Infini Hack: Attacker Drains $49.5M In USDC Abusing Administrative Rights

The stablecoin neobank Infini encountered a severe setback on Monday as it fell victim to a hack. As per various on-chain trackers, 49.5 million USDC was drained from the platform. Subsequently, the attacker’s on-chain movements have raised eyebrows among market participants globally as it abused administrative rights.

Infini Hack: Attacker Steals $49.5M Sparking Speculations

According to Lookonchain’s X post on February 24, Infini was hacked, and the attacker stole 49.5 million USDC from the stablecoin bank. Thereafter, the attacker swapped all the stolen funds for 49.5 million DAI, an Ethereum-based stablecoin.

Further, the hacker moved on to purchase 17,696 ETH from the swapped DAI. These ETH tokens were then transferred to a new wallet address, “0xfcc8…6e49”. This saga as a whole captured significant market attention, and the address remains extensively monitored by on-chain trackers.

How Did The Infini Hack Happen?

Meanwhile, tracker PeckShieldAlert further revealed in an X post that a community member reported suspicious transactions wherein stolen funds were transferred to a TornadoCash-associated wallet. “It appears that private key 0xc49b…e3e1 was leaked,” the tracker clarified, clearing waters.

Intriguingly, PeckShieldAlert revealed in another X post that the engineer involved in the key leak has been identified, and a police report has been filed.

Simultaneously, ‘Cyvers Alerts’ revealed in another X post that the attacker abused administrative privileges. Notably, the attacker operated from the address “0xc49b5e5..e3e1,” which had initially developed the contract as part of the Infini project. However, the attacker secretly kept admin rights.

Further updates remain much awaited on the Infini hack, while market watchers are cautious as the attacker could sell ETH, bringing heat to its price.

The stablecoin bank revealed that withdrawal requests on the platform soared to 500,000 USD since the hack, all of which have been fully processed. This mover underscored the platform’s undeterred pro-user approach, offering relief despite the recent attack.

ETH: Hackers’ New Favorite?

Simultaneously, it’s worth mentioning that ETH has nabbed significant attention amid rising hacks across the broader sector. Apart from the Infini hack, crypto exchange Bybit fell victim to the Lazarus Group’s attack.

Notably, hackers stole $1.4 billion in ‘ETH’ from the platform. This saga again underscored the crypto market’s risky nature, with Ethereum being hackers’ favorite token to cash out stolen funds.

It’s noteworthy that $43 million of the stolen assets have been frozen as Bybit collaborates with other parties in the aftermath of the hack. The recent stablecoin bank hack further adds to investor concerns, highlighting the market’s risky nature.