According to PANews, the Fantom Foundation filed a lawsuit against the Multichain Foundation for breach of contract and fraudulent misrepresentation after all attempts to contact the former directors and key personnel of the Multichain Foundation failed. On January 30, 2024, the Singapore High Court made a default judgment in favor of Fantom. In the coming months, the Singapore court will quantify the losses suffered by the Fantom Foundation. Once the loss assessment is completed, the Foundation will issue a statutory demand to Multichain to pay the amount assessed by the court. Given Multichain's continued absence, this is not expected to happen, at which time the Foundation will request the court to liquidate the Multichain Foundation and appoint a liquidator. The liquidator will be authorized by the court to act on behalf of the Multichain Foundation and assist in the recovery of community assets, including frozen stablecoins totaling approximately US$65 million.