PANews reported on May 15 that the Singapore High Court ruled on May 9 to approve Sonic Labs' application to liquidate the Multichain Foundation, according to Cointelegraph. KPMG has been appointed as the liquidator, responsible for handling the liquidation of the foundation's assets. This ruling stems from the hacking incident that occurred in July 2023, which resulted in asset losses across multiple chains, including Fantom and Ethereum, totaling over $210 million.
Michael Kong, CEO of Sonic Labs, stated that due to the refusal of former Multichain employees to cooperate with the investigation, the company had to take legal action. The liquidator will initiate asset recovery procedures, and if funds are successfully recovered, they will be returned to the affected users. Multichain ceased operations in July 2024, and its CEO was previously detained by the police.
