Sonic Labs, the team behind the Layer 1 Sonic blockchain and formerly known as the Fantom Foundation, sustained roughly $122 million in losses in the 2023 Multichain Foundation $210 million hack

Event date

July 1, 2023

Quotes that support claims

Sonic Labs, which was still known as the Fantom Foundation then, lost about $122 million due to the incident.

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 file a lawsuit to forcibly wind up Multichain because its former employees were being “completely uncooperative” and “hid from victims.”

Tags

Week 26 of 2023