The Singapore Court has approved Sonic Labs' application to wind up the Multichain Foundation.

BlockBeats News, May 15th. According to Cointelegraph, on May 9th, the Singapore High Court ruled to approve Sonic Labs' application to liquidate the Multichain Foundation. KPMG has been appointed as the liquidator to handle the asset liquidation of the foundation.

This ruling stems from a hack that Multichain suffered in July 2023, which resulted in losses of assets on multiple chains including Fantom, Ethereum, totaling over $210 million.

CEO of Sonic Labs, Michael Kong, stated that due to former Multichain employees' refusal to cooperate with the investigation, the company had to resort to legal measures. The liquidator will initiate an asset recovery process, and if successful, the recovered funds will be returned to affected users. Multichain ceased operations in July 2024, and its CEO was previously detained by the authorities.