Crypto neobank Infini was hacked, resulting in a loss of $49.5 million.
How the Attack Unfolded
CertiK detected suspicious activity on February 24. The attackers used retained admin privileges to access an Infini-related Ethereum contract, withdrawing 49.5 million USDC, exchanging them for DAI, and buying 17,696 ETH, which was moved to a new wallet. According to Lookonchain, the attacker was a former developer who maintained control over the contract through Tornado Cash.
Circle’s Response
Blockchain investigator ZachXBT criticized stablecoin issuer Circle for a delayed response, noting it took 40 minutes to fully convert the stolen funds. This is not the first time Circle faced criticism for its response to malicious transactions involving USDC.
Impact on the Market
This incident follows the hack of Bybit, leading the company to restore its reserves. Infini co-founder Christian Li took responsibility for administrative mismanagement, asserting the platform's financial stability and commitment to compensating affected users.
Recent events highlight the vulnerabilities in crypto platforms and the need for enhanced security measures.
