Sonic Labs Wins Court Order to Liquidate Multichain Foundation

Sonic Labs Wins Court Order to Liquidate Multichain Foundation

Sonic Labs CEO Michael Kong announced that the Singapore High Court has approved the liquidation of Multichain Foundation, appointing KPMG’s Singapore branch as liquidators. Multichain’s Refusal to Cooperate Forced Sonic Labs’ Hand Sonic Labs CEO Michael Kong said the Singapore High Court has approved his firm’s application to liquidate Multichain Foundation. Kong revealed that the... The post Sonic Labs Wins Court Order to Liquidate Multichain …

Sonic Labs Wins Court Order to Liquidate Multichain Foundation – Legal Bitcoin News

Sonic Labs CEO Michael Kong announced that the Singapore High Court has approved the liquidation of Multichain Foundation, appointing KPMG’s Singapore branch as liquidators. Multichain’s Refusal to Cooperate Forced Sonic Labs’ Hand Sonic Labs CEO Michael Kong said the Singapore High Court has approved his firm’s application to liquidate Multichain Foundation. Kong revealed that the […]

CoinStats - Sonic Labs Secures Court-Ordered Multichain L...

Multichain has entered liquidation after Singapore’s High Court granted Sonic Labs’ petition on May 9 2025, appointing KPMG partners as liquidators. The order follows a default ruling over a 2023 breach that has moved $210 million out of user wallets across several networks.

Sonic Labs triumphs: Multichain will dissolve In a decisive chapter for the cryptocurrency ecosystem, Sonic Labs has obtained a court ruling ordering the dissolution of Multichain, after a dramatic hack that shook the community. Seeking recovery of lost assets, this liquidation sets an important precedent in the way in which it deals with security and responsibility within the digital world. [Read more] The Sonic Labs vs. Multichain Sonic Labs c…

Key Points of the News The Singapore High Court has authorized Sonic Labs to force the liquidation of Multichain Foundation after the 2023 hack that left losses for more than $210 million. Sonic Labs, formerly known as the Fantom Foundation, accuses Multichain of not collaborating in the recovery of funds, which motivated the lawsuit. The KPMG firm has been named as an official liquidator to oversee asset recovery and compensate those affected. …