New Hack… What’s Happening?

In short, Infini, a digital bank specializing in cryptocurrencies, has suffered a major hack that resulted in the theft of $49.5 million worth of USDC stablecoins.

The incident began on February 24 when blockchain security firm CertiK discovered suspicious activity related to one of Infini’s smart contracts on the Ethereum network $ETH . The hacker compromised the private key—a secret code used to access digital wallets—which allowed him to withdraw funds from the platform. After the theft, he converted the funds from USDC to DAI and used them to purchase 17,696 Ethereum (ETH) units, after which he transferred the ETH to a new cryptocurrency wallet whose owner is unknown.

Following the hack, the co-founder of Infiny, known as @0xsexybanana, appeared to assure customers that the platform was able to fully compensate all those affected, but he explained that the recovery process would take some time. Despite this pledge, the incident raised questions about the security of the platform’s private key management, especially since the hack was not due to a bug in the programming or smart contract, but rather due to a leaked private key. This incident comes just days after another massive hack on Bybit, where $1.4 billion was stolen by exploiting a vulnerability in smart contracts.$ETH $BTC #InfiniHacked #ETHPriceWatch