Sonic Labs Receives Court Approval to Liquidate Multichain Foundation

According to Foresight News, Sonic Labs, formerly known as Fantom Foundation, has been granted approval by the Singapore High Court to liquidate Multichain Foundation. This decision aims to address the $210 million deficit caused by a hacking incident in 2023. KPMG Singapore has been appointed as the joint liquidator. The hacking incident resulted in significant financial losses for Multichain Foundation, with Sonic Labs bearing approximately one-third of the total loss. The attack has had lasting impacts on the organizations involved. In a related development, Multichain CEO Zhaojun He was arrested by Chinese authorities months before the hacking incident and has not been seen publicly since his detention.