Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Fantom is seeking to liquidate the Multichain Foundation in July to recover assets from its exploits.
ADOPTION NEWS

Fantom is seeking to liquidate the Multichain Foundation in July to recover assets from its exploits.

By Crypto FlexsMarch 5, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Fantom is seeking to liquidate the Multichain Foundation in July to recover assets from its exploits.
Share
Facebook Twitter LinkedIn Pinterest Email

Posted 1 minute ago In ~

The Fantom Foundation, a blockchain platform for decentralized finance, announced in a blog post on Monday that it plans to petition the court to liquidate the Multichain Foundation to recover its missing assets.

Fantom said in a blog post that the amount of damage to its ecosystem was approximately one-third of the $210 million exploited in the cross-chain protocol multichain bridge in July.

According to the post, in January, the Singapore High Court issued a default ruling in favor of Fantom in its legal case against Multichain for breach of contract and fraudulent misrepresentation..

According to Fantom, this legal victory is expected to lead Singapore courts to assess Fantom’s damages resulting from Multichain’s security breach and appoint a liquidator to help recover and distribute missing or frozen assets.

“Given that Multichain does not exist on an ongoing basis, we do not expect this to happen,” Fantom said. “At this point, the Foundation will petition the court to shut down the Multichain Foundation and appoint a liquidator.” According to Fantom, the foundation’s decision to take legal action was made after several attempts to contact key personnel at Multichain.

Fantom’s case could provide a path for other multichain users to claim their lost assets through default judgment rulings. The multichain exploit resulted in a total loss of $210 million across chains including BNB, Ethereum, Polygon, and Arbitrum. Fantom added that the founder was under active investigation in Kunming, China.

According to post.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

HOLONYM’s Human Network: Convert on boarding on boarding on human -friendly keys

June 7, 2025

NVIDIA’s GB200 NVL72 and Dynamo improve MoE model performance

June 7, 2025

TEZOS promotes scaling efforts by activating data soluble layers.

June 7, 2025
Add A Comment

Comments are closed.

Recent Posts

HOLONYM’s Human Network: Convert on boarding on boarding on human -friendly keys

June 7, 2025

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025

NVIDIA’s GB200 NVL72 and Dynamo improve MoE model performance

June 7, 2025

Despite market volatility

June 7, 2025

TEZOS promotes scaling efforts by activating data soluble layers.

June 7, 2025

It shows a graphite network. Tesla is nothing without trust because Tesla’s Tesla spent $ 150 billion after Musk and Trump’s fallout.

June 7, 2025

The merchant warns that Bitcoin is in ‘cancer price behavior’.

June 7, 2025

Is Bitcoin Price Rally $ 150K by the end of the year?

June 7, 2025

How does it affect Bitcoin?

June 7, 2025

Gala Games introduces a step -by -step approach to founder node staking.

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

HOLONYM’s Human Network: Convert on boarding on boarding on human -friendly keys

June 7, 2025

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025
Most Popular

The official Trump coin price falls 90% at a boom of $ 340m token lock.

April 19, 2025

Hong Kong lawmaker calls for easier banking access for crypto firms in the region

August 9, 2024

Aptos (APT), Arbitrum (ARB), and ScapesMania (MANIA) are gaining attention, building market momentum.

February 16, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.