Infini takes legal action after $50 million stablecoin exploit

Infini named developer Chen Shanxuan and three unidentified persons as defendants in a lawsuit filed in Hong Kong.

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.

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. 

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