Stablecoin neobank Infini has fallen victim to a major security breach, with an attacker draining $49.5 million in USDC from the platform. The hacker swiftly converted the stolen funds into 49.5 million DAI before purchasing 17,696 ETH.
These Ethereum tokens were then transferred to a newly created wallet, raising concerns about further laundering attempts.
According to blockchain tracker PeckShieldAlert, the hack may have stemmed from a leaked private key, which allowed the attacker to execute unauthorized transactions. Further investigations revealed that some of the stolen funds were moved to a wallet linked to TornadoCash, a crypto-mixing service often used for obfuscating transactions. Authorities have reportedly identified an engineer associated with the incident, and a police report has been filed.
Despite the security breach, Infini confirmed that all user withdrawal requests—totaling $500,000 since the hack—have been successfully processed, emphasizing its commitment to user protection.
The attack has reignited discussions on Ethereum’s role in crypto exploits, as Infini's hacker follows a familiar pattern seen in recent high-profile breaches. Crypto exchange Bybit recently suffered a $1.4 billion theft, where attackers also converted large sums into ETH. While Bybit has managed to freeze $43 million of the stolen assets, the Infini hack adds to growing concerns over the vulnerability of digital asset platforms.
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