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A new cyber attack has been hit by the crypto industry, this time targeting Hong Kong-based Neobank.Hackers. The hackers steal about $50 million from USDC, quickly converting it to Ethereum and moving it to another wallet, and the attack follows Bybit’s massive $1.4 billion bleach last week. The reserve will secure more than $1.2 billion in Ethereum to ensure users are not affected.
The cryptocurrency industry was hit by yet another major cyberattack following the historic $1.4 billion theft from BYBit last week. This time, the target is Infini, a blockchain-centric neobank headquartered in Hong Kong.
On Monday, February 24th, on-chain analytics platform LookonChain detected an unusual fund movement and warned fintech companies. According to the web3 company, the hackers broke into Infini’s system and stole USDC Stablecoin worth around $50 million
USDC
$1.00
24-hour volatility:
0.0%
Market Cap:
59.40 b
Vol. 24H:
$9.59 b
. Stolen assets have been converted to 17,696 Ethereum
ETH
$2 075
24-hour volatility:
3.6%
Market Cap:
$250.13 b
Vol. 24H:
$14.39 b
It has been transferred to the newly created wallet “0xfcc8…6e49”.
Apparently Stablecoin Bank @0xinfini has been hacked and 49.5m$USDC has been stolen.
The hacker swapped the 49.5m $USDC for 49.5m $DAI and bought the 17,696$ETH.
17,696 $ETH has been transferred to a new wallet “0xfcc8…6e49”. https://t.co/adayb3q5la pic.twitter.com/rft6zdtdwo
– lookonchain (@lookonchain) February 24, 2025
The new stars face the biggest challenges
In honour of X (formerly Twitter), Infini co-founder Christian Li has ensured that the company is completely liquid and will compensate the victim accordingly to the affected users.
This attack comes just a year after Infini announced its integration of its Crypto services into the platform. In February 2024, the company revealed that the integration aims to revolutionize traditional finances by providing investors with a gateway to the Web3 economy.
Despite being a relatively new player in the Crypto industry, Infini quickly gained traction. Last year, the company reported significant results, including a combined monthly growth rate (CMGR) of 500% monthly active users (MAUs) within just six months of launch.
Infini’s rapid success comes from its robust infrastructure, user-first approach, cutting-edge technology, and comprehensive financial tools designed for payment, investment and asset management. However, recent hacks highlight the persistent security challenges faced by companies in the digital asset space.
Bibit has been hit by a $1.4 billion cyberattack
Meanwhile, Infini is not the only company this month suffering from major cyberattacks. On Friday, February 21st, Crypto Exchange Bybit fell victim to a massive violation, with hackers accessing cold wallets and leveraging a vulnerability on the platform to steal $1.4 billion in Ethereum.
Despite the scale of the attack, Bybit CEO Ben Zhou reassured users that they had enough reserves to cover their losses without affecting deposits or withdrawals. During this period, the service continued uninterrupted, allowing users to withdraw funds as usual.
The blockchain security company later linked Bibit Hack to the infamous North Korean Lazarus Group, known for using sophisticated cyber tools to inhale the organization’s funds and fund the country’s weapons program.
Thanks to coordinated industry efforts, Bybit has shut down the “Ethereum Gap” caused by the hack. Lookonchain reported on Monday that the exchange received 446,870 ETH. This has been worth around $1.23 billion at current market prices over the past two days, due to a combination of loans, large deposits and ether purchases.
These incidents rattle the market, but the crypto industry is not used to cyberattacks. Famous violations continue to plague both central exchange and the decentralized finance (DEFI) sector.
In 2024 alone, the industry recorded 303 individual hacks across different sectors, surprising a loss of $2.2 billion.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.
Chimamanda is a crypto lover and an experienced writer focusing on the dynamic world of cryptocurrency. She joined the industry in 2019 and has since become interested in emerging economies. She combines her passion for blockchain technology with a love for travel and food, bringing a fresh and engaging perspective to her work.
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