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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.

LG is winding down its Art Lab, allowing collectors to withdraw NFTs before its closure in June. South Korean multinational electronics tycoon LG is winding down its LG Art Lab platform, a marketplace for non-fungible tokens launched to bring digital art to its premium screens. In a Thursday announcement on its official website, the company said it made the “difficult decision to close the platform” as the NFT space “continues to evolve.” Launched in 2022, Art Lab will officially shut down on June 17. To help users transition, LG outlined two ways for collectors and artists to transfer their assets. “LG Art Lab Team will automatically transfer the assets that are currently in LG Art Lab Marketplace for re-sell to collectors own wallets by April 30,” the company said, adding that users can manually move their artworks or withdraw them from the marketplace. “While this chapter is coming to an end, our passion for digital art and innovation remains strong, and we look forward to seeing how the NFT space continues to grow and evolve.” Art Lab While the company didn’t provide specifics on why it was shutting down LG Art Lab, it still hinted at shifting priorities, saying “it is the right time to shift our focus and explore new opportunities.” We are live on Ethereum!⛓️ Discover, collect, and display digital masterpieces right from your LG Smart TV First up: @Amadon His work now available on LG Art Lab Initially available only on the Hedera network, LG Art Lab later migrated to Ethereum, though it remains unclear how much that transition impacted adoption. LG says customer support for Art Lab users will be available until July 18. The move follows LG’s broader involvement in digital innovation. In 2023, the company teamed up with metaverse firms Oorbit and Pixelynx to integrate virtual experiences directly into its smart TVs. Oorbit’s technology was described as “the thread that binds virtual worlds together,” allowing LG’s smart TV users to access AI-generated multiplayer games and virtual concerts through cloud streaming. LG has not indicated whether its metaverse ambitions will continue beyond Art Lab’s closure.

Standard Crypto has backed a $140 million raise for Walrus Foundation, an organization looking to build a highly scalable decentralized storage solution on Sui. The Walrus protocol is a blockchain-based data storage platform currently in testnet . Per details in a announcement , the funding from a private token sale will help Walrus Foundation to scale the data storage network on Sui ( SUI ). “This investment is a significant milestone to redefine decentralized storage. By leveraging Sui’s unique architecture, we’re making storing data programmable, interactive, and secure,” Rebecca Simmonds, managing executive of Walrus Foundation, said in a statement. Walrus plans to capitalize on the rising demand for programmable storage across the market, which it can now pursue following this capital injection, Simmonds added. The Sui-based platform, developed by Mysten Labs, is gaining traction as developers and projects tap into its solution for on-chain and off-chain data management. Any application can leverage Walrus to publish, read, and program data files, using Move-based smart contracts. Combining storage, availability, and decentralized computing means users have access to a solution that vastly improves on what legacy storage solutions offer. According to the Walrus team, storage goes beyond just storage—it’s about being “dynamic, verifiable, and programmable.” The use of artificial intelligence datasets, blockchain history, and rich media all come into play with Walrus. Standard Crypto co-founder and managing director Adam Goldberg said in a comment: “We’ve been backers of Mysten Labs since the very beginning and, inspired by their ability to transform research breakthroughs into breakout products, we’re thrilled to deepen our partnership through a new investment in Walrus.” Walrus’ $140 million raise also attracted several top crypto venture capital firms, including a16z crypto, Electric Capital, Franklin Templeton Digital Assets and Comma3 Ventures. As well as the funding news, Walrus Foundation revealed the Walrus protocol’s mainnet is set to go live March 27, 2025.

Lace, a web3 non-custodial wallet developed by Input Output, is now multichain, with initial support including Bitcoin. Input Output, an infrastructure and web3 research platform founded in 2015 by Charles Hoskinson and Jeremy Wood, announced the development via a press release on Mar. 20. Hoskinson is the founder of Cardano ( ADA ), one of the top cryptocurrency and blockchain projects. According to IO, the Lace wallet’s non-custodial solution is now officially multichain. The launch expands the wallet’s support beyond Cardano, with initial support for Bitcoin ( BTC ). “The future of blockchain is multichain, and with Lace, we’re making sure users have everything they need in one powerful, easy-to-use wallet. Building on the foundations we have established with Cardano, we identified Bitcoin as the logical next step. And we’re just getting started,” Brandon Wolf, general manager at Lace, said. Lace now allows its users to store, manage, and transfer BTC. According to IO, the integration of BTC is a milestone that brings web3 closer to reality. This is because the support does not only help accelerate adoption for Bitcoin—it also boosts the broader ecosystem. As the top blockchain network sees increased traction across decentralized finance and smart contracts, several layer-2 solutions built on top of it are gaining further adoption. “Bitcoin was the starting point for many people’s Web3 journey, and now we are witnessing its next evolution with the rise of Bitcoin DeFi. With Bitcoin integration now live, Lace is creating a seamless, intuitive gateway to maximise the best of blockchain innovation” Hoskinson said. The integration provides an “intuitive gateway” that will help maximize blockchain innovation and add to the growth of DeFi, the Cardano founder added. Other than DeFi, Lace’s web3 traction includes non-fungible tokens and multi-chain asset management. Bitcoin continues to attract attention for its potential, with zero-knowledge powered platform BitcoinOS among those to champion its integration with crypto. The project’s open-sourcing of its BitSNARK v0.2 unlocks unlimited BTC programmability, the protocol’s team posted on X. BitcoinOS’ code allows anyone to verify ZK proofs on Bitcoin.