Hacker Launders $49.5M in Crypto Heist

Infini Exploit Exposes DeFi Vulnerabilities as Hacker Launders Funds

The crypto space has been hit with another major hack, as 0xInfini lost $49.5 million in USDC. This incident has raised new concerns about security in the crypto world. The hacker acted quickly, moving the stolen money through different steps to avoid being caught. By swapping assets and using decentralized platforms, they made it harder to track and recover the funds. This attack shows how hackers are becoming more advanced, making it even more important for crypto platforms to improve their security and protect users.

How the Hacker Moved the Stolen Funds

According to Lookonchain, blockchain data revealed the hacker’s movements:

• The hacker initially stole $49.5 million USDC from 0xInfini.

• Immediately after, they swapped the entire amount for $49.5 million DAI, likely to avoid any freezing mechanisms that USDC issuers, such as Circle, could impose.

• The attacker then used the 49.5 million DAI to purchase 17,696 ETH, a move commonly seen in past hacks to increase anonymity and make fund recovery harder.

• Finally, the hacker transferred all 17,696 ETH to a new wallet (0xfcc8…6e49), possibly to prepare for further laundering or cashing out.

Security Concerns and Industry Reactions

The attack has raised fresh concerns about the security of DeFi platforms and stablecoin protocols. Given that USDC can be blacklisted and frozen by its issuer, the hacker’s decision to immediately swap to DAI suggests a well-planned strategy to avoid asset seizure.

As investigations continue, crypto security experts emphasize the need for better on-chain monitoring, risk management, and security protocols to prevent such large-scale exploits in the future. As Ethereum price remains highly volatile, with some analysts predicting a potential surge to $10K, the recent 0xInfini hack highlights the risks associated with large ETH transactions in DeFi.

Parallels with the Bybit Hack

This hack shares similarities with the recent Bybit exploit, where a hacker stole funds and attempted to launder them using Solana-based meme tokens. In both cases, the attackers strategically moved assets to decentralized and less-regulated cryptocurrencies to make recovery difficult. The Bybit hacker used Pump.fun to create new tokens and inflate their value before cashing out, while the 0xInfini attacker swiftly swapped stablecoins to ETH. These incidents highlight how cybercriminals exploit DeFi platforms and decentralized exchanges (DEXs) to obscure their trails. The crypto industry must strengthen security measures and develop better tracking mechanisms to counter increasingly sophisticated laundering techniques.

What’s Next for 0xInfini?

0xInfini has yet to issue an official statement on how they plan to recover the stolen funds or mitigate the impact on users. In previous cases, affected platforms have worked with blockchain analytics firms, law enforcement, and centralized exchanges to track, freeze, and recover stolen assets.

This hack follows a string of recent exploits in the DeFi space, further highlighting the vulnerabilities that even established crypto institutions face.