The Singapore High Court has ruled in favor of Sonic Labs, formerly the Fantom Foundation, in their motion to compel the Multichain Foundation to wind up following a 2023 hack. Justice Kwek Mean Luck granted Sonic Labs' request to declare Multichain bankrupt and appoint liquidators from KPMG. Sonic Labs CEO Michael Kong stated that legal action was necessary due to uncooperative former employees. The liquidators will now work to recover stolen funds. The hack in July 2023 resulted in significant losses across various chains, estimated at $210 million. Sonic Labs pursued legal action for breach of contract and fraudulent misrepresentations, leading to a default judgment in January 2024. The court's decision allowed Sonic Labs to push for the winding up of Multichain to aid in asset recovery. Multichain ceased operations in July 2024 after financial difficulties and the detention of its CEO by Chinese authorities. Read more AI-generated news on: https://app.chaingpt.org/news