Infini Hacker Takes Profit: Withdraws 1,771 ETH ($7.44M) as ETH Rises

As Ethereum’s native coin, ETH, garners attention and sees multi-year price increases, many have begun to take profit from their investments.

Among these profit takers is the infamous hacker behind the security breach of the Hong Kong-based stablecoin payment platform Infini. Current on-chain data shows that the attacker has now sold 1,771 ETH (worth $7.44 million) in their custody. 

Infini Hacker Sits on Huge ETH Profit

The Infini hack occurred through a private key exploit on February 24th. Shortly after stealing approximately 50 million USDC from the stablecoin payment platform, the attacker swapped the funds for ETH when it sold for $2,798 per coin. They bought 17,696 ETH using the stolen funds.

Fast forward to mid-July, the hacker sold 1,770 ETH for $5.88 million when the digital asset sold for $3,321.

The hacker’s decision to sell 1,771 ETH comes when Ether sells for $4,200. This means that the bad actor netted a profit of over $2.48 million by holding ETH for almost six months.

At the time of writing, ETH sold for $4,270, representing a 20% increase within the past week. Notably, the cryptocurrency is only 12% below its all-time high of $4,891 recorded in November 2021.

Wen Fund Recovery?

Although Infini has yet to apprehend the hacker, the project’s owner told the public that investigations are underway. The team lead added that affected users will be compensated.

The thought of recovering the stolen funds is not a far-fetched idea. Some blockchain projects that recorded security breaches have recovered some or all of the stolen funds. In some cases, the hacker willingly returned the stolen assets. In other instances, crypto exchanges froze accounts owned by hackers.

While tackling its million-dollar security breach issue, the Hong Kong-based platform halted its crypto card service in June. Although the project did not mention the primary reason behind that decision, it likely did so due to regulatory pressures from the Chinese authorities and financial volatilities.

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