Sonic Labs wins judgment for Multichain Foundation to wind up

Liquidators from KPMG have been appointed by court order to oversee the bankruptcy proceedings of the Multichain Foundation.

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.”

Read more

Source Link

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *