Fantom plans to petition a Singapore court to wind up the Multichain Foundation to recover millions it lost due to the Multichain exploit last year.
The Fantom Foundation wants the Singapore High Court to declare the Multichain Foundation bankrupt, which it says could open an avenue for it to recover the $122 million that was stolen from Multichain’s Fantom bridge last year.
In a March 4 blog post, Fantom said the High Court of Singapore granted it a default judgment ruling on Jan. 30 in its legal action against the cross-chain protocol Multichain for “breach of contract and fraudulent misrepresentations” after Fantom claimed Multichain lost $122 million of its funds in July 2023 to an exploit.
“Given the recent ruling, we will use the Fantom Foundation’s own financial losses to petition the court to wind up the Multichain Foundation and appoint a liquidator (equivalent to a Chapter 7 bankruptcy in the U.S.) to help recover and distribute missing or frozen assets,” it said.
