Infini Pursues Legal Action After $50M Stablecoin Exploit in Hong Kong
Infini Sues Developer and Anonymous Hackers After $50M Exploit
Stablecoin payment platform Infini has filed a lawsuit in Hong Kong after a major exploit drained nearly $50 million in USDC from its wallets. The lawsuit is against developer Chen Shanxuan and three anonymous individuals with access to the compromised wallets.
Legal Notices Served Via Onchain Message
In a first, the Hong Kong court instructed an injunction by onchain message, effectively serving the legal documents on the anonymous wallets in question. These included a writ of summons for the defendants to appear for a return date hearing.
Infini warned that any subsequent holders of the stolen funds would not meet the status of “bona fide purchasers”, alerting the crypto community that the funds remain legally contested.
Bounty Offered, No Funds Returned
Infini disclosed that it has collected IP and device data related to the hackers and is continuing to monitor the wallet addresses. While it offered a bounty agreement—promising no further action if 80% of the funds were returned—the attacker has been silent and has yet to return any assets.
Exploit Coincided with Bybit Hack
Cybersecurity specialists think the timing of the hack was deliberate. FearsOff COO Marwan Hachem posited that the exploit came hot on the heels of Bybit’s $1.4 billion hack on Feb. 21. While the world was focused on Bybit’s breach, the hackers of Infini might have spied a chance to attack unnoticed.
“The timing was not coincidental,” Hachem said. “The attackers probably saw a window of decreased attention.”
As Infini continues with its legal action and investigation, the case sets a precedent for onchain legal enforcement in disputes related to cryptocurrency.
Read More
Nate App Founder Charged With Fraud for Faking AI, Using Human Workers in Philippines
Russian Logistics Firm Asks Moscow to Legalize Crypto Payments
Infini Pursues Legal Action After $50M Stablecoin Exploit in Hong Kong
Infini Sues Developer and Anonymous Hackers After $50M Exploit
Stablecoin payment platform Infini has filed a lawsuit in Hong Kong after a major exploit drained nearly $50 million in USDC from its wallets. The lawsuit is against developer Chen Shanxuan and three anonymous individuals with access to the compromised wallets.
Legal Notices Served Via Onchain Message
In a first, the Hong Kong court instructed an injunction by onchain message, effectively serving the legal documents on the anonymous wallets in question. These included a writ of summons for the defendants to appear for a return date hearing.
Infini warned that any subsequent holders of the stolen funds would not meet the status of “bona fide purchasers”, alerting the crypto community that the funds remain legally contested.
Bounty Offered, No Funds Returned
Infini disclosed that it has collected IP and device data related to the hackers and is continuing to monitor the wallet addresses. While it offered a bounty agreement—promising no further action if 80% of the funds were returned—the attacker has been silent and has yet to return any assets.
Exploit Coincided with Bybit Hack
Cybersecurity specialists think the timing of the hack was deliberate. FearsOff COO Marwan Hachem posited that the exploit came hot on the heels of Bybit’s $1.4 billion hack on Feb. 21. While the world was focused on Bybit’s breach, the hackers of Infini might have spied a chance to attack unnoticed.
“The timing was not coincidental,” Hachem said. “The attackers probably saw a window of decreased attention.”
As Infini continues with its legal action and investigation, the case sets a precedent for onchain legal enforcement in disputes related to cryptocurrency.
Read More
Nate App Founder Charged With Fraud for Faking AI, Using Human Workers in Philippines