According to Foresight News, Sonic Labs, formerly known as Fantom Foundation, has been granted approval by the Singapore High Court to liquidate Multichain Foundation. This decision aims to address the $210 million deficit caused by a hacking incident in 2023. KPMG Singapore has been appointed as the joint liquidator.
The hacking incident resulted in significant financial losses for Multichain Foundation, with Sonic Labs bearing approximately one-third of the total loss. The attack has had lasting impacts on the organizations involved.
In a related development, Multichain CEO Zhaojun He was arrested by Chinese authorities months before the hacking incident and has not been seen publicly since his detention.