The Fantom Foundation has secured a default judgment against Multichain in the Singapore High Court for alleged contract violation and fraudulent representations. The conflict stems from a July 2023 Multichain bridge exploit, which resulted in over $210 million in losses across multiple chains, including Fantom, Ethereum, BNB, Cronos, Polygon, Arbitrum, zkSync, Optimism, and Moonbeam.
Fantom plans to seek liquidation through the court to retrieve community assets, including around $65 million in frozen stablecoins. The platform anticipates the Singaporean court to appoint a liquidator to evaluate the damages suffered due to Multichain's security breach. The liquidator will possess the necessary expertise and legal powers to assist in tracing and recovering assets, as well as acting in the best interests of all creditors.
Fantom plans to seek liquidation through the court to retrieve community assets, including around $65 million in frozen stablecoins. The platform anticipates the Singaporean court to appoint a liquidator to evaluate the damages suffered due to Multichain's security breach. The liquidator will possess the necessary expertise and legal powers to assist in tracing and recovering assets, as well as acting in the best interests of all creditors.