Singapore High Court Orders Multichain to Pay $2.18M to Fantom for $210M Hack, Pushes for Liquidation
July 10, 2024![Singapore High Court Orders Multichain to Pay $2.18M to Fantom for $210M Hack, Pushes for Liquidation](https://cdn.brief.news/images/stories/c1c5e7f8b459367ac9135b4c500b92d93489795a8c1d8ad5e37c37db6eb4dc4bb798f17a1116da130f012e5bbadb4cffe5803aebd3131097a776b897e617c177.jpg)
The High Court of Singapore ruled in favor of the Fantom Foundation in a legal battle against Multichain.
Multichain was ordered to pay $2.18 million in damages for losses from a $210 million hack in 2023.
Court revealed that Multichain's CEO had centralized control over assets, contradicting decentralization claims.
Despite the legal victory, Fantom is pushing for Multichain's liquidation to recover lost funds.
Fantom Foundation plans to appoint a third-party liquidator to distribute missing or frozen assets to all affected parties.
This legal win is considered a significant milestone for the cryptocurrency community, reinforcing the legitimacy of digital assets.
Summary based on 5 sources
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Sources
![Multichain Foundation to pay $2.1M to Fantom for losses](https://cdn.brief.news/static/default-preview-images/7.png)
Cointelegraph • Jul 9, 2024
Multichain Foundation to pay $2.1M to Fantom for losses![Fantom Foundation Scores Legal Win Against Multichain in Singapore Court](https://cdn.brief.news/images/links/c2531fb538d8b54106d459840209af67c730db7783d288972b9027eb08fca2381fc0e13a1e683771615c550c2ba23f6e8f81dd213a087b11d1f2b2ea21e373bb.png)
CCN.com • Jul 9, 2024
Fantom Foundation Scores Legal Win Against Multichain in Singapore Court![Singapore Court Orders Multichain to Compensate Fantom Foundation for $2.18 Million Hack Loss](https://cdn.brief.news/images/links/d4dfa4d80b8ff92c324523d52b2871d746b3e79b23e383860e73b3417cd7e1a3e9ae78bfe23b66feb017f477b98795e8fb7e1327bbec1cf34f94712f9b865db7.png)
Blockonomi • Jul 9, 2024
Singapore Court Orders Multichain to Compensate Fantom Foundation for $2.18 Million Hack Loss![Singapore court rules in favor of Fantom Foundation in lawsuit against Multichain](https://cdn.brief.news/images/links/f87721be3309a5b56c862a2f92a51aa2381fb7ee11be7f1c86def466748d5539d53b3ac5ceab4e1c4042d9ce35b7d3984156c6daa7b1f84107d05e92f95ffb6e.jpg)
CryptoSlate • Jul 8, 2024
Singapore court rules in favor of Fantom Foundation in lawsuit against Multichain