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The neo-bank Infini has fallen victim to a $50 million $USDC
theft by a former employee. Although this amount is significantly lower than the Bybit hack, the incident remains noteworthy. Founded by entrepreneur Christian Li, Infini is a platform that aims to provide banking services using blockchain technology and stablecoins for the general public.
The culprit was not a group of North Korean hackers but a former developer who retained administrator privileges after leaving the company. With these access rights, he was able to divert the funds to his own accounts.
The theft occurred in multiple stages. The hacker funded an intermediary wallet with 1 $ETH to cover transaction fees before withdrawing $49.52 million in USDC via a smart contract created in November 2024. To prevent Circle (the issuer of USDC) from freezing the funds, he quickly swapped the stablecoins for Ethereum, while another portion was converted to Dai and then back to Ethereum. Eventually, the stolen funds were distributed across two wallets:
š¹ One containing 21,807 ETH
š¹ Another containing 17,696 ETH
Although $50 million may seem like a small sum compared to the $1.5 billion stolen from Bybit, this incident remains an important case in the world of cryptocurrency.
#NeoBank
theft by a former employee. Although this amount is significantly lower than the Bybit hack, the incident remains noteworthy. Founded by entrepreneur Christian Li, Infini is a platform that aims to provide banking services using blockchain technology and stablecoins for the general public.
The culprit was not a group of North Korean hackers but a former developer who retained administrator privileges after leaving the company. With these access rights, he was able to divert the funds to his own accounts.
The theft occurred in multiple stages. The hacker funded an intermediary wallet with 1 $ETH to cover transaction fees before withdrawing $49.52 million in USDC via a smart contract created in November 2024. To prevent Circle (the issuer of USDC) from freezing the funds, he quickly swapped the stablecoins for Ethereum, while another portion was converted to Dai and then back to Ethereum. Eventually, the stolen funds were distributed across two wallets:
š¹ One containing 21,807 ETH
š¹ Another containing 17,696 ETH
Although $50 million may seem like a small sum compared to the $1.5 billion stolen from Bybit, this incident remains an important case in the world of cryptocurrency.
#NeoBank
WeFi Crypto ATM: A Breakthrough Connecting Digital and Fiat Money
WeFi is not just a decentralized neobank but also a pioneer in developing crypto ATMs, bridging traditional finance with blockchain technology.
Key Features of WeFi ATMs:
Easy cash withdrawal & deposit: Supports converting cash to stablecoins and withdrawing from crypto accounts.
QR code integration: Fast and convenient transactions.
Low fees, high speed: Powered by WeChain blockchain and LayerZero technology.
Supports multiple cryptocurrencies: Not limited to Bitcoin or Ethereum.
Potential and Challenges:
Promotes cashless payments and expands financial access to unbanked areas.
Regulatory and security challenges: Compliance with local laws and enhanced security are necessary.
Conclusion:
WeFiās ATMs are a one-of-a-kind product, making decentralized finance more practical and accessible. If successful, this could be a revolution in digital banking!
Currently, the project is enabling WFI mining for the blockchain neobank. If you're interested in mining, read more here.
#deobank #NeoBank #bank #defi #layer
Key Features of WeFi ATMs:
Easy cash withdrawal & deposit: Supports converting cash to stablecoins and withdrawing from crypto accounts.
QR code integration: Fast and convenient transactions.
Low fees, high speed: Powered by WeChain blockchain and LayerZero technology.
Supports multiple cryptocurrencies: Not limited to Bitcoin or Ethereum.
Potential and Challenges:
Promotes cashless payments and expands financial access to unbanked areas.
Regulatory and security challenges: Compliance with local laws and enhanced security are necessary.
Conclusion:
WeFiās ATMs are a one-of-a-kind product, making decentralized finance more practical and accessible. If successful, this could be a revolution in digital banking!
Currently, the project is enabling WFI mining for the blockchain neobank. If you're interested in mining, read more here.
#deobank #NeoBank #bank #defi #layer
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