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Sonic Labs, in regard to its case for Multichain Foundation’s liquidation, stated that they were forced to pursue liquidation of Multichain as its former employees were completely uncooperative, persistently absent, and concealed themselves from victims following the 2023 exploit

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

Sonic Labs stated that its legal action to liquidate Multichain aims to enable the recovery of stolen assets and create a mechanism for affected users to reclaim their funds and expressed hope that liquidators can retrieve the assets through collaboration with other parties

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

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