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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.

A British man who accidentally discarded a hard drive containing bitcoin worth hundreds of millions of dollars has faced another legal setback in his battle to recover it. James Howells, an IT engineer from Newport, Wales, lost access to about 8,000 BTC in 2013 when he mistakenly threw away a hard drive now believed to be buried in a landfill. Despite repeated efforts to retrieve it, his latest appeal to the Royal Court of Appeal has been refused. “Appeal request to the Royal Court of Appeal: refused,” he shared on social media platform X on March 14. Howells added: The Great British Injustice System strikes again… The state always protects the state. Howells has spent years trying to gain permission to search the landfill, arguing that recovering the hard drive could restore his lost fortune, now valued at over $600 million. He has proposed several solutions, including offering Newport City Council a share of the proceeds, fully funding an environmentally compliant excavation, and even offering to buy the landfill to conduct the search himself. However, the council has consistently rejected his requests, citing environmental concerns and the legal ownership of the landfill’s contents. A court document dated March 13, which Howells shared on X, confirms the decision was made by the Rt. Hon. Lord Justice Nugee. The ruling states: “Decision: refused.” Lord Justice Nugee explained his reasoning: I do not consider that the proposed appeal has any real prospect of success. There is no other compelling reason why the appeal should be heard and permission must therefore be refused. Howells has now vowed to take his case to the European Court of Human Rights (ECHR), writing on X: “Next stop: ECHR.” The ECHR, based in Strasbourg, France, hears cases concerning human rights violations under the European Convention on Human Rights. Despite repeated legal setbacks, Howells remains determined to pursue every available legal avenue in his attempt to recover his lost bitcoin. His decision to escalate the case to an international court signals his continued fight against UK authorities. Whether the ECHR will take up his case remains to be seen. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

Analyst: $BTC address on Hyperliquid may be exposing shorts to trigger liquidations Crypto analyst Josh Man suggested that a Bitcoin (BTC) address on Hyperliquid is deliberately exposing short positions to trigger liquidations and drive the market higher, Cointelegraph reported. He likened the strategy to "self-liquidation," speculating that the entity likely holds offsetting long positions to profit from the resulting price surge. Markus Thielen, founder of 10x Research, noted that the public visibility of the address’ positions has prompted coordinated efforts by traders to force liquidations. He described this as part of the democratization of stop-loss hunting, where independent market participants, rather than exchanges or institutional players, now actively influence liquidation events.

Loose 84k oh man.

Another day pushing into $84,000. Reclaiming that is the first step towards a new growth phase, looks like price is eager - but bears defending hard. Good thing I am a patient man.