The Fantom Foundation pursues legal action against the Multichain Foundation, aiming for bankruptcy declaration to recover lost funds.
The High Court of Singapore grants Fantom a default judgment against Multichain for breach of contract, opening the path for asset recovery.
Fantom plans to leverage the court ruling to petition for Multichain’s liquidation, seeking the appointment of a liquidator to facilitate asset recovery.
If approved, the liquidator would have the authority to seize assets, reverse transactions, and recover funds to repay creditors.
Multichain is yet to respond to the court judgment, with estimates placing the total exploit losses at $210 million.
Fantom has pursued various avenues for recovery, including legal action and cooperation with law enforcement agencies in Singapore and China.
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