Sonic Labs approved to liquidate Multichain Foundation to recover $210 million in losses

According to The Block, the High Court of Singapore recently approved Sonic Labs' (formerly Fantom Foundation) application for compulsory liquidation of Multichain Foundation and appointed KPMG Singapore as the liquidator. Sonic Labs suffered a loss of approximately one-third in the $210 million attack on Multichain in 2023. Sonic was forced to file a lawsuit due to Multichain's refusal to cooperate and the loss of contact with management. If the subsequent legal proceedings proceed smoothly, the relevant funds are expected to be returned to the user.