Crypto Security Breach: Infini Suffers $49.5 Million Hack on Ethereum

Crypto Security Breach- $49.5 Million Stolen from Infini Neobank: Latest in Series of Crypto Hacks

Crypto Security Breach– Infini, a rapidly growing neobank that connects traditional banking to the crypto world, recently fell victim to a sophisticated hack on February 24. CertiK, a prominent blockchain security firm, first flagged the suspicious activity when unauthorized transfers were noticed on Ethereum’s network.

The attacker exploited special access to an Infini-related Ethereum account (“0xc49b…”), allowing them to steal 49.5 million USD Coin (USDC). The stolen funds were quickly converted to Dai (DAI) and used to purchase 17,696 Ethereum (ETH). According to Lookonchain, the stolen ETH was then transferred to a new wallet, identified as “0xfcc8…6e49.”

Infini’s Response to the Incident

After the breach, Infini’s co-founder assured users that they would be fully compensated for their losses, claiming the company had the means to cover the stolen funds. However, the full scope of the breach and Infini’s recovery efforts have not yet been formally communicated through official channels, such as the company’s website or social media.

The breach appears to have stemmed from a compromised private key, not a flaw in Infini’s protocol or smart contracts. This incident highlights ongoing concerns about private key management and the importance of ensuring secure systems in the decentralized finance space.

A String of Recent Crypto Hacks

The Infini hack comes just days after the massive $1.4 billion hack of the Bybit exchange on February 21, demonstrating that even large, established crypto platforms are vulnerable. Bybit’s cold wallet was compromised through a manipulated smart contract. The exchange has since launched a recovery effort and a $140 million bounty for information on the stolen funds.

In an industry still grappling with security vulnerabilities, this attack adds to the growing concerns over the safety of digital assets.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.