In a significant security breach, Infini, a stablecoin-focused neobank, reported a loss of $49.5 million in USDC due to a cyberattack on February 24, 2025. The attacker exploited administrative privileges to drain funds, subsequently converting them into Ethereum-based assets. Blockchain security firm Lookonchain detailed that the stolen USDC was swiftly exchanged for 49.5 million DAI and then used to purchase 17,696 ETH, which were transferred to a new wallet under close surveillance.
In response, Infini's founder, Christian, has pledged full repayment to affected users and assured that withdrawals will resume promptly.
This incident follows closely on the heels of a massive $1.5 billion hack targeting the cryptocurrency exchange Bybit, marking one of the largest thefts in the crypto industry's history.
These successive breaches underscore the pressing need for enhanced security measures within the cryptocurrency sector to protect user assets and maintain trust in digital financial platforms.
