Sonic Labs wins judgment for Multichain Foundation to wind up

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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…



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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…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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