Singapore’s Supreme Court has ruled in favor of Sonic Labes’s proposal to compel the Multichain Foundation to end in an attempt to recover the money that was stolen during the penetration 2023.
In the ruling on May 9 at the Supreme Court of Singapore, Judge KWEK Mean Luck granted a request from Sonic Labs, who was formerly the Fantom Foundation, for a bankrupt bustling announcement and set global review, taxes and consulting service KPMG.
Michael Kong, CEO of Sonic Labs, said in a statement to X on May 14, that the team behind Layer 1 Sonic Blockchain felt that he had no choice but to file a lawsuit to end Multichain by force because his former employees are “completely returning” and “hiding from the victims”.
“To move forward, the preservatives can now start working with other parties to start the process of trying to obtain funds that must eventually be returned to users if these legal procedures succeed,” said Kong.
In July 2023, Multichain Foundation witnessed abnormal large flows, later as a penetration, which led to the loss of assets through multiple chains, including Fantom, Ethereum, BNB, Cronos and Polygon.
In a report in August 2023, Blockchain Security Poosin and Fantom estimates a report in August 2023 that the total losses for all chains are at least $ 210 million.
The work ends, follows the legal victory
Single Supreme Court granted a virtual ruling in January 2024 as part of the legal procedure for Sonic Labs against Multichain to violate the contract and fraudulent distortions, and claims that the Crosschain protocol has lost $ 122 million of its money.
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After the verdict, Sonic Labs said in March 2024 that it would benefit from the legal victory of the court to end the Multichain Foundation and the appointment of my filter, equivalent to the bankruptcy of Chapter 7 in the United States, to help recover lost or frozen assets.
Previously, Sonic Labs indicated that she plans to use the legal victory to form a road for other multi -time penetration victims to make claims for their losses as well.
Multichain was closed in July 2024 due to the lack of operational funds, and after its CEO, known as Zhaojun, was arrested by the Chinese police.
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Source: https://cointelgraph.com/news/sonic-labs-wins-comptess-multichain-foundation- to-up-up-upm_source = rss_feed & utm_medium = feed & utm_Campaign = rs_partner_inbound