Infini has taken legal action against a developer and other unknown individuals tied to a $50 million hack.

The firm has sent an on-chain legal notice, warning the accused to appear in court or face the consequences.

On-Chain Legal Notice Issued

On February 24, several blockchain security platforms reported a suspected security breach on Infini, resulting in the loss of about $49.5 million in USDC.

Initially, the incident had been labeled as a hacking attack, but Cyvers Alert revealed that a developer who had previously worked for Infini was responsible for the theft. The stablecoin issuer also confirmed that the stolen funds were transferred from a multisig wallet to the developer’s personal account.

Following the occurrence, Infini’s parent company, BP SG Investment Holding Limited, filed a lawsuit in Hong Kong, and the court issued an injunction against wallets holding the stolen funds.

The company then used an unconventional yet effective method to serve the legal documents via an on-chain message. The notice named the defendants, including developer Chen Shaxuan and three other unidentified people, who allegedly had access to specific wallets linked to the theft.

“The specific crypto assets held in the Programmer Wallet, the First Layer Wallet, and/or the Second Layer Wallet, including but not limited to the assets traced from the Plaintiff’s funds amounting to 49,516,662.977 USDC, are subject to an ongoing legal dispute and are contentious in nature,” Infini’s message read.

It also stressed that anyone who later receives the stolen funds will not get any legal protection, even as good-faith buyers. The defendants must now attend a hearing on March 27 or risk further legal action.

Before going to court, Infini made several attempts to recover its stolen assets. In one on-chain message, the digital-only neo-bank revealed that it was collaborating with exchanges and security agencies to identify the suspects.

In another message, the company urged the accused to return 80% of the looted funds to its Cobo custodian wallet. In exchange, it promised to halt all tracking efforts and ensure they faced no consequences. However, despite the evidence collected against them and the offers made to them, the accused remained silent, prompting Infini to proceed with legal measures.

A New Legal Frontier

This case isn’t the first time Hong Kong has used blockchain technology to serve legal orders. Earlier in the year, a court in the Special Administrative Region reportedly tagged several suspected scam wallets on Tron with “digital police tape.” This meant that anyone transacting with the marked wallets would effectively be in violation of criminal laws.

The post Infini Files Suit After $50M Theft, Issues Blockchain Legal Notice appeared first on CryptoPotato.

XRP price started a fresh recovery wave above the $2.450 zone. The price is now struggling to clear the $2.480 and $2.50 resistance levels.

• XRP price started a fresh recovery wave above the $2.420 resistance zone.
• The price is now trading above $2.420 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2.430 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might extend losses if it breaks the $2.420 support zone.

XRP Price Faces Resistance

XRP price remained supported and started a recovery wave above the $2.350 zone, like Bitcoin and Ethereum. The price was able to clear the $2.420 and $2.450 resistance levels.

The price even tested the $2.50 resistance. However, there was no upside break, and the price reacted to the downside. There was a move below the $2.45 level. A low was formed at $2.40 and the price is now consolidating. There was a fresh upward move above the 50% Fib retracement level of the recent decline from the $2.50 swing high to the $2.40 low.

The price is now trading above $2.40 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.430 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.4550 level. The first major resistance is near the $2.480 level or the 76.4% Fib retracement level of the recent decline from the $2.50 swing high to the $2.40 low.

The next resistance is $2.50. A clear move above the $2.50 resistance might send the price toward the $2.550 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.6650 in the near term. The next major hurdle for the bulls might be $2.80.

More Losses?

If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.420 level or the trend line. The next major support is near the $2.40 level.

If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.280 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.

Major Support Levels – $2.420 and $2.40.

Major Resistance Levels – $2.480 and $2.50.