Close Menu
    What's Hot

    The Digital Euro Project And How It Could Affect The Crypto

    May 14, 2024

    The Digital Euro Project And How It Could Affect The Crypto

    May 14, 2024

    The Digital Euro Project And How It Could Affect The Crypto

    May 14, 2024
    Facebook X (Twitter) Instagram
    • Demos
    • Markets
    • Buy Now
    Facebook X (Twitter) Instagram YouTube LinkedIn Discord Telegram
    Advertise
    Crypto Morning
    • News
      • Crypto News
        • BitCoin
        • Ethereum
        • AltCoin
        • Meme Coin
        • Defi
        • StableCoin
        • ICO
        • Press Release
        • Sponsored
      • Technology
        • Web3
        • AI
        • Blockchain
        • Metaverse
        • NFT
        • GameFi
      • Short News
        • Web Stories
        • 1 Min News
        • 60 Words News
      • Business
        • Finance
        • Adoption
        • Event
      • Policy
        • Policy & regulation
        • security
        • Governance
    • Markets
      • Price Index
      • Reports
      • Calculator
      • Heat Map
      • Tools
    • Analysis
    • Review
    • CryptoPedia
      1. How To
      2. What Is
      3. Learn
      4. Opinions
      5. Explained
      6. People of Crypto
      7. Glossary
      8. Best of Best
      9. Recommend
      10. Web3 Jobs
      Featured

      The Digital Euro Project And How It Could Affect The Crypto

      By ChiragMay 14, 2024
      Recent

      The Digital Euro Project And How It Could Affect The Crypto

      May 14, 2024

      The Digital Euro Project And How It Could Affect The Crypto

      May 14, 2024

      The Digital Euro Project And How It Could Affect The Crypto

      May 14, 2024
    Crypto Morning
    Home»Security
    Security

    Fantom Foundation Awarded Default Judgment Against Multichain

    The Fantom Foundation has successfully obtained a default judgment in its legal case against Multichain for breach of contract and fraudulent misrepresentations stemming from a significant exploit in 2023.
    ChiragBy ChiragMarch 10, 20243 Mins Read
    Facebook Twitter LinkedIn Telegram Email
    Fantom Foundation Granted Default Judgment Against Multichain
    Facebook Twitter LinkedIn Telegram Email

    Default Judgment Awarded to Fantom

    Fantom revealed in a blog post on March 4th that the High Court of Singapore awarded it a default judgment in its lawsuit against the cross-chain protocol Multichain. Fantom alleged that it lost $122 million of its funds due to an exploit in July 2023 involving Multichain.

    “Following the Multichain exploit in July 2023, the Fantom Foundation’s management and legal team have diligently worked across various jurisdictions to devise a strategy that allows victims to recoup a portion of their lost assets. We have a significant update to share. We are delighted to report that on January 30th, 2024 (with effect from November 30th, 2023), the Honorable Registrar Tan Boon Heng from the General Division of the High Court of Singapore issued a default judgment in favor of Fantom.”

    Fantom criticized the Multichain team for their failure to collaborate after the security breach, prompting the Fantom Foundation to lodge a police report in Singapore, where Multichain is registered, and in Kunming, where an ongoing investigation targets Multichain and its founder. Subsequently, Fantom pursued legal proceedings against Multichain, alleging financial damages resulting from Multichain’s contract violation and deceptive claims.

    Fantom Pursues Liquidation

    After the ruling, Fantom Foundation seeks the High Court of Singapore to declare bankruptcy for the Multichain Foundation. Fantom aims to use this action to potentially reclaim the $122 million stolen from Multichain’s Fantom Bridge during the 2023 breach. This intent was conveyed by the Fantom Foundation in its recent blog post.

    “In light of the recent verdict, we plan to leverage the financial losses incurred by Fantom Foundation to petition the court for the dissolution of the Multichain Foundation. We aim to have a liquidator appointed, akin to Chapter 7 bankruptcy proceedings in the US, to facilitate the recovery and distribution of assets that are either missing or frozen.”

     

    Fantom announced that the court would evaluate the damages incurred and subsequently issue Multichain a Statutory Demand to settle the assessed amount. However, Fantom expressed skepticism regarding Multichain’s ability to fulfill the payment. In the event of non-payment, Fantom intends to petition the court for the appointment of a liquidator. This appointed official would be empowered to assume control over Multichain Foundation’s assets and undertake efforts to recover them for the repayment of purported creditors.

    “Representing all impacted stakeholders, the liquidator will possess specialized skills in tracing and retrieving assets. They will also wield legal authority to reclaim bridge assets, evaluate and handle claims, and distribute any retrieved funds.”

    Establishing a Precedent

    Fantom restated that the court’s ruling pertained solely to its own losses. Nevertheless, it intends to leverage this legal triumph to provide a channel for all impacted users to assert their individual claims against Multichain. Multichain has yet to respond to the judgment. According to blockchain security firm Beosin, Multichain’s total losses from the exploit reached $210 million. During the incident, blockchain security firm Chainalysis suggested that compromised administrator keys might have facilitated the exploit, hinting at a potential inside job.

     
     
     
    Previous ArticleFBI Report Indicates 53% Rise in Cryptocurrency Investment Scams
    Next Article Billionaire hedge fund manager Bill Ackman considers investing in Bitcoin.

    related posts

    Security

    Cryptocurrency fraud is increasing once more—here’s the reason why.

    By ChiragMarch 25, 2024
    Security

    Advanced email phishing campaigns are targeting creditors of bankrupt cryptocurrency companies such as BlockFi and FTX

    By ChiragMarch 25, 2024
    Security

    FBI Report Indicates 53% Rise in Cryptocurrency Investment Scams

    By ChiragMarch 10, 2024
    Editor's choice

    The Digital Euro Project And How It Could Affect The Crypto

    How To May 14, 202416 Views

    Millennials Are Quitting Job to Become Day Traders

    Blog January 20, 20214 Views

    Jack Dorsey Says Bitcoin Will Unite The World

    Blog January 15, 20215 Views

    Hong Kong Customs Arrest Four in Crypto Laundering Bust

    Blog January 15, 20211 Views

    NFT vs Cryptocurrency: Are They the Same Thing?

    Blog January 12, 20211 Views
    Advertisement
    Demo

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    erfgdfgdfg

    Crypto News
    • BitCoin
    • Ethereum
    • Defi
    • ICO
    • StailbleCoins
    Technology News
    • AI
    • Blochchain
    • Metaverse
    • NFT
    • Web3
    • GameFi
    Crypto Pedia
    • HowTO
    • Learn
    • Explained
    • Best Of Best
    • Glossary
    • People in Crypto
    • Opinions
    Company
    • About
    • Contact US
    • Advertisement
    • Newslatter
    • Careers
    • Sitemap
    X (Twitter) Facebook LinkedIn Instagram YouTube Telegram Discord RSS
    • Terms & Conditions​
    • Privacy Policy
    • Disclaimer
    • Ethics Policy
    © 2025 Crypto Morning

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