{"id":24024,"date":"2025-05-15T14:28:48","date_gmt":"2025-05-15T11:28:48","guid":{"rendered":"https:\/\/forklog.com\/en\/sonic-labs-secures-liquidation-of-multichain-to-recover-funds-after-210-million-hack\/"},"modified":"2025-05-15T14:28:48","modified_gmt":"2025-05-15T11:28:48","slug":"sonic-labs-secures-liquidation-of-multichain-to-recover-funds-after-210-million-hack","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sonic-labs-secures-liquidation-of-multichain-to-recover-funds-after-210-million-hack\/","title":{"rendered":"Sonic Labs Secures Liquidation of Multichain to Recover Funds After $210 Million Hack"},"content":{"rendered":"<p>A Singapore court has <a href=\"https:\/\/drive.google.com\/file\/d\/110MQaRR4N026uUHlCXe3d47eUpGYgiBx\/view\">approved<\/a> the liquidation of Multichain Foundation following a lawsuit by <a href=\"https:\/\/forklog.com\/en\/news\/a-phantom-reborn-sonic-a-revamped-network-from-the-father-of-defi\">Sonic Labs<\/a> to recover damages from a cross-chain protocol hack in 2023. One-third of the stolen amount belonged to Sonic Labs.<\/p>\n<p>KPMG Singapore has been appointed as joint liquidator. Sonic Labs <a href=\"https:\/\/blog.fantom.foundation\/fantom-foundation-awarded-default-judgement-against-multichain\/\">filed the lawsuit<\/a> back in March 2023, after Multichain ceased operations and stopped communicating with affected projects.<\/p>\n<p>The court upheld Sonic Labs&#8217; claims of contract breach and misleading conduct by the cross-chain protocol developers. The proceedings were prolonged as the Multichain team failed to respond to inquiries. The platform&#8217;s CEO was arrested in China several months before the hack.<\/p>\n<p>Michael Kong, head of Sonic Labs, stated that the company was compelled to initiate the liquidation process to recover its own and others&#8217; funds.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I&#8217;m pleased to announce that on 9 May, 2025, Fantom Foundation&#8217;s (now <a href=\"https:\/\/twitter.com\/SonicLabs?ref_src=twsrc%5Etfw\">@SonicLabs<\/a>) winding up application against Multichain Foundation Ltd by the Singapore High Court was granted in full.<\/p>\n<p>Individuals from KPMG Singapore were also appointed as liquidators on the same day.\u2026<\/p>\n<p>\u2014 Kong.sonic (@michaelfkong) <a href=\"https:\/\/twitter.com\/michaelfkong\/status\/1922742429398204678?ref_src=twsrc%5Etfw\">May 14, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;If Multichain had not hidden from the victims, this entire process would have been unnecessary, and we would have saved over a year,&#8221; he believes.<\/em><\/p>\n<\/blockquote>\n<p>Kong added that the funds lost in the incident should ultimately be returned to users.<\/p>\n<p>Earlier, on May 12, attackers <a href=\"https:\/\/forklog.com\/en\/news\/curve-finance-confirms-dns-server-compromise\">hacked<\/a> the interface of the DeFi platform Curve Finance and replaced the domain with a malicious IP address of a phishing site with a drainer capable of emptying wallets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Singapore court has approved the liquidation of Multichain Foundation following a lawsuit by Sonic Labs to recover damages from a cross-chain protocol hack in 2023. One-third of the stolen amount belonged to Sonic Labs. KPMG Singapore has been appointed as joint liquidator. Sonic Labs filed the lawsuit back in March 2023, after Multichain ceased [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,44],"class_list":["post-24024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-cybercrime"],"aioseo_notices":[],"amp_enabled":true,"views":"100","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=24024"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/24023"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=24024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=24024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=24024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}