Summary
TLDR: Fantom Foundation plans to petition the court to wind up Multichain Foundation and appoint a liquidator to recover frozen assets after experiencing financial losses. Fantom seeks compensation for over $210 million in assets lost in a July 2023 exploit. Court ruling in Singapore favors Fantom, allowing for the appointment of a liquidator to trace and recover assets. Multichain CEO arrested, bridge tokens delisted on Binance. Fantom co-founder expresses disappointment in Multichain team’s false promises.
Key Points
1. Fantom Foundation plans to submit a petition to the court, seeking the winding up of the Multichain Foundation and the appointment of a liquidator to assist in the recovery and distribution of frozen assets.
2. This action follows Fantom’s filing of a police report in Singapore, where Multichain is based, citing financial losses and breach of contract.
3. Fantom seeks compensation for losses resulting from an exploit on the Multichain bridge in July 2023, which saw the depletion of over $210 million in assets across various chains, including approximately one-third of the total losses attributed to Fantom’s ecosystem.