Stablecoin Bank Infini Hack: Detailed Analysis of the Loss of 49.5 Million USDC

Overview of the attack

On February 24, 2025, stablecoin banking platform Infini was the target of a major cyberattack, resulting in the loss of 49.5 million USDC . According to a report from Wu Blockchain , the funds were withdrawn through two main transactions:

• 11.45 million USDC in first transaction.

• 38 million USDC in the second transaction.

The initial cause was identified as a security vulnerability related to private keys , allowing hackers to access and withdraw funds from the platform illegally.

Hacking progress

• After successfully stealing 49.5 million USDC , the hacker quickly converted all of the USDC to 49.5 million DAI to avoid being frozen by the issuer Circle.

• Next, the hacker used DAI to purchase 17,696 ETH on decentralized exchanges.

• This amount of ETH is then transferred to a new wallet address , making it more difficult to trace.

Data: Arkham Intelligence

Response from Infini and stakeholders

Currently, Infini's official account on the X platform has not made an official announcement about the incident. However, Christian , the project's founder, reassured users on his personal account that:

• The withdrawal system is still operating normally , with no impact on customer transactions.

• The project commits to compensate for all damages if hacked assets cannot be recovered.

Impact on market and community

The hack comes just days after the attack on the Bybit exchange , in which $1.4 billion worth of ETH was stolen, raising major concerns about the security of decentralized finance (DeFi) platforms and stablecoin banks.

Market impacts may include:

• Investors' panic mentality causes them to withdraw capital from platforms with high security risks.

• ETH prices do not fluctuate much , but large asset movements can affect the liquidity of some exchanges .

• Regulations will continue to tighten , requiring platforms to increase security measures.

Solutions to prevent similar hacks

To avoid future attacks, Infini may take several security measures such as:

• Enhance multi-factor authentication (MFA) for all important transactions.

• Use cold storage wallets to protect most of your assets from online attacks.

• Continuous on-chain monitoring to detect suspicious activities in real-time.

• Partner with blockchain security organizations like Arkham Intelligence or Chainalysis to track and trace stolen funds.

Conclude

The Infini hack is a clear demonstration that digital finance platforms remain at significant risk from cyberattacks. While Infini responded quickly and reassured the community, the incident underscores the importance of enhanced security and ongoing monitoring. Without stronger safeguards, similar hacks could continue to occur, impacting investor confidence and the growth of the DeFi ecosystem.