Infini, a stablecoin payment platform, has recently filed a lawsuit in Hong Kong against a developer and several unidentified individuals for their alleged involvement in a hack that resulted in the loss of nearly $50 million in crypto assets. The platform, which offers a stablecoin called USDC, traced the stolen funds to the defendants and has taken legal action to recover the assets.

The attack, which occurred on February 24, was carried out by a hacker who goes by the name Chen Shanxuan and three other unidentified individuals. Infini has sent an onchain message to the attacker, notifying them of the legal action being taken against them. The Hong Kong court has also issued an injunction order and a writ of summons to the defendants, requiring them to attend a hearing.

Infini has stated that the 49.5 million USDC stolen from their platform are subject to an ongoing legal dispute and are considered contentious assets. This means that any subsequent holders of the stolen crypto assets cannot claim to be bona fide purchasers without notice of the dispute.

In an attempt to recover the stolen funds, Infini has offered a 20% bounty to the hackers responsible for the attack. The platform has also gathered IP and device information about the attackers and is constantly monitoring the addresses involved. However, despite the warnings, the attacker has not returned any of the funds.

The Infini hack came just days after Bybit, another crypto platform, suffered the largest recorded losses in a hack, with $1.4 billion in crypto assets stolen. According to cybersecurity experts, the timing of the Infini attack was not a coincidence, as the hackers saw an opportunity while everyone was focused on the Bybit hack.

This incident highlights the need for stronger security measures in the crypto industry. As more and more people turn to cryptocurrencies, it is crucial for platforms to prioritize the safety of their users’ assets. In the meantime, Infini and other affected platforms will continue to take legal action to recover the stolen funds and hold the perpetrators accountable.