On February 24, 2025, Infini, a Hong Kong-based stablecoin neobank, suffered a security breach resulting in the loss of $49.5 million in USD Coin (USDC). The attack targeted an Infini-related smart contract on the Ethereum blockchain, and a hacker gained unauthorized access by exploiting administrative privileges. The stolen USDC was converted into Dai (DAI) and then used to purchase 17,696 Ethereum (ETH). The funds were transferred to a new wallet and split across multiple addresses, and efforts are underway to trace the hacker's movements. Infini acknowledged the breach and assured users that all transfers and payments remain normal. The founder, Christian Li, took responsibility for the exploit but denied a private key leak. The incident has raised concerns about private key management and smart contract security. The breach comes shortly after the Bybit exchange hack, and similarities in tactics suggest the involvement of the Lazarus hacker group. The incidents have prompted calls for better security protocols in crypto platforms. The stolen ETH entering the market has caused a slight rally in Ethereum's price, but concerns about money laundering and illicit financing have also been raised.



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