Sonic Labs wins judgment for Multichain Foundation to wind up

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 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 said in a May 14 statement to X that the team behind the layer 1 Sonic blockchain felt it had no choice but to…