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Sonic Labs Secures Court-Ordered Multichain Liquidation After $210M Hack, Users Await Repayment

Multichain has entered liquidation after Singapore’s High Court granted Sonic Labs’ petition on May 9 2025, appointing KPMG partners as liquidators. The order follows a default ruling over a 2023 breach that has moved $210 million out of user wallets across several networks.

, by Hassan Shittu

Altcoin News

Sonic Labs Prepares for Public Launch of Sonic Blockchain Following Genesis Milestone

Sonic Labs has announced the impending public launch of its layer-1 blockchain, Sonic, following the successful completion of its Genesis milestone.

, by Ruholamin Haqshanas

Blockchain News

Michael Kong, CEO of Sonic (ex-Fantom), on Reclaiming DeFi Narrative and Building a Bridge With a Fast Lane | Ep. 374

Michael Kong, CEO of Sonic Labs (previously Fantom), discusses the benefits of having a set mainnet launch date, its novel technology, what makes the chain far faster than anything currently available, reclaiming a main position in the DeFi ecosystem, and building an extra-secure bridge with a fast lane.

, by Sead Fadilpašić

Singapore High Court Orders Multichain to Pay Fantom Foundation $2.1M for Losses Suffered

The High Court of Singapore has ruled in favor of the Fantom Foundation, ordering the Multichain Foundation to pay $2.1 million.

, by Ruholamin Haqshanas

Fantom Foundation Pledges $120M to Accelerate Project Migrations to Sonic

The Fantom Foundation, the driving force behind the Fantom decentralized network, has committed to support the launch of Sonic.

, by Ruholamin Haqshanas

Fantom Plans Multichain Liquidation to Help Recover Millions Lost in Exploit

Fantom Foundation, the team that builds Fantom Network, has received a favorable judgement from the High Court of Singapore in its legal action against the cross-chain protocol Multichain