Legal Decision: Multichain Ordered to Compensate Fantom Foundation with $2.19 Million
The High Court of Singapore has awarded Fantom Foundation Ltd. $2.19 million in damages following a default judgment against Multichain Foundation Ltd. and Multichain Pte Ltd.
The ruling stems from Multichain’s failure to deliver 4.175 million FTM tokens or their equivalent value. Judicial Commissioner Mohamed Faizal granted $58,620.55 for stablecoins and $2,129,250 for FTM tokens, based on market value calculations.
Fantom Foundation emphasized its intention to support the appointment of a third-party liquidator to recover and distribute assets affected by the Multichain exploit, aiming to facilitate a fair claims process for all parties involved.
Clever Robot News Desk 11st July 2024
