Kategorie: Ethereum News

• Infini neobank hacked for $49.5M USDC, swapped for 17,696 ETH
• The attacker exploited retained admin privileges in Infini’s smart contract
• Infini’s founder has promised full compensation, citing negligence in authority transfer

Infini, a Hong Kong-based stablecoin neobank blending crypto and traditional finance, has become the latest hack victim, resulting in the loss of $49.5 million in USD Coin (USDC).

The hack, which was reported earlier today, was first flagged by blockchain security firm CertiK at 3:18 AM UTC. The result of the exploit has sent shockwaves through the decentralized finance (DeFi) community, underscoring persistent vulnerabilities in the crypto space, especially following the recent $1.4 billion Bybit hack on February 21, 2025.

The Infini attack

The attack targeted an Infini-related smart contract on the Ethereum blockchain, specifically the address 0x9A79f4105A4e1A050Ba0b42F25351D394fA7E1DC.

According to security analysts from CertiK, Cyvers, Blocksec, and PeckShield, a hacker gained unauthorized access by exploiting retained administrative privileges within the contract. The attacker, operating from the address 0xc49b5e5b9da66b9126c1a62e9761e6b2147de3e1, had initially developed the smart contract for Infini but retained control, unbeknownst to the project.

This insider access allowed the hacker to manipulate the contract’s settings, draining $49.5 million in USDC from what is believed to be the Morpho MEV Capital Usual USDC Vault.

Following the theft, the hacker swiftly converted the stolen USDC into Dai (DAI) and then purchased 17,696 Ethereum (ETH), valued at around $49 million at the time.

It seems that the stablecoin bank @0xinfini was hacked and 49.5M $USDC was stolen.

The hacker swapped 49.5M $USDC for 49.5M $DAI and bought 17,696 $ETH.

The 17,696 $ETH was transferred to a new wallet „0xfcc8…6e49“.https://t.co/AdAyB3q5LA pic.twitter.com/Rft6ZDtDWO

— Lookonchain (@lookonchain) February 24, 2025

The funds were then transferred to a new wallet, 0xfcc8…6e49, and split across multiple addresses, with initial funding traced to Tornado Cash, a privacy tool often used to obscure cryptocurrency transactions. However, at the time of reporting, the ETH remained unmixed, indicating ongoing efforts to trace the hacker’s movements.

Infini’s response

Infini, which launched in 2024 as a digital-only neobank offering stablecoin transactions, crypto card services, and high-yield accounts, has issued an official statement acknowledging the security breach. It states that “all transfers, deposits, withdrawals, and payments remain in normal usage and working status.”

We’re aware of reports on a security compromise affecting Infini. We’re deeply sorry for the concern this causes – our team is working around the clock to investigate and secure all systems at the moment.

All transfers, deposits, withdrawals, and payments remain in normal usage…

— Infini (@0xinfini) February 24, 2025

Infini’s founder, Christian Li, took full responsibility for the exploit in a post on X, clarifying that the breach didn’t result from a private key leak but rather his negligence in transferring authority from the developer to the project.

“My personal private key has not been leaked, so there is no need to worry too much. I was negligent when transferring the authority before. It is ultimately my responsibility. This has sounded the alarm… There is no problem with liquidity. Full compensation can be paid, and the funds are being traced,” he wrote.

Despite this reassurance, some on-chain analyses, including from PeckShield, suggest a potential private key compromise, adding complexity to the investigation.

Impact of the exploit

The exploit has raised serious questions about private key management, smart contract security, and the risks of insider threats in DeFi platforms.

Infini, which has experienced meteoric growth, boasting a 500% monthly increase in active users since its inception, particularly after launching its crypto card campaigns, now faces a critical test of its resilience. The neobank’s high-yield products, designed to attract liquidity, inadvertently provided the conditions for the exploit, amplifying the financial impact.

This incident follows closely on the heels of the Bybit exchange hack, which saw a staggering $1.4 billion drained through manipulated smart contract logic.

The similarity in tactics, splitting and mixing ETH, has led on-chain investigator ZachXBT to speculate that the Lazarus hacker group, known for such methods, might be involved, though no direct link to Infini’s attacker has been confirmed.

Lazarus Group just connected the Bybit hack to the Phemex hack directly on-chain commingling funds from the intial theft address for both incidents.

Overlap address:
0x33d057af74779925c4b2e720a820387cb89f8f65

Bybit hack txns on Feb 22, 2025:… pic.twitter.com/dh2oHUBCvW

— ZachXBT (@zachxbt) February 22, 2025

The rapid succession of these high-profile breaches has reignited calls for robust security protocols across centralized and decentralized crypto platforms.

Interestingly, the influx of stolen ETH into the market has paradoxically catalyzed a small rally, pushing Ethereum’s price above $2,800 for the first time in weeks as exchanges scrambled to replenish reserves.

However, the Infini incident has also sparked concerns about potential money laundering or hostile regime financing, given the use of Tornado Cash and the scale of the theft.

The post What we know about the $49.5M Infini exploit so far appeared first on CoinJournal.

The crypto market is subject to a neutral market sentiment even as the bulls remain in control. Subsequently, majors like Ripple and Ethereum are range-bound while their steady fundamentals support the prices.

On the other hand, more savvy investors are shifting their focus to meme crypto projects with the potential to revolutionize the industry. One such entity is Bitcoin Pepe.

