“Singapore Supreme Court approved the liquidation of the Multichain Foundation on Sonic Labs claim. The reason was to compensate for losses after the breakdown of the cross-protocol in 2023, which resulted in the lost $ 210 million. Approximately a third of this amount belonged to Sonic Labs. KPMG Singapore is appointed by a co -recover. Sonic Labs filed a lawsuit in March 2023 – after Multichain stopped working […]”, – WRITE: Businessua.com.ua
Singapore Supreme Court approved the liquidation of the Multichain Foundation on Sonic Labs claim. Cause-Compensation after the Cross-Protocol Cross-Cross in 2023, As a result, $ 210 million was lost. Approximately a third of this amount belonged to Sonic Labs.
KPMG Singapore is appointed by a co -recover. Sonic Labs filed a lawsuit in March 2023 – after Multichain stopped working and stopped responding to the appeal of the affected projects.
The court supported the plaintiff’s position on the breach of the contract and misleading by the developers. The consideration was delayed because the Multichain team did not contact. The CEO of the project was arrested in China several months before the incident.
I’m Pleased to AnnoUnce on 9 May, 2025, Fantom Foundation’s (Now @SonicLabs) Winding Up Application Against Multichain Foundation Ltd by the Singapore High Court Was Grunted In Fun.
Individuals from Kpmg Singapore Were Also Appointed As Liquidtors on the Same Day.…
– Kong.Sonic (@Michaelfkong) May 14, 2025
“If Multichain did not hide from the victims, this process would not be needed, and we would have saved more than a year,” says Michael Cong, head of Sonic Labs.
He added that the lost funds should eventually be returned to users.
Recall that on May 12, hackers broke the Curve Finance platform interface, replacing the domain on the Phishing IP address that launched Drainer for the kidnapping of cryptocurrencies from wallets.
The gun
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