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:
🔹 One containing 21,807 ETH
🔹 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.
