Du Jun Speaks on Infini Attack: $50m Loss Is 'Entry-Level Trial-and-Error Cost'

Following the attack on stablecoin neo-banking firm, Infini, that drained $49.5 million, Du Jun, founder of ABCDE, has now commented that this $50 million loss is considered “entry-level trial-and-error cost,” emphasizing the importance of learning from mistakes.

Stablecoin neo-banking firm Infini was subjected to an attack that resulted in a loss of $49.5 million. In response to this event, ABCDE founder Du Jun has stated that such losses are considered "entry-level trial-and-error costs" within the crypto industry.

Du Jun's statement on the Infini attack, as shared on his Twitter account, reads:

"Why is $50 million considered small money? If you're starting a crypto venture, especially one involving large sums, and you haven't lost $50 million in tokens, you might not have even reached the poker table yet. Of course, $50 million is a substantial amount in absolute terms, but within the industry, it's far from being a top-tier loss."

"If you browse through crypto history, you'll find that almost every major project has encountered losses in the hundreds of millions. From Mt.Gox to Luna, PayPal to FTX, and even Bybit last week."

Emphasizing the relative insignificance of Infini's loss compared to the larger losses experienced by other crypto projects, Du Jun's statement continues:

"In light of these massive losses, $50 million can only be regarded as an entry-level trial-and-error cost."

However, Du Jun clarified that his reference to $50 million as "small money" was not intended to downplay the substantial amount lost but rather to highlight the exaggerated thresholds and risks associated with the crypto industry.

Earlier, in response to the Infini attack, Du Jun had stated that Infini is not facing a major problem.

"I've spoken with the team, and they have strong operational ideas, marketing strategies, and financial capabilities. It's better to lose a small amount of money and learn a valuable lesson to strengthen our security, rather than face a larger loss as we grow. If needed, I'm willing to offer $5 to $10 million in funding, though I'm concerned I won't be able to invest further."

It's interesting to note that Du Jun's perspective appears to align with that of Infini's co-founder, Christian, who recently shared, "The lessons we've learned from this attack, at a high cost, will stay with us for life."