Sonic Labs wins judgment for Multichain Foundation to wind up

Description

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.

Authors

Stephen Katte

Publish date

May 15, 2025

Publisher

Cointelegraph

Web URL

https://cointelegraph.com/news/sonic-labs-wins-judgment-multichain-foundation-to-wind-up

Referenced by

Sonic Labs receives court approval to liquidate Multichain Foundation

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News story

Multichain shut down in July 2024 due to a lack of operational funds, and after its CEO, known as Zhaojun, was detained by Chinese police.

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Quote

“Going forward, the liquidators can now start working with other parties to initiate the process of trying to acquire funds that should eventually be returned to users if those legal proceedings are successful,” Kong said.

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