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

Event date

May 14, 2025

Quotes that support claims

According to Sonic Labs CEO Michael Kong, “Unfortunately since Multichain and its former employees have been completely uncooperative, we were compelled to file a lawsuit against Multichain and to forcibly wind-up the company. If Multichain had not hid from victims, this entire process would’ve been unnecessary and we would’ve saved more than a year.”

Sonic Labs CEO Michael Kong again said in a Wednesday statement on X that the team was "compelled" to forcibly liquidate Multichain. "If Multichain had not hid from victims, this entire process would've been unnecessary and we would've saved more than a year," Kong said.

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.”

At the time, Sonic Labs said the decision to pursue the liquidation came after "persistent absence" of Multichain despite multiple attempts to reach the foundation's key personnel.

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Week 20 of 2025