Singapore Court Approves Sonic Labs’ Application to Liquidate Multichain Foundation

CoinRank News: On May 9, the Singapore High Court ruled to approve Sonic Labs application to liquidate the Multichain Foundation. KPMG was appointed as the liquidator to handle the liquidation of the foundations assets. The ruling stems from the hacker attack on Multichain in July 2023, which resulted in the loss of assets on multiple chains including Fantom and Ethereum, with a total amount of more than US$210 million. Michael Kong, CEO of Sonic Labs, said that the company had to take legal action because former Multichain employees had always refused to cooperate with the investigation. The liquidator will initiate an asset recovery procedure, and if the 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)