Odaily Planet Daily News - On May 9, the Singapore High Court ruled to approve Sonic Labs' application for the liquidation of the Multichain Foundation. 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 Multichain encountered in July 2023, which resulted in asset losses across multiple chains, including Fantom and Ethereum, totaling over $210 million. Sonic Labs CEO Michael Kong stated that due to the former employees of Multichain consistently refusing to cooperate with the investigation, the company had to resort to legal means. 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. (Cointelegraph)

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