In fact, it is presented as the missing puzzle piece in the Bitcoin network. Through its mission of building “Solana on Bitcoin”, it is creating a platform defined by low fees, speedy transactions, and the ability to launch memecoins on the most steady crypto network.

Notably, investors have an opportunity to rake in hefty returns within a relatively short period.

Ripple lacks enough momentum for a weekly gain despite steady fundamentals

Ripple’s price has held steady above the crucial support zone of $2.5000 even as it lacked enough buyers to lock in the second weekly gain in a row. On the one hand, a neutral market sentiment in the broader crypto sector has pushed buyers to the sidelines.

Even so, the bulls remain in control as XRP ETFs and heightened global adoption is set to bolster the crypto to January levels.

In the near term, the bulls are striving to break the resistance at $2.7385. Past that level, the next target will be at $2.9100. On the lower side, a pullback past $2.5000 will still have the bulls in control as $2.3357 remains a steady support level.

Bitcoin Pepe: The missing puzzle on Bitcoin’s network

Bitcoin, the leading cryptocurrency, began with no intrinsic value about 15 years ago and has since grown to a market cap of $1.9 trillion at $96,278. Bitcoin Pepe has emerged as a project whose mission is to revolutionize the BTC network by transforming it into a memecoin hub.

This explains why an overwhelming number of savvy investors are rushing to amass BPEP tokens ahead of its listing in Q2 2025. Besides, US President Donald Trump has made clear his intentions to foster a pro-crypto environment.

Subsequently, Bitcoin Pepe has become so popular that within the first 24 hours of its presale launch, it raised over $1 million. 11 days later, it has already reached stage 5 of the total 30 stages; raising over $2.8 million.

With 25 more stages before it hits the public shelves, early adopters have an apt opportunity to buy BPEP tokens at the current price of $0.0255 and watch their investment yield hefty returns. By the end of the presale, the token price is set to have increased by a total of 311.4% to $0.0864. Read more on how to buy Bitcoin Pepe.

Ethereum price analysis: Neutral outlook with a bullish bias

Ethereum’s price recorded its second week of gains after plunging to a five-month low earlier in February. Even so, it continues to trade below the 25 and 50-day exponential moving average (EMAs). In the absence of a key immediate-term bullish catalyst, the crypto may remain under pressure for a while longer.

At its current level, the range between $2,543 and $2,804 is still worth watching. If successful at breaking the resistance along the range’s upper limit, the bulls will have a chance to retest the crucial support-turn-resistance zone of 2,950. However, a decline past $2,500 will invalidate this thesis.

The post Bitcoin Pepe set to reap big from its virality, fundamentals, and timing appeared first on CoinJournal.

• Hyperliquid has launched its general-purpose EVM dubbed HyperEVM.
• The HyperEVM integrates with Hyperliquid’s L1 consensus mechanism for security.
• The Hyperliquid Bug bounty offers up to $1M for identified bugs.

Hyperliquid, the layer-1 blockchain platform, has launched HyperEVM, its general-purpose Ethereum Virtual Machine (EVM).

The HyperEVM is live. This is a major step toward the vision of housing all finance by bringing general-purpose programmability to Hyperliquid’s performant financial system. The initial mainnet release of the HyperEVM includes:

1. HyperEVM blocks built as part of L1 execution,… pic.twitter.com/sleqk1N7T5

— Hyper Foundation (@HyperFND) February 18, 2025

This move marks a crucial step in Hyperliquid’s mission to integrate comprehensive financial programmability into its high-performance ecosystem.

HyperEVM is integrated into Hyperliquid’s L1 consensus mechanism

The HyperEVM will not operate as a standalone chain but is deeply integrated into Hyperliquid’s existing layer-1 consensus mechanism, known as HyperBFT. This integration ensures that the EVM inherits the robust security features of Hyperliquid’s base layer.

Notably, the blocks of HyperEVM are constructed as part of the L1 execution, providing seamless interaction between the EVM and native components of the Hyperliquid network. This setup allows for the HYPE token, native to Hyperliquid, to be fungible with the gas token used within the HyperEVM, enhancing the platform’s liquidity and user experience.

HyperEVM has been assigned a chain ID of 999, and a JSON-RPC server has been made available to encourage node operators and other builders to host their own servers, thereby decentralizing access to the network.

In addition, recognizing the nascent state of tooling and analytics around the new EVM, Hyperliquid is streaming raw HyperEVM block data to S3 in real-time. This approach allows developers to index the blockchain without the necessity of running their own nodes, easing the burden on new entrants to the ecosystem.

While the initial release includes key features like spot transfers between native HYPE and HyperEVM HYPE, and the deployment of the WHYPE system contract for DeFi applications, Hyperliquid plans to introduce general ERC20 transfers and precompiles in future upgrades.

This staggered rollout strategy aims to minimize disruption to existing users while adding new functionalities, demonstrating Hyperliquid’s commitment to both innovation and stability.

The Hyperliquid bug bounty program

In tandem with the EVM launch, Hyperliquid has introduced a comprehensive bug bounty program. This initiative is designed to fortify the system’s security by incentivizing developers to find and report vulnerabilities.

Rewards under the bug bounty program can scale up to 1 million USDC, depending on the severity of the security issue identified.

The program covers a broad spectrum of potential vulnerabilities, including those that might cause system outages or errors in the nodes or API servers.

For the HyperEVM on the mainnet, bug hunters can report issues related to the integration of EVM with Hyperliquid’s native functionalities.

The post Hyperliquid launches its general-purpose EVM and unveils bug bounty program appeared first on CoinJournal.