Key Points:

• Infini Neobank Hacked, losing $49.5 million USDC due to a compromised private key. The attacker swapped assets to ETH and moved them to a new wallet.
• Infini’s co-founder assured users that all losses would be reimbursed, stating that the company has the financial capacity to cover the damages.
• The attack follows Bybit’s $1.4 billion hack, highlighting an increasing wave of crypto security breaches in 2024.

The breach is part of a growing trend in 2024, where cybercriminals exploit security lapses in the crypto sector. Infini’s hack, similar to Bybit’s $1.4 billion breach, underscores the vulnerability of centralized crypto platforms. With private key mismanagement emerging as a critical risk, industry leaders call for better security frameworks to protect users and institutional funds.

Infini Neobank Hacked, $49.5M USDC Drained in Exploit

In the early hours of February 24, blockchain security firm CertiK detected unauthorized transactions from an Infini Neobank contract on Ethereum. The attacker, who exploited a compromised private key, gained access to an Infini-related wallet and withdrew 49.5 million USDC.

According to Lookonchain, the hacker quickly converted the stolen USDC into 49.5 million DAI before purchasing 17,696 ETH. The funds were then transferred to a newly created wallet, making it difficult to track or recover them.