The funds were then transferred to the Tornado Cash mixing protocol, which obscures transaction traces. These are the first recorded transactions from the wallet since August 2025, when the address sold $7.4 million worth of Ether at a price of approximately $4,202, close to the coin's yearly high.

The attack on Infini occurred a year ago. The stolen USDC stablecoins were immediately exchanged for DAI, a stablecoin without a freeze function. Recent transactions indicate that the attacker has not yet been caught and continues to use the stolen funds for market trading.

The neobank suggested that the hack was caused by a vulnerability exploited by a developer named Chen Shanxuan, who retained administrative rights after handing over the project to colleagues. A month after the attack, the platform filed a lawsuit in a Hong Kong court against the developer and several unidentified individuals suspected of involvement in the hack, but no further information about the legal proceedings has been released.

The hacker's activity coincided with a massive decline in the crypto market in early February: on the night of January 31st to February 1st, the tenth-largest liquidation in cryptocurrency history occurred, wiping out $2.56 billion in leveraged funds. The price of Ether temporarily fell to $1,811, a nine-month low. Since its October peak, the crypto market has lost almost half its market capitalization.