5 million in stolen funds.
- The hacker withdrew 49.5 million USDC and converted it into Ethereum.
- Infini’s breach occurred due to a developer retaining admin rights in a smart contract.
In a recent blockchain transaction, Li sent 0.1 ETH to the hacker, reinforcing his earlier offer of a 20% bounty for the return of the stolen funds and legal immunity if the hacker cooperates, as reported by Crypto.news (CN).
Important update: We’ve identified critical info regarding the exploit and we’re monitoring involved addresses. pic.twitter.com/xqZwRYg4CS — Infini (@0xinfini) February 24, 2025
The hacker stole the funds on February 24, taking advantage of a vulnerability in Infini’s Ethereum-based protocol, as first reported by CertiK.
#CertiKInsight 🚨 We have seen suspicious transfers of funds from unverified contracts on Ethereum 0x9A79f4105A4e1A050Ba0b42F25351D394fA7E1DC The receiver 0x3ac96134fb0e42a52d33045aee50b89790f05ed0 took ~$49.5M and is swapping them for Dai Stay Vigilant! pic.twitter.com/MVXyn4fM9o — CertiK Alert (@CertiKAlert) February 24, 2025
CN says that Li’s outreach to the hacker is part of the bank’s ongoing efforts to recover the stolen funds, which were converted into Dai (DAI) and used to buy Ethereum (ETH). The stolen ETH was subsequently moved to a new wallet, raising concerns about the funds’ safety.
Li acknowledged the hacker’s technical ability in identifying the protocol vulnerability and reiterated the 20% bounty offer. He assured the hacker that no legal action would be taken if the funds were returned, as reported by CN.
Infini’s wallet was compromised when a developer, who had retained admin rights on the smart contract, exploited the system to drain the funds. The exploit has been linked to a compromised private key rather than a wallet vulnerability, says CN.
Infini co-founder promised customers that the bank would reimburse them for their losses and is working with law enforcement to ensure the hacker faces consequences, as noted by CN.
Blockchain.news (BN) The Infini hack is part of a growing trend of high-profile cryptocurrency thefts that continue to shake the industry. However, Infini’s response, offering a legal amnesty and financial reward for the hacker’s cooperation, reflects an evolving approach to handling such crises.
While this method might seem unconventional, it may help avoid prolonged investigations and prevent further damage to the company’s reputation.
In related news, the broader crypto market has been rocked by another significant hacking incident. The hacker responsible for stealing 499,000 ETH from Bybit is nearing the completion of selling off the stolen assets, as reported by BN.
As of March 3, only 60,000 ETH remains to be laundered, putting additional pressure on the Ethereum market. The rapid liquidation of these stolen funds has caused fluctuations in ETH prices, triggering a 2.8% drop in its value in just one hour, reported BN.
The surge in trading volumes and increased activity on decentralized exchanges (DEXs) reflect growing investor concern as the crypto community grapples with these security breaches, notes BN.
The Infini case and Bybit’s hack have brought attention to the challenges in securing digital assets and the increasing role of hackers in the crypto ecosystem.
As the situation unfolds, Infini’s commitment to recovering the stolen funds remains steadfast, with an emphasis on securing the platform and protecting users.
Photo by Rafik Wahba on Unsplash
Chinese AI Startup Zhipu AI Attracts $137 Million Investment From State Funds
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Sarah Frazier Former Content Manager
The Chinese artificial intelligence startup Zhipu AI raised 1 billion yuan—$137.22 million—in its latest funding round. The Beijing-based company shared the update in a post on WeChat today.
In a Rush? Here are the Quick Facts!
- Chinese AI startup Zhipu AI raised $137 million in its latest funding round to expand its AI ecosystem.
- The company plans to enhance its GLM large language model and develop projects in Zhejiang and the Yangtze River Delta.
- Zhipu AI remains blacklisted in the U.S., restricting its access to American AI chips and technology.
According to Reuters , Zhipu AI has gained relevance in the AI race, competing with major contendants in the region like DeepSeek and Alibaba. In December, it raised over 3 billion yuan—around $420 million —and with this latest investment, it has raised a total of $1.16 billion.
The main investors in the AI project are Hangzhou City Investment Group Industrial Fund—which also supports DeepSeek—and Shangcheng Capital, both state-backed firms. The deal shows Hangzhou City’s efforts to become a major AI hub in the region.
With the new investment, Zhipu AI said that it will expand its AI ecosystem and enhance its GLM large language model. The startup will also focus on developing projects in the Yangtze River Delta economic zone and the Zhejiang province.
This new push comes after DeepSeek’s success in the U.S. market , ranking first place on Apple’s App Store in January.
According to CNN , Zhipu AI, founded in 2019, is among the AI companies blacklisted in the U.S. by the Commerce Department’s Bureau of Industry and Security. It was added to the list on January 15, during the final days of Biden’s administration, as it was considered a threat to foreign policy interests and national security.
The AI startup cannot buy American technology, including Nvidia’s popular AI chips. It joined other tech companies with the same restrictions such as ZTE, Huawei, and SMIC. DeepSeek is not listed.
Besides investing in AI companies, the Chinese government and major institutions have made significant progress in adopting advanced local AI technology. China’s ports have been using DeepSeek AI’s customized model to streamline operations, and Chinese universities have begun implementing courses centered around DeepSeek .
