Stablecoin Payment Platform Infini Files Lawsuit in Hong Kong Over $50 Million Hack
Stablecoin payment platform Infini filed a lawsuit in Hong Kong against a developer and several unidentified individuals suspected of being involved in a hack that drained nearly $50 million in crypto assets.
On March 24, the Infini team sent an on-chain message to the attacker, naming developer Chen Shanxuan and three unidentified individuals with access to wallets involved in the exploit as defendants in the lawsuit.
Infini stated 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 cannot claim the status of bona fide purchases without notice of the dispute,” Infini stated.
The Hong Kong court sent an injunction order via an on-chain message, a method used to send legal notices to anonymous crypto wallets containing stolen funds. It also included a writ of summons requiring the defendants to attend the return date hearing.
Infini Offered a 20% Bounty to Hacker
Following the $50 million hack on February 24, Infini offered a 20% bounty to the hackers responsible for the attack.
In an on-chain message, Infini stated that it had gathered IP and device information about the attackers. The platform said it was constantly monitoring the addresses involved and would 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.
Despite these warnings, the attacker did not return any of the funds from the address specified by the Infini team.
Infini Exploit Occurs Amidst Largest Crypto Hack
The Infini attack came after Bybit suffered the largest recorded losses in a crypto hack. On February 21, a hacker took control of Bybit’s multisignature wallet, stealing $1.4 billion in crypto assets.
In a statement, FearsOff Chief Operating Officer Marwan Hachem told Cointelegraph that the Infini hacker carefully chose the timing of the attack. The cybersecurity executive said the attack occurred only a few days after the Bybit hack, and the timing “was not by chance.”
“With everyone busy on the investigation and recovery efforts of the $1.5B, the Infini attackers perceived their chances of success to be higher at that moment,” Hachem told Cointelegraph.