Fantom Foundation Initiates Legal Action for $112M Asset Recovery in Response to Multichain Exploit

Tuesday, 5 March 2024, 05:53

Fantom Foundation has taken legal steps to recover over $112 million in assets lost due to an exploit on the Multichain bridge. The post dives into the challenges faced by Fantom Network, including implications of the Multichain incident on the crypto community. With a court ruling in Singapore favoring Fantom, the foundation is pursuing compensation for the substantial losses incurred.

Fantom Foundation Initiates Legal Action

Fantom Foundation has embarked on a legal journey to reclaim assets lost in an exploit case involving the Multichain bridge.

Implications of Multichain Incident

Devastating Losses: Over $210 million in assets were depleted across multiple chains, with Fantom ecosystem bearing a significant portion of the losses.
Legal Pursuit: Fantom seeks compensation through legal channels, facilitated by a court ruling in Singapore.
Recovery Efforts: A liquidator has been appointed to assist in tracking and recovering frozen assets.

Co-founder's Reaction

In response to the incident, Fantom Network's co-founder expressed surprise and disappointment regarding the flaws in the network and false promises by the Multichain team.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.