The Singapore High Court has ruled in favor of Sonic Labs, formerly the Fantom Foundation, to declare the Multichain Foundation bankrupt and appoint KPMG as liquidators. The decision comes after Sonic Labs accused Multichain’s former employees of being uncooperative and hiding from victims following a 2023 hack. Multichain, a cross-chain router protocol, suffered a major security breach last year, leading to significant financial losses. The court’s judgment on May 9 marks a critical step in recovering stolen funds, with KPMG now overseeing the winding-up process. Sonic Labs CEO Michael Kong emphasized the necessity of legal action due to Multichain’s lack of cooperation.
about KPMG to Liquidate Multichain After Court Ruling