Infini Hack: 4,770 ETH Dump Signals Further Sell-Off
The Infini hack first surfaced on July 10, 2023, when attackers drained 6,771 ETH (~$19 M) from the DeFi lending protocol. The hacker laundered 5,000 ETH via Tornado Cash and held 1,771 ETH in intermediary wallets.
In February 2025, the Infini hack recurred, with the attacker stealing $50 M in USDC and converting most to 17,696 ETH at an average price of $2,798. As ETH climbed above $3,400, their holdings rose to $59 M, netting over $10 M in profits.
On July 17, 2025, the linked wallet reactivated, moving 4,770 ETH (~$16 M). PeckShieldAlert reports 3,000 ETH flowed through Tornado Cash and 1,770 ETH swapped for $5.9 M in DAI—a clear ETH dump. The wallet still holds roughly $38 M in ETH, suggesting more liquidations ahead.
Infini’s 20% bounty and no-legal-action offer yielded no recoveries. The incident highlights persistent smart contract admin risks and ranks among 2025’s largest crypto exploits. Traders should brace for potential bearish pressure on ETH prices as further sell-offs unfold.
Bearish
In the short term, the movement and dumping of 4,770 ETH and the hacker’s remaining $38 M in ETH holdings create significant supply pressure, likely driving ETH prices down. Historically, large-scale liquidations lead to heightened volatility and downward trends. Over the long term, recurring Infini hacks underscore persistent smart contract admin vulnerabilities, which may erode investor confidence and cap price recovery. Therefore, the overall impact on ETH is bearish.