Following the July 2023 exploit of Multichain, which resulted in a $200 million asset loss, the Fantom Foundation has been actively seeking legal recourse to recover the stolen assets. The Singapore High Court has recently ordered Multichain to compensate the victims, with Fantom Foundation planning to petition the court for the liquidation of Multichain to reclaim approximately $65 million in frozen stablecoins. Additionally, Fantom Foundation is pursuing a bankruptcy declaration against Multichain to recover the $122 million stolen from Fantom's bridge in the exploit. This legal action represents a significant step forward in the foundation's efforts to address the aftermath of the exploit and partially recover the lost assets.
.@FantomFDN, which maintains and helps develop the Fantom blockchain, is seeking to claw back some of the assets it lost to @MultichainOrg's $200 million exploit last year. By @shauryamalwa https://t.co/G4PT9JG7WJ
Fantom seeks to liquidate Multichain Foundation to recover assets from July exploit https://t.co/QbXeIbw2P6
UPDATE: FANTOM FOUNDATION SEEKS BANKRUPTCY DECLARATION AGAINST MULTICHAIN TO RECOVER THE $122M STOLEN FROM MULTICHAIN'S FANTOM BRIDGE IN 2023
The Fantom Foundation said the Singapore High Court ordered Multichain to pay compensation. Fantom will petition the court for liquidation to recover community assets including approximately $65 million in frozen stablecoins. In July 2023, the founder of Multichain was…
Since the July 2023 Multichain exploit, Fantom Foundation’s management and legal team have been working tirelessly across multiple jurisdictions to chart a path forward that enables victims to partially recover assets lost. We have an important update in this regard. After all… https://t.co/pUxyalPdMD
Folks, @Cryptovestor77 is trying to take us multichain @protocol_fx @aladdindao https://t.co/wwbqpLwGFX