Infini Initiates Legal Action via Blockchain After $50M USDC Theft by Developer
Infini, a stablecoin payments company, is pursuing legal action following a $50 million USDC theft. The incident implicates a former developer who transferred funds from a multisig wallet to a private account. This case marks a significant precedent, as the firm used blockchain technology for legal notices, signaling shifts in digital asset recovery tactics. Legal actions include on-chain notices to the accused and any good-faith recipients of stolen assets. Despite offering to stop the legal process if 80% of the funds are returned, Infini’s demands remain unanswered, prompting stricter legal measures. The legal proceedings are taking place in Hong Kong, aligning with earlier judicial uses of blockchain for delivering legal communications.
Neutral
The legal case involving the $50 million USDC theft via blockchain notices is groundbreaking and could set new precedents. While it might have a temporary unsettling effect on trading activities due to potential reputational concerns, the overall impact on the market is expected to be neutral. The use of blockchain in legal action might even foster greater confidence in digital asset security, balancing any immediate concerns.