Infini Takes Legal Action After $50 Million Stablecoin Exploit

In a move to recover the stolen funds and hold accountable those responsible for the massive crypto hack, Infini, a popular stablecoin payment platform, has filed a lawsuit against a developer and several unidentified individuals in Hong Kong. The incident, which occurred on February 24, saw nearly $50 million worth of crypto assets drained from Infini's systems.

The hack was part of a larger trend of cryptocurrency thefts that have been plaguing the industry recently. Just days before the Infini attack, Bybit, another prominent cryptocurrency exchange, suffered the largest recorded losses in a crypto hack, with a thief making off with $1.4 billion in crypto assets.

Infini took swift action against the hackers responsible for the attack by sending an onchain message to the attacker, citing developer Chen Shanxuan and three unidentified individuals as defendants in the lawsuit. The platform claimed that 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. This statement suggests that the platform is taking a proactive approach to recover the stolen funds and ensure that anyone who may have received these assets without knowledge of the dispute should not be able to claim them as legitimate purchases.

The Hong Kong court responded by sending an injunction order through an onchain message, a method to send legal notices to anonymous crypto wallets containing stolen funds. The order also included a writ of summons that required the defendants to attend the return date hearing.

As part of its efforts to recover the stolen assets, Infini had previously offered a 20% bounty to the hackers responsible for the attack. However, despite this warning, the attacker did not return any of the funds from the address specified by the Infini team.

In an onchain message, Infini stated that it had gathered IP and device information about the attackers. The platform said it's constantly monitoring the addresses involved and will take action if necessary. However, the payment firm offered a bounty to the attacker if they returned 80% of the funds.

"Upon receipt of the returned assets, we will cease further tracking or analysis, and you will not face accountability," Infini wrote. This offer suggests that the platform is willing to drop its pursuit of the hackers if they return a significant portion of the stolen funds.

The incident highlights the importance of cybersecurity measures in protecting against such attacks. It also underscores the need for transparency and accountability within the cryptocurrency industry, particularly when it comes to incidents like this one.