Sonic Labs wins judgment for Multichain Foundation to wind up
The Singapore High Court ruled in favor of Sonic Labs, allowing the Multichain Foundation to be wound up to recover funds lost in a 2023 hack. Justice Kwek Mean Luck appointed KPMG as liquidators following Sonic Labs' request. Sonic Labs, previously the Fantom Foundation, cited uncooperative former Multichain employees as a reason for the lawsuit. The Multichain hack resulted in significant asset losses across multiple chains, totaling at least $210 million, as reported by Beosin and Fantom. In January 2024, the court granted a default judgment against Multichain for breach of contract and fraudulent misrepresentations. Sonic Labs plans to use this legal victory to assist other victims in claiming losses. Multichain ceased operations in July 2024 due to financial issues and the detention of its CEO by Chinese authorities.
