You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Fantom Plans Multichain Liquidation to Help Recover Millions Lost in Exploit

The Fantom Foundation, responsible for developing the Fantom Network, has secured a favorable ruling from the High Court of Singapore in its legal dispute against the cross-chain protocol Multichain.

In July 2023, the Foundation suffered losses exceeding $210 million due to an exploit involving Multichain.

In response, it initiated legal action against Multichain Foundation, citing “breach of contract and fraudulent misrepresentations” as the causes of Fantom’s losses.

In a statement posted on X (formerly Twitter), the company expressed its ongoing efforts, stating, “Since the July 2023 Multichain exploit, Fantom Foundation’s management and legal team have been diligently working across multiple jurisdictions to establish a path forward for victims to partially recover lost assets.”

According to Fantom’s assertions, numerous efforts were made to engage with the former directors and key personnel of the Multichain Foundation. However, these attempts proved futile, prompting the firm to initiate legal action against Multichain in Singapore, where Multichain is registered.

The lack of cooperation from the Multichain team resulted in “complexities in addressing the exploit,” as stated in a blog post released on Monday.

“We are pleased to announce that on January 30, 2024, the Honorable Registrar Tan Boon Heng of the General Division of the High Court of Singapore granted a default judgment ruling in Fantom’s favor.”

Fantom Plans Multichain Liquidation to Recover Funds

Fantom took further action by petitioning the Singapore court to appoint a liquidator for Multichain, aiming to potentially recover the lost funds.

“A court-appointed liquidator possesses the necessary expertise to assist in tracing and recovering assets, along with unique legal powers,” the company stated.

Additionally, a liquidator would act in the best interests of all creditors, Fantom emphasized. Leveraging its legal victory against Multichain, Fantom intends to enlist qualified experts to recover and distribute assets.

Unfortunately, the foundation faced another setback in October, experiencing a significant loss of approximately $6.7 million worth of digital assets in another hack. According to estimates from blockchain security firm Certik, attackers siphoned off nearly $657,000 worth of crypto assets in the incident involving the Fantom Foundation.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024By
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024By
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024By

Latest news

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024
HashKey Exchange Suspends Binance Deposits and Withdrawals Citing Policy Adjustments
20.04.2024
Mango Markets Hacker Found Guilty, Faces 20 Years in Prison: Reuters
20.04.2024
Japan’s SBI Group Plans to Issue NFTs Built on XRP Ledger for World Expo 2025 in Osaka
20.04.2024
Ethereum Sees $365 Million in Revenue in Q1, Up by 155% YoY
20.04.2024
Anti-Bitcoin SEC Commissioner Caroline Crenshaw May Soon Lose Her Seat
20.04.2024
Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report
20.04.2024
Escaped South Korean Criminal Suspect ‘Used Weapon to Rob OTC Crypto Buyer’
18.04.2024