TechFlow reports that the Fantom Foundation plans to quantify its losses and petition the court to liquidate the Multichain Foundation, appointing a liquidator (akin to Chapter 7 bankruptcy in the U.S.) to assist in recovering and distributing lost or frozen assets.
The liquidator will act on behalf of affected parties to recover assets and manage claims, including reclaiming approximately $65 million in frozen stablecoins.
Previously, the Fantom Foundation filed a lawsuit against the Multichain Foundation, alleging breach of contract and fraudulent misrepresentation. The Singapore High Court has since entered a default judgment in favor of Fantom.
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