🚀 Fantom Foundation achieved legal victory against Multichain! The Singapore High Court ruled that Multichain should pay compensation to Fantom. Phantom is seeking liquidation through court to recover community assets. These assets include approximately $65 million of stablecoins that are currently frozen.
🔍 DeFi platform Fantom won a lawsuit against Multichain for breach of contract and fraudulent representation. The conflict began in July 2023 with the exploitation of the Multichain bridge and losses of over $210 million across multiple chains, including Fantom, Ethereum, BNB, Cronos, Polygon, Arbitrum, zkSync, Optimism, and Moonbeam.
💼 Fantom now intends to request the court to initiate the dissolution of the Multichain Foundation and appoint a liquidator. This is done to facilitate the recovery and equitable distribution of lost or frozen assets. The liquidator will have the necessary expertise to assist in recovering assets and will have the authority to communicate and cooperate with issuers, exchanges or third parties on behalf of the Multichain Foundation.
🔍 DeFi platform Fantom won a lawsuit against Multichain for breach of contract and fraudulent representation. The conflict began in July 2023 with the exploitation of the Multichain bridge and losses of over $210 million across multiple chains, including Fantom, Ethereum, BNB, Cronos, Polygon, Arbitrum, zkSync, Optimism, and Moonbeam.
💼 Fantom now intends to request the court to initiate the dissolution of the Multichain Foundation and appoint a liquidator. This is done to facilitate the recovery and equitable distribution of lost or frozen assets. The liquidator will have the necessary expertise to assist in recovering assets and will have the authority to communicate and cooperate with issuers, exchanges or third parties on behalf of the Multichain Foundation.