USDC

Crypto payment platform Infini has filed a lawsuit in Hong Kong against a former developer and three unnamed individuals linked to a major exploit that siphoned nearly $50 million in digital assets from the company’s wallets. 
In an onchain message, Infini named developer Chen Shanxuan and several unidentified parties as defendants in the suit. These individuals allegedly had access to wallets involved in the February 24 attack. The stolen funds—roughly 49.5 million USDC—are now part of an active legal dispute. 
The attacker funded the exploit wallet with 1 ETH through crypto mixer&nbsp;<a href="https://financefeeds.com/tornado-cash-developer-released-from-prison-prepares-for-appeal/">Tornado Cash</a>&nbsp;before withdrawing $49.52 million in USDC from Infini via a contract they deployed in November 2024. The stolen funds were swapped for&nbsp;<a href="https://financefeeds.com/coinbase-halts-trading-on-three-major-stablecoins/">Dai (DAI)</a>—a stablecoin that lacks a freeze function and is often used by cybercriminals to evade asset seizures – then converted into 17,696 ETH and moved to a secondary address. 
Infini warned that anyone who later came into possession of those funds can’t claim them as legitimate holders, since the assets are under legal scrutiny. 
In a rare move, the Hong Kong court served an injunction directly through blockchain messaging, targeting anonymous wallets linked to the breach. The message included a writ of summons requiring the listed parties to appear in court for a return date hearing. 
In a parallel effort to recover the stolen funds, Infini also offered the hacker a 20% bounty. Through another onchain message, the platform said it obtained IP and device data tied to the attackers and was closely tracking all wallet activity. Infini promised to stop further tracking and waive any legal consequences if 80% of the assets were returned. 
“We will cease all efforts once the assets are back. You won’t be pursued further,” the message read. 
Despite the offer, the hacker has not returned any funds. 
The Infini breach came just days after the largest recorded crypto theft to date. On February 21, Bybit lost $1.4 billion after a hacker compromised its multisignature wallet. <a href="https://financefeeds.com/zachxbt-denies-rug-pull-claims-after-cashing-out-4-million/">Blockchain analyst ZachXBT</a>&nbsp;linked the Bybit hacker to North Korea’s Lazarus Group, which has been tied to previous attacks on Phemex and BingX.

Infini Sues Former Developer, Others Over $50M Crypto Hack in Hong Kong

FinanceFeeds

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