Sonic Labs secured Singapore High Court ruling to liquidate the Multichain Foundation and appoint KPMG as official liquidator, aiming to recover its share of losses from a $210 million exploit in July 2023

Event date

May 9, 2025

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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.

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.

Sonic Labs, formerly known as the Fantom Foundation, has secured a legal victory in Singapore to force the liquidation of the Multichain Foundation, following the massive 2023 hack that saw over $210 million siphoned from cross-chain bridges operated by Multichain.

The High Court of Singapore has granted Sonic Labs' request to liquidate Multichain Foundation, allowing the blockchain tech firm to recover lost funds from a 2023 exploit.

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Week 19 of 2025