In a shocking cyberattack, Hong Kong-based neobank and stablecoin payment platform Infini suffered a massive security breach, resulting in the loss of approximately $49.5 million in USDC. This incident has once again raised concerns about security in the crypto industry, particularly regarding asset protection and smart contract vulnerabilities.

Details of the Infini Hack

On February 24, 2025, blockchain security experts from CertiK identified unauthorized fund transfers linked to Infini’s smart contracts. Exploiting a vulnerability in the contract’s administrative privileges, the attacker drained $49.5 million in USDC. The stolen funds were then converted into DAI and subsequently used to purchase 17,696 ETH, which was transferred to a newly created wallet.

Recent Crypto Exchange Attacks

• Bybit Hack (February 21, 2025): One of the largest crypto exchanges, Bybit, fell victim to a large-scale attack, resulting in the loss of $1.5 billion in Ethereum. Hackers exploited a vulnerability in the transfer of assets from cold wallets to warm wallets, gaining access to funds and moving them to unknown addresses. CEO Ben Zhou reassured users of the platform’s solvency and stated that efforts are underway with blockchain security experts to track and recover the stolen assets.

• North Korean Cybercrime Suspicions: Following the Bybit breach, experts began suspecting North Korea’s Lazarus Group—a notorious cybercrime organization known for executing some of the largest crypto heists, including the $615 million Ronin Network hack in 2022. While no official confirmation has been made, the sophisticated nature of the attack has led experts to consider state-sponsored involvement.

Implications for the Crypto Industry

The incidents involving Infini and Bybit serve as critical warnings about the vulnerabilities facing crypto exchanges, neobanks, and DeFi platforms. Regular security audits, stringent control over administrative privileges, and the implementation of advanced protective measures are essential to mitigating risks.

With the growing threat posed by cybercriminal organizations and state-backed hacking groups, the crypto industry must focus on developing stronger security protocols, collaborating with blockchain analytics firms, and fostering information-sharing initiatives to prevent future attacks.

For a more in-depth analysis of the Infini exploit and its consequences, read the full article on Quickex’s blog. Disclaimer: This release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements

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