Sonic Labs wins judgment for Multichain Foundation to wind up

A Singapore High Court has ruled in favor of Sonic Labs’ motion to force the Multichain Foundation to wind up in an effort to recover funds stolen during a 2023 hack. In the May 9 judgment in the Singapore Supreme Court, Justice Kwek Mean Luck granted a request from Sonic Labs, formerly the Fantom Foundation, to declare Multichain bankrupt and appoint liquidators from global audit, tax and advisory service KPMG. Sonic Labs CEO Michael Kong said in a May 14 statement to X that the team behind the layer 1 Sonic blockchain felt it had no choice but to file a lawsuit to forcibly wind up Multichain because its former employees were being “completely uncooperative” and “hid from victims. ”“Going forward, the liquidators can now start working with other parties to initiate the process of trying to acquire funds that should eventually be returned to users if those legal proceedings are successful,” Kong said source: https://cointelegraph.com/news/sonic-labs-wins-judgment-multichain-foundation-to-wind-up?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound