Singapore court approves Sonic Labs' application for liquidation Multichain Foundation

PANews reported on May 15 that according to Cointelegraph, the Singapore High Court made a ruling on May 9 to approve Sonic Labs' application for liquidation of the Multichain Foundation. KPMG is designated as the liquidator and is responsible for handling the foundation's asset liquidation matters. The ruling originated from a hacking incident encountered by Multichain in July 2023, which caused losses to assets on chains including Fantom and Ethereum, with a total amount of more than US$210 million.

Sonic Labs CEO Michael Kong said the company had to take legal measures as former Multichain employees refused to cooperate with the investigation. The liquidator will initiate the asset recovery procedure, and if the funds are successfully recovered, it will be returned to the affected users. Multichain has ceased operations in July 2024, and its CEO was previously detained by police.