Infini, a platform for stablecoin payments, has started legal proceedings in Hong Kong after nearly $50 million in crypto assets were taken during a security breach.
The case names a developer, Chen Shanxuan, along with three unnamed individuals believed to have had access to wallets linked to the incident.
On March 24, Infini sent a message on the blockchain to the person behind the attack. The message listed Chen and others as defendants in the legal case.
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Infini stated the missing 49.5 million USDC is part of an active legal dispute. It also warned that anyone who later received the stolen funds could not claim to be unaware of the issue or say they obtained the funds legally.
The Hong Kong court used an on-chain method to send a legal notice to wallets tied to the stolen assets. This included an injunction and a court summons. These documents ordered the defendants to attend a hearing on the case.
Infini offered a reward to the attacker if 80% of the funds were returned after discovering a security breach on February 24. The reward would be 20% of the total amount taken. Infini also stated, “Upon receipt of the returned assets, we will cease further tracking or analysis, and you will not face accountability”.
In another message posted on the blockchain, Infini claimed that it had collected data on the devices and IP addresses linked to the exploit. Infini said it continues to track all wallet activity and is ready to take more action if needed.
Recently, Australian officials stepped in to stop a crypto scam that pretended to be representatives of Binance. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
