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 data-ct-non-breakable=”null” href=”https://drive.google.com/file/d/110MQaRR4N026uUHlCXe3d47eUpGYgiBx/view” rel=”null” target=”null” text=”null” title=”null”>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 data-ct-non-breakable=”null” href=”https://x.com/michaelfkong/status/1922742429398204678″ rel=”null” target=”null” text=”null” title=”null”>said in a May 14 statement to X that the team behind the data-ct-non-breakable=”null” href=”https://cointelegraph.com/learn/articles/a-beginners-guide-to-understanding-the-layers-of-blockchain-technology” rel=”” target=”_self” text=”null” title=”https://cointelegraph.com/learn/articles/a-beginners-guide-to-understanding-the-layers-of-blockchain-technology”>layer 1 Sonic blockchain felt it had no choice but to…
