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Infini takes legal action after $50 million stablecoin exploit

Coin Telegraph LogoCoin Telegraph5d ago

Infini takes legal action after $50 million stablecoin exploit - Coin Telegraph

Quick Summary:

On March 24, the Infini team sent an onchain message to the attacker, naming the developer Chen Shanxuan and three other unidentified persons with access to wallets involved in the exploit as defendants in an ongoing lawsuit. Infini said that the 49.5 million USDC (USDC) traced from the plaintiff’s funds are subject to an ongoing legal dispute and are contentious in nature.“Any subsequent holders of the said crypto assets (if any) once held in those wallets that they cannot claim the status of bona fide purchases without notice of the dispute,” Infini stated. The Hong Kong court also sent an injunction order through the onchain message, a method to send legal notices to anonymous crypto wallets containing stolen funds.

It also included a writ of summons that required the defendants to attend the return date hearing. Infini offered a 20% bounty to hackerFollowing the $50 million hack on Feb.24, Infini offered a 20% bounty to the hackers responsible for the attack. In an onchain message, Infini said it gathered critical IP and device information about the attackers.

Stablecoin payment platform Infini has filed a lawsuit against a developer and several unidentified individuals suspected of involvement in a hack that drained nearly $50 million in crypto assets.

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Article Details

Author / Journalist: Cointelegraph by Ezra Reguerra

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-24 @ 11:55:53 (5 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 427 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27275104

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About Coin Telegraph

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Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 10 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #11

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