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Infini Labs, a crypto-focused neobank, has filed a lawsuit against an engineer it accuses of embezzling nearly $50 million from the platform. The stablecoin digital bank accuses Chen Shanxuan of retaining “super admin” authority as the crypto platform’s smart contract went live in mainnet. As a result, the engineer stole approximately $49.5 million in USDC ( USDC ) from the firm. Infini Labs filed its lawsuit in Hong Kong, via its subsidiary BP SG Investment Holding Limited. The allegation is that as a lead developer, Chen secretively retained ‘super admin’ access and used this privilege to embezzle millions of dollars in crypto from the firm. Interestingly, the lawsuit paints the picture of Chen as a man in debt and a massive gambler. The case follows the cryptocurrency credit card provider’s suffering from an exploit that saw $49.5 million drained from its coffers. The initial reaction to the loss was tha this was the work of hackers. However, the lawsuit puts Chen on the spot, with documents presented before the court asking that the accused person’s assets be frozen. Infini Labs has also asked the court to compel its former lead smart contracts engineer to disclose further transaction details. In the crypto heist Infini suffered in February, funds had vanished without the multi-signature authorization. Chen used his full access to steal, the firm notes in the lawsuit. The lawsuit against Chen comes days after Infini founder Christian Li, asked the “hacker” to take the firm up on a white hat agreement. Li’s on-chain message also highlighted a 20% bounty the company offered to the suspected attacker. Li also reiterated that Infini Labs was not going to take any legal action if the hacker complied with the white hat offer and returned the funds as requested. Trugard CTO and co-founder Jeremiah O’Connor told crypto.news in a statement the exploit is a “textbook example of an insider attack” within the Web3 space. Specifically, when a single engineer holds “unchecked power” over a smart contract it creates a central point of failure. “Instead of revoking their super admin privileges as promised, this engineer kept a secret backdoor, deceived their own team, and made off with $50 million,” O’Connor added. “If the allegations are true, their motive—covering gambling losses—makes the situation even more alarming. When financial desperation meets unrestricted control, the results are almost always catastrophic. This serves as yet another wake-up call about the dangers of centralized authority in DeFi.” Security in DeFi must rely on more than just trust, he said. If Infini had in place decentralized safeguards like multi-signature wallets, on-chain transparency, or timelocks for admin changes, an exploit would have not been likely. As such, any project that allocates “absolute control” to one individual is “asking for trouble.” In Web3, security isn’t about trust; it’s about verifiable, enforced protections before things go south,” O’Connor concluded.

Many cryptocurrency investors find it difficult to calculate their taxes. MetaMask users now have some good news: the cryptocurrency wallet platform has integrated Crypto Tax Calculator to make tax management simpler. The integration lets users get an automatic tax summary suited to their countries, therefore drastically reducing tax ambiguity and risk. Who has time to individually analyze blockchain transactions in the hectic environment of today? MetaMask users may obtain immediately applicable tax reports by means of integration with the Crypto Tax Calculator. Not only that, but these reports are compliant with the rules of 23 different jurisdictions, including the United States, Canada, Australia, Japan, and several European countries. The tool still provides capital gains and income tax reports customizable to local tax laws for users outside of these areas. Users can also add several wallets at once, so all transactions can be immediately reconciled. The outcome is a more practical procedure free of the trouble of repeatedly visiting several platforms. On the other hand, MetaMask seems to be growing more aspirational in offering its offerings. The corporation announced on February 28, 2025, plans to extend support to the Solana (SOL) and Bitcoin (BTC) networks. This move helps MetaMask to maintain its position as a versatile and easily available multi-chain wallet. One additional fascinating detail, though, is their intention to eliminate gas charges going forward. Users’ interactions with DeFi might be altered by this move. MetaMask wants to remove that obstacle and streamline transactions if past users had to have ETH only to pay gas fees. Apart from developments in taxation and blockchain systems, MetaMask has also entered the direct payments space. According to CNF , MetaMask Card has been introduced in Colombia, Mexico, and Brazil. By use of Mastercard integration, this card lets users make seamless crypto transactions. Users no longer have to worry about trading their crypto assets to fiat before they may spend them for regular shopping. During a transaction, crypto can be directly converted into fiat money with this card, therefore removing middlemen like crypto exchanges. This is a big step toward bringing traditional finance into line with the crypto space. MetaMask also unveiled in November 2024 the Gas Station feature, another innovation. This function lets users include directly in the swap quotes the network fees. One of the primary challenges in the Ethereum ecosystem was always needing ETH to pay gas fees. Users of Gas Station can avoid carrying ETH specifically for that. This gives more freedom, particularly for people who would rather keep their assets in different tokens.

