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.
Du Jun Speaks on Infini Attack
In his statement, Du Jun wrote that if you haven’t experienced a $50 million loss in the crypto industry, particularly in projects involving large amounts of funds, you might not have even entered the “poker table” of the industry. He acknowledged that while the absolute value of $50 million is significant, it fades in comparison to the losses seen in other high-profile crypto projects.
Jun cited examples such as Mt. Gox, Luna, PayPal, FTX, and Bybit, which have faced losses of hundreds of millions of dollars. He said, “In light of these larger losses, $50 million can only be regarded as an entry-level trial-and-error cost.”
However, Du Jun clarified that by referring to the $50 million as “small money,” he did not intend to underestimate the amount but rather to highlight that the thresholds and risks of the crypto industry are significantly exaggerated.
Previously, in response to the Infini attack, Du Jun had remarked that Infini is not facing a major problem. Jun said, “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.”
Interestingly, 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.”
Also Read: Following Bybit Hack, Stablecoin firm Infini Loses $49.5M in Attack
