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The Supreme Court of Singapore has issued an order for the liquidation of Multichain Foundation Ltd., once a leading provider of cross-chain infrastructure protocol, following a security breach in 2023 that resulted in user losses exceeding $210 million.

The ruling, issued on May 9, 2025, is in response to a petition filed by Sonic Labs (formerly Fantom Foundation), one of the platforms affected by the hacking attack.

The court has appointed Bob Yap Cheng Ghee, Toh Ai Ling, and Tan Yen Chiaw from KPMG Services Pte. Ltd. as joint liquidators of Multichain Foundation.

The liquidators will oversee the liquidation of the company and the recovery of assets, including claims for damages brought by Sonic Labs and other affected parties.

This legal outcome follows a default judgment issued earlier this year in favor of Sonic Labs, which sought compensation for losses incurred during operations. Representatives of Multichain did not appear in court, prompting the judge to issue a ruling based on undisputed evidence.