Fantom Plans Multichain Liquidation to Help Recover Millions Lost in Exploit
Fantom Foundation, the team that builds Fantom Network, has received a favorable judgement from the High Court of Singapore in its legal action against the cross-chain protocol Multichain.
The Foundation fell victim to Multichain exploit in July 2023, leading to a significant loss of over $210 million in assets.
Following the exploit, it filed a lawsuit against Multichain Foundation for “breach of contract and fraudulent misrepresentations” for Fantom’s losses.
“Since the July 2023 Multichain exploit, Fantom Foundation’s management and legal team have been working tirelessly across multiple jurisdictions to chart a path forward that enables victims to partially recover assets lost,” the company wrote in a post on X (formerly Twitter).
Since the July 2023 Multichain exploit, Fantom Foundation’s management and legal team have been working tirelessly across multiple jurisdictions to chart a path forward that enables victims to partially recover assets lost. We have an important update in this regard.
After all… pic.twitter.com/pUxyalPdMD
— Fantom Foundation (@FantomFDN) March 4, 2024
Per Fantom’s claims, it made several attempts to engage with the former directors and key personnel of the Multichain Foundation. However, the attempts failed, leading the firm to file an action against the Multichain in Singapore, where Multichain is incorporated.
The lack of cooperation by the Multichain team created “complexity to addressing the exploit,” it said in a blog, 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 filed a petition at the Singapore court to appoint a Multichain
