Infini Stablecoin Bank Hacked for $49.5 Million USDC

On February 23rd, the stablecoin bank Infini suffered a loss of $49.5 million USDC due to a hack. Analysts from Lookonchain pointed out the suspicious transactions. 

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

According to their data, the hacker exchanged all the stolen assets for 49.5 million DAI and purchased 17,696 ETH with them. This amount was then transferred to a new wallet.

Subsequent investigations revealed that the attack targeted vulnerabilities in the neobank’s smart contracts.

Infini’s founder, Christianeth, confirmed the incident, hinting that the perpetrators were team members.

之前有朋友开玩笑说我这一路也太顺风顺水了，我说已经时刻做好了迎接第一个劫的准备，没想到在bybit之后紧接出事的是自己。

我的个人私钥没有泄漏，不用过度担心，是之前转交权限的时候有疏忽，归根结底是我的责任，这次敲醒了警钟。… https://t.co/7pHxtwD2ZV

— Christian (Building @0xinfini) (@Christianeth) February 24, 2025

“My personal private key was not stolen, so there is no need to worry excessively. I was careless when transferring permissions earlier. Ultimately, it is my responsibility. There are no liquidity issues,” he wrote on X. 

The platform’s head promised full compensation to all affected parties, primarily from personal funds.

Since the theft, Infini has already processed withdrawal requests totaling $500,000. According to the team, the hack only affected part of the financial management due to the suspension of the contract and freezing of assets to prevent secondary risks. 

从被盗到现在，@0xinfini 提款申请累计50万美金，已经全部响应，甚至还有不少朋友继续存钱的..

目前产品一切消费和提款都照常，唯一受影响的是理财部分（因为暂停了合约也没有继续划转资金，防止二次风险），需要一定时间来提出和执行更妥善的方案。

感谢大家的支持，行业是温暖的，未来是光明的。

— Christian (Building @0xinfini) (@Christianeth) February 24, 2025

Full restoration of the bank’s operations is expected to take “some time.”

Earlier in February, the exchange Bybit lost $1.46 billion in Ethereum in a major hack. Experts have linked the cyberattack to North Korea’s Lazarus Group.