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Sonic Labs has been approved by the Singapore High Court to liquidate Multichain to cover a loss of $210 million due to vulnerabilities.
According to Deep Tide TechFlow news, on May 15, Sonic Labs CEO Michael Kong stated that Sonic Labs (formerly known as Fantom Foundation) has received approval from the Singapore High Court to liquidate Multichain Foundation to compensate for the losses caused by a $210 million vulnerability, with KPMG Singapore serving as the joint liquidator. It is reported that in 2023, the Multichain Foundation was attacked by hackers, resulting in a loss of over $210 million, with Sonic Labs accounting for about one-third of the total loss.
Multichain CEO Zhaojun He was arrested by Chinese authorities months before this attack incident and has not made any public appearances since.