Key Takeaways:
- The High Court of Singapore has ordered the Multichain Foundation to pay $2.18 million to the Fantom Foundation following a $210 million hack.
- In July 2023, Multichain experienced a hack that caused substantial asset losses across various blockchains, including Fantom.
- Research from Immunefi showed that crypto hacks and scams losses more than doubled to $572 million in Q2 2024 from $220 million in Q2 2023.
The High Court of Singapore has ordered the Multichain Foundation to pay $2.18 million in damages to the Fantom Foundation following a $210 million hack.
In July 2023, Multichain, a cross-chain protocol, suffered a hack resulting in significant asset losses across multiple blockchains, including Fantom.
Since the July 2023 Multichain exploit, Fantom Foundation’s management and legal team have been working tirelessly across multiple jurisdictions to chart a path forward that enables victims to partially recover assets lost. We have an important update in this regard.
— Fantom Foundation (@FantomFDN) March 4, 2024
After all… pic.twitter.com/pUxyalPdMD
The Fantom Foundation took legal action, citing that the CEO of Multichain had ultimate control over the compromised assets.
The court ruled in favor of Fantom, awarding them $2.18 million in damages on July 8.
JUST IN: MULTICHAIN FOUNDATION MUST PAY FANTOM FOUNDATION $2.1M FOR $210M HACK DAMAGES, RULES SINGAPORE HIGH COURT
— BSCN Headlines (@BSCNheadlines) July 9, 2024
Research from Immunefi revealed that losses from crypto hacks and scams more than doubled in Q2 2024, reaching $572 million, compared to $220 million in Q2 2023.
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