Hackers breached the platform’s system, stealing USDC stablecoins before swiftly converting them into Ethereum and transferring them to a new wallet.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
The cryptocurrency industry has been hit with yet another major cyberattack, following last week’s historic $1.4 billion theft from Bybit. This time, the target is Infini, a blockchain-focused neobank headquartered in Hong Kong.
On Monday, February 24, On-chain analytics platform Lookonchain detected abnormal fund movements and alerted the fintech firm. According to the Web3 company, hackers infiltrated Infini’s system and stole approximately $50 million worth of USDC stablecoin USDC $1.00 24h volatility: 0.0% Market cap: $60.14 B Vol. 24h: $6.03 B . The stolen assets were then converted into 17,696 Ethereum ETH $2 008 24h volatility: 3.3% Market cap: $242.56 B Vol. 24h: $13.72 B and transferred to a newly created wallet “0xfcc8…6e49”.
It seems that the stablecoin bank @0xinfini was hacked and 49.5M $USDC was stolen.
The hacker swapped 49.5M $USDC for 49.5M $DAI and bought 17,696 $ETH.
The 17,696 $ETH was transferred to a new wallet "0xfcc8…6e49".https://t.co/AdAyB3q5LA pic.twitter.com/Rft6ZDtDWO
— Lookonchain (@lookonchain) February 24, 2025
Acknowledging the breach on X (formerly Twitter), Infini’s co-founder Christian Li assured affected users that the company remains fully liquid and will compensate victims accordingly.
This attack comes precisely one year after Infini announced the integration of crypto services into its platform. In February 2024, the firm disclosed that the integration is aimed at revolutionizing traditional finance by offering investors a gateway into the Web3 economy.
Despite being a relatively new player in the crypto industry, Infini has quickly gained traction. Last year, the company reported significant achievements, including a 500% Compound Monthly Growth Rate (CMGR) in Monthly Active Users (MAUs) within just six months of launch.
Infini attributed its rapid success to its robust infrastructure, user-first approach, cutting-edge technology, and comprehensive financial tools designed for payments, investments, and wealth management. However, the recent hack underscores the persistent security challenges facing firms in the digital asset space.
Meanwhile, Infini is not the only firm to suffer a major cyberattack this month. On Friday, February 21, crypto exchange Bybit fell victim to a massive breach, with hackers exploiting platform vulnerabilities to access its cold wallet and steal $1.4 billion in Ethereum.
Despite the scale of the attack, Bybit CEO Ben Zhou reassured users that the exchange had sufficient reserves to cover losses without affecting deposits or withdrawals. During this period, services continued uninterrupted, and users were able to withdraw their funds as usual.
Blockchain security firms later linked the Bybit hack to the notorious North Korean Lazarus Group, known for using sophisticated cyber tools to siphon funds from organizations to finance the country’s weapons program.
Thanks to coordinated industry efforts, Bybit has since closed the “Ethereum gap” caused by the hack. Lookonchain reported on Monday that the exchange had received 446,870 ETH, valued around $1.23 billion at current market prices through a combination of loans, large deposits, and ether purchases over the past two days.
While these incidents have rattled the market, the crypto industry is no stranger to cyberattacks. High-profile breaches continue to plague both centralized exchanges and the decentralized finance (DeFi) sector.
In 2024 alone, the industry recorded 303 separate hacks across various sectors, leading to a staggering $2.2 billion in losses.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
