Hackers steal $49 million USDC from Infini exchange
The stablecoin neobank Infini suffered a major setback on Monday when hackers drained 49.5 million USDC from its platform, according to on-chain data.
The incident has sparked widespread speculation and close monitoring of the attacker’s subsequent transactions across multiple blockchain networks, reports CoinGape.
Details of the Hack
According to a Lookonchain post on X dated February 24, Infini was compromised when an attacker successfully stole 49.5 million USDC and immediately swapped the entire amount for 49.5 million DAI, an Ethereum-based stablecoin.
The hacker then used the DAI to purchase 17,696 ETH, which was transferred to a new wallet address identified as “0xfcc8…6e49.” This chain of transactions has attracted significant attention, with on-chain trackers keeping a vigilant eye on the new wallet address as market participants assess potential impacts on ETH’s price.
Investigation and Response
Further investigation by PeckShieldAlert revealed that suspicious transactions indicated a potential leak of a private key—specifically, “0xc49b…e3e1”—which may have facilitated the breach. In a subsequent post, PeckShieldAlert stated that the engineer involved in the incident had been identified and that a police report has been filed.
Although the full details of the breach remain under investigation, Infini confirmed that withdrawal requests surged to $500,000 following the hack and that all such requests have been fully processed, underscoring the platform’s commitment to user protection.
Market Implications and Future Concerns
While Infini’s swift processing of withdrawals has reassured some users, the broader market remains cautious. Analysts warn that if the attacker begins selling off the acquired ETH, it could place downward pressure on prices. As stablecoin platforms face increasing cyber threats, industry experts call for enhanced security measures to prevent similar exploits.
As the investigation unfolds, market watchers will closely monitor the attacker’s wallet movements and any subsequent market reactions. The incident is a stark reminder of the ongoing cybersecurity challenges in the digital asset space and the critical need for robust security protocols across crypto platforms.
Recently we wrote, that Ethereum Foundation lead developer Tim Beiko has dismissed calls for a blockchain rollback after the recent Bybit hack, calling the idea impractical and unfeasible.
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