BEAMSTART Logo

HomeNews

Infini takes legal action after $50 million stablecoin exploit

Coin Telegraph LogoCoin Telegraph1w ago

Infini takes legal action after $50 million stablecoin exploit - Coin Telegraph

Quick Summary:

On March 24, the Infini team sent an onchain message to the attacker, citing developer Chen Shanxuan and three unidentified persons with access to wallets involved in the exploit as defendants in the 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. The Hong Kong court sent an injunction order through an onchain message, a method to send legal notices to anonymous crypto wallets containing stolen funds.

It also included a writ of summons that required the defendants to attend the return date hearing. Infini offered a 20% bounty to hackerFollowing the $50 million hack on Feb.24, Infini offered a 20% bounty to the hackers responsible for the attack. In an onchain message, Infini said it had gathered IP and device information about the attackers.

Stablecoin payment platform Infini filed a Hong Kong lawsuit against a developer and several unidentified individuals suspected of involvement in a hack that drained nearly $50 million in crypto assets.

or

Article Details

Author / Journalist: Cointelegraph by Ezra Reguerra

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-24 @ 11:55:53 (1 weeks ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 424 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27279458

View Article Analysis

About Coin Telegraph

Coin Telegraph Logo

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 48 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 10 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #11

Publisher Details

Frequently Asked Questions

How long will it take to read this news story?

The story "Infini takes legal action after $50 million stablecoin exploit" has 424 words across 14 sentences, which will take approximately 2 - 4 minutes for the average person to read.

Which news outlet covered this story?

The story "Infini takes legal action after $50 million stablecoin exploit" was covered 1 weeks ago by Coin Telegraph, a news publisher based in United States.

How trustworthy is 'Coin Telegraph' news outlet?

Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.

The outlet is headquartered in United States and publishes an average of 48 news stories per day.

It's most recent story was published 10 hours ago.

What do people currently think of this news story?

The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.

How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
  • News ID: #27279458
  • URL: https://chronographically.beamstart.com/news/infini-takes-legal-action-after-17428286379439

BEAMSTART

BEAMSTART is a global entrepreneurship community, serving as a catalyst for innovation and collaboration. With a mission to empower entrepreneurs, we offer exclusive deals with savings totaling over $1,000,000, curated news, events, and a vast investor database. Through our portal, we aim to foster a supportive ecosystem where like-minded individuals can connect and create opportunities for growth and success.

© Copyright 2025 BEAMSTART. All Rights Reserved.