Onchain analytics firm Nansen has appointed Robert Leshner, founder of Superstate and Compound, to its Board of Directors, according to a note shared with crypto.news. Leshner, a key figure in decentralized finance, will help shape Nansen’s strategic direction as it expands its offerings in onchain intelligence, staking , and multi-chain analytics . Leshner is known for pioneering DeFi through Compound, a protocol that introduced algorithmic lending in crypto markets. His background in protocol development and tokenization is expected to contribute to Nansen’s mission of providing real-time analytics for traders, investors, and builders. “Robert is a pioneer in DeFi, and his insights into decentralized systems and crypto markets will be invaluable as Nansen scales to new heights,” said Alex Svanevik, CEO and Co-Founder of Nansen. Leshner’s appointment comes as Nansen accelerates product rollouts, including its Nansen Points initiative and expanded staking services. He joins a board that includes representatives from Accel and a16z Crypto, reinforcing the company’s leadership in onchain analytics. “Nansen has built the most valuable intelligence platform in crypto, and I’m excited to help the team continue to innovate,” Leshner said. Nansen provides AI-driven tools to help users analyze crypto markets, track portfolios , and identify trends. The company aims to enhance transparency and decision-making for participants in the evolving onchain economy.

Jack Tan, co-founder of WOO X, outlined key trends shaping the crypto market in a note to crypto.news. Tan discussed the booming expansion of real-world assets and recent sell-offs within the Binance Smart Chain ecosystem. Tan pointed to the accelerating adoption of RWAs , with projections estimating the sector could reach $16.1 trillion by 2030. “This showcases the long-term potential of asset tokenization,” Tan wrote in a note. “As the RWA sector matures, key projects such as ONDO, LINK, MKR, and PLUME—which focus on tokenization, liquidity, and decentralized finance infrastructure—are well-positioned to benefit from this growth.” Institutional interest is rising, exemplified by BlackRock’s BUIDL fund, which has grown from an initial $100 million USDC in March 2024 to over $1 billion, capturing 30% of the tokenized U.S. Treasuries market. Beyond Treasuries, RWAs are expanding into new financial products. Ondo Finance recently partnered with Mastercard to integrate its OUSG bond fund into Mastercard’s Multi-Token Network, enabling crypto payments to interact with traditional financial systems. Meanwhile, Coinbase is reportedly collaborating with Swiss tokenization firm Backed to launch tokenized stocks, such as “wbCOIN,” on its layer-2 network, Base , according to Tan. These developments reflect increasing institutional confidence in blockchain-based financial instruments. The BSC ecosystem has seen increased liquidity in projects like MUBARAK , PALU, ATM, and Broccoli. However, investor confidence was shaken after crypto influencer Wolfy_XBT was accused of triggering panic through aggressive sell-offs of BNB ( BNB ) Card-related tokens, Tan wrote. The event has fueled broader discussions about potential risks in tokenized ecosystems. As RWAs gain traction and crypto markets respond to macroeconomic shifts, Tan stressed that projects such as ONDO ( ONDO ), LINK ( LINK ), Maker ( MKR ), and PLUME are well-positioned to capitalize on the evolving landscape.

Ripple CEO Brad Garlinghouse has confirmed the big news: the U.S. Securities and Exchange Commission (SEC) is going to drop its appeal in the long-running lawsuit against the company. This legal battle kicked off back in December 2020, when the SEC accused Ripple of selling XRP as an unregistered security. Garlinghouse’s announcement on March 19 is a clear sign of victory in this multi-year fight, bringing it much closer to the finish line. The CEO made the statement right before the Digital Asset Summit in New York, emphasizing just how important this outcome is for both Ripple and the entire crypto market. The SEC initially filed its lawsuit against Ripple in December 2020, claiming that the company had conducted a massive $1.3 billion unregistered securities offering through the sale of XRP. For the past four years, Ripple has been vigorously fighting these charges, with Garlinghouse consistently arguing that XRP is not a security. Garlinghouse shared his excitement about the case seemingly wrapping up in a video posted on X, calling it “a resounding victory for Ripple and crypto.” He stressed that this resolution has been a long time coming and that the focus should now shift to growing the crypto industry in the United States. He even stated that it’s time for the U.S. to become the crypto capital of the world. Related: Settlement In Sight For Ripple vs. SEC Case, Though Final Terms Still Under Negotiation With the SEC’s appeal off the table, it looks like Ripple’s legal headaches might finally be over. This could create some exciting new opportunities for the company to expand its network of banking partnerships. Ripple already has over 300 banking partners, and winning this lawsuit could encourage even more big financial institutions to join RippleNet. Experts have even suggested that major players like Bank of America, American Express, or Santander could become partners down the line. Beyond partnerships, there’s also the possibility of Ripple going public with an IPO. The company’s recent moves to buy back shares have put its valuation at a hefty $11.3 billion, leading to speculation about what its next big move will be. The market for XRP has definitely perked up in response to this positive legal development. As of Wednesday evening (March 19, 2025), the price of XRP has now reached $2.50. It’s important to consider the broader context since this news is the latest, and the market is likely still processing the implications; which means XRP rally is still on the cards. Related: XRP Price Alert March 19: Ripple vs. SEC – Settlement or More Legal Shadows? Additionally, XRP’s market capitalization stands at $145.56 billion, with a trading volume increase of 86.35%, reaching $6.72 billion. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.