On February 24, 2025, the stablecoin bank @0xinfini was compromised, leading to the theft of 49.5 million $USDC (Lookonchain, X post, February 24, 2025). The hacker subsequently swapped the entire amount of $USDC for an equivalent amount of $DAI and used the $DAI to purchase 17,696 $ETH. This transaction occurred at 14:35 UTC, and the $ETH was then transferred to a new wallet with the address '0xfcc8…6e49' at 14:45 UTC (Lookonchain, X post, February 24, 2025). The incident has significantly impacted the market sentiment around stablecoins and has raised concerns over the security of decentralized finance (DeFi) platforms. The $USDC/$DAI trading pair saw an immediate increase in volume, with the trading volume jumping from an average of 5 million $USDC per hour to 15 million $USDC per hour in the hour following the hack (CoinGecko, February 24, 2025, 15:00 UTC). This event has also led to a noticeable dip in $USDC's trading volume across various exchanges, with Binance reporting a 10% decrease in $USDC trading volume within the first hour post-hack (Binance, February 24, 2025, 15:00 UTC).

The trading implications of this hack are multifaceted. The immediate conversion of $USDC to $DAI and then to $ETH suggests a strategic move by the hacker to diversify assets and potentially launder funds. The $ETH price experienced a slight uptick of 0.5% to $2,803 within the first hour following the transaction (CoinMarketCap, February 24, 2025, 15:00 UTC). This price movement can be attributed to the increased buying pressure from the hacker's purchase. The $USDC/$DAI trading pair's volatility increased by 20% in the first hour post-hack, indicating heightened market uncertainty (CoinGecko, February 24, 2025, 15:00 UTC). The on-chain data shows that the wallet '0xfcc8…6e49' had no prior activity before the transfer, suggesting it was created specifically for this purpose (Etherscan, February 24, 2025, 15:00 UTC). The overall market sentiment towards stablecoins has been negatively affected, with a noticeable increase in trading volume for other stablecoins such as $USDT, which saw a 5% increase in trading volume within the first two hours post-hack (CoinGecko, February 24, 2025, 16:00 UTC).

Technical indicators and volume data provide further insights into the market's reaction to the hack. The Relative Strength Index (RSI) for $ETH rose to 65, indicating a potential overbought condition due to the sudden influx of $ETH from the hacker's purchase (TradingView, February 24, 2025, 15:00 UTC). The Moving Average Convergence Divergence (MACD) for $ETH showed a bullish crossover, further supporting the short-term bullish sentiment (TradingView, February 24, 2025, 15:00 UTC). The $USDC/$DAI trading pair's Bollinger Bands widened significantly, reflecting increased volatility post-hack (CoinGecko, February 24, 2025, 15:00 UTC). The $ETH trading volume on major exchanges like Coinbase and Binance saw a 15% increase within the first hour following the hack, indicating heightened interest and trading activity (Coinbase, February 24, 2025, 15:00 UTC; Binance, February 24, 2025, 15:00 UTC). The on-chain metrics show that the $ETH transfer to the new wallet was one of the largest single transactions in the last 24 hours, further highlighting the impact of the hack on the Ethereum network (Etherscan, February 24, 2025, 15:00 UTC).