Highlights Infini Neobank was hacked and lost $49.5 million due to a private key hack. The attackers exchanged the assets for ETH and transferred them to a new wallet.
Infini's co-founder said that the company has the financial resources to cover the losses and assured users that all losses will be recovered.
The attack followed the hack of the $1.4 billion Bybit wallet. The attack followed the Bybit wallet hack, pointing to a growing wave of #cryptocurrency security breaches in 2024.
Infini Neobank was hacked, losing $49.5 million in a #private key hack, amid a series of high-profile exploits and cryptocurrency banking.
Early in the morning of February 24, CertiK, a blockchain security company, discovered unauthorized transactions from Infini Neobank's Ethereum contracts. Using a compromised private key, an attacker accessed a wallet associated with Infini and withdrew $49.5 million. According to
Lookonchain, the hacker quickly converted the stolen USDC into 49.5 million #DAI and bought 17,696 #ETH . The funds were then transferred to a newly created wallet, making them difficult to track and recover.
Infini Neobank hacker quickly converted the stolen USDC into 49.5 million DAI and subsequently purchased 17,696 ETH. lookonchain
The hack was not due to a vulnerability in the smart contract, but due to poor private key management, which raises serious concerns about Infini's security practices
His message was sent by another co-founder. he was supported by @0xsexybanana, who confirmed Infini's willingness to compensate the victims. However, Infini's official channels have yet to make an official statement on the matter, and the exact timeline for recovery remains unclear.
co-founder @0xsexybanana confirmed Infini's willingness to compensate the victims.
The Infini Neobank hack joins a series of major security breaches in 2024, including the $1.4 billion Bybit exploit a few days ago. In the case of Bybit, hackers manipulated the logic of a smart contract to empty its cold wallet.
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