Neobank Infini suffered a major cyber attack on February 24, resulting in the theft of a total of 49.5 million USDC. Following the incident, blockchain analysis firms and market experts tracked the hacker’s activities and identified suspicious transfers. It was revealed that the stolen funds were converted into the Ethereum 
$3,334-based DAI stablecoin and subsequently used to purchase ETH, raising new security concerns in the cryptocurrency market.
Details of the Attack and Blockchain Tracking
The perpetrator converted the stolen 49.5 million USDC to DAI and then purchased a total of 17.696 ETH with these funds. This acquired ETH was transferred to the address “0xfcc8…6e49.” Blockchain analysis firms and community members have been tracing these suspicious movements.
PeckShieldAlert shared initial findings regarding the attack, stating that a private key coded “0xc49b…e3e1” was leaked. Community analyses revealed some of the funds were sent to a wallet linked to TornadoCash, indicating the attacker’s attempts to obfuscate their trail.
Market Reactions and Implications
In the aftermath of the attack, Infini continued to process user withdrawal requests, successfully completing transactions worth 500,000 USD. This move was perceived as an effort to maintain user trust.
The attack underscored that ETH remains one of the most utilized assets in cyber assaults. Similar past incidents have caused fluctuations in ETH prices, and market observers predict volatility if the attacker sells off the stolen ETH.
The increase in cyber attacks within the cryptocurrency market highlights the inadequacy of current security measures. Experts argue for the development of new security protocols to mitigate the impact of such events on users. Users are encouraged to enhance their security measures to protect their funds.
