Fantom

<ul><li>Fantom Foundation aims for Multichain Foundation&#39;s insolvency declaration to recover $122 million lost in a July 2023 exploit.</li><li>Singapore High Court granted Fantom a default judgment against Multichain for breach of contract, paving the way for asset recovery through liquidation.</li><li>Fantom intends to use this legal victory to enable all affected users to lodge claims against Multichain despite focusing on its own financial losses.</li></ul>The Fantom Foundation is <a href="https://t.co/zigUpjRD6b" rel="noopener noreferrer nofollow">pursuing legal action</a> to compel the Singapore High Court to declare the Multichain Foundation insolvent. This move is seen as a strategy to recover $122 million lost in an exploit of Multichain&#39;s <a href="https://cryptotale.org/crypto-analyst-ponders-over-fantoms-fate-post-multichain-hack/" rel="noopener noreferrer nofollow">Fantom bridge</a> in July 2023.The High Court of Singapore awarded a default judgment to Fantom on January 30, favoring their legal stance against Multichain for breach of contract and fraudulent misrepresentations. Fantom aims to have a liquidator appointed, similar to filing for Chapter 7 bankruptcy in the U.S., to oversee the retrieval and allocation of assets that are either missing or have been frozen.The court&#39;s judgment allows for the assessment of damages owed to Fantom and the demand for repayment from Multichain. Fantom has <a href="https://twitter.com/FantomFDN/status/1764761314612617628" rel="noopener noreferrer nofollow">expressed skepticism</a> regarding Multichain&#39;s ability to repay the losses and plans to proceed with appointing a liquidator. This liquidator would have the authority to take control of <a href="https://cryptotale.org/multichains-outflows-spark-concern-binance-ceo-assures-user-safety/" rel="noopener noreferrer nofollow">Multichain Foundation’s assets</a> and recover funds for the benefit of creditors.<a href="https://cryptotale.org/fantom-to-appoint-liquidator-in-a-bid-to-retrieve-frozen-assets-from-multichain/" rel="noopener noreferrer nofollow">Read full article at CryptoTale.</a>

Fantom to Appoint Liquidator in a Bid to Retrieve Frozen Assets from Multichain

CryptoTale

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