Singapore court approves Sonic Labs' application to liquidate Multichain Foundation

According to Cointelegraph, the High Court of Singapore made a ruling on May 9th approving Sonic Labs' application to liquidate the Multichain Foundation. KPMG has been designated as the liquidator responsible for handling the asset liquidation of the foundation. This ruling stems from the hacking attack on Multichain in July 2023, which resulted in the loss of assets on multiple chains including Fantom and Ethereum, totaling over $210 million. Michael Kong, CEO of Sonic Labs, stated that the company had to take legal action due to Multichain's former employees' persistent refusal to cooperate with the investigation. The liquidator will initiate asset recovery procedures, and if the funds are successfully recovered, they will be returned to the affected users. Multichain ceased operations in July 2024, and its CEO was previously detained by the police.