TechFlow news, May 15 — According to Cointelegraph, on May 9, Singapore’s High Court ruled in favor of Sonic Labs (formerly the Fantom Foundation) in its application for the liquidation of the Multichain Foundation and appointed KPMG as the liquidator.
Michael Kong, CEO of Sonic Labs, said the team had no choice but to file the lawsuit due to the former employees of Multichain being "completely uncooperative" and "avoiding victims." In July 2023, Multichain suffered a hack that resulted in asset losses across multiple chains including Fantom, Ethereum, BNB, Cronos, and Polygon, with total losses exceeding $210 million. Multichain ceased operations in July 2024 due to insufficient operating funds.
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