The Singapore High Court ruled in favor of Sonic Labs, enabling them to liquidate the Multichain Foundation. This legal victory is a response to significant fund losses due to a hack and non-cooperation from Multichain’s management.
KPMG has been appointed to manage the bankruptcy proceedings. Sonic Labs aims to reclaim over 210,000,000 USD lost in the hack across multiple chains like Ethereum and BNB.
Moving forward, Sonic Labs will use the court’s decision to begin recovery efforts for the users affected. This legal precedent may also support other victims in claiming their losses from the Multichain hack.
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