Infini Suspends Crypto Card Services After $50 Million Loss

Infini, a prominent stablecoin payment firm, has officially suspended its crypto card services. The decision comes after the company faced significant challenges, including a $50 million loss due to an exploit in February. The exploit was suspected to have been carried out by a project developer who retained administrative controls even after the project's delivery. Despite the setback, Infini's founder, Christian Li, assured users that the company would pay full compensation in the worst-case scenario and did not pause withdrawals.

In a Telegram post, Infini announced that it is pivoting its focus towards financial management to maintain user trust and adapt to compliance standards. The platform emphasized that other product functions remain unaffected, and the company continues to operate normally. Li also mentioned that Infini is developing and conceptualizing other asset management and decentralized payment functions, with plans to iterate and improve these services in the future.

The suspension of the crypto card service highlights the challenges of operating in China’s regulated crypto space. Infini's decision to shift its focus to stable earning products and decentralized payment solutions underscores its commitment to building a robust crypto-native payment infrastructure. The company aims to create a truly decentralized financial system, laying the foundation for future innovations in the crypto industry.

Infini's pivot to financial management and decentralized payment solutions is a strategic move to adapt to the evolving regulatory landscape and user needs. The company's focus on stable earning products and decentralized payment solutions demonstrates its commitment to innovation and user trust. Despite the challenges faced, Infini remains dedicated to building a resilient and decentralized financial system for the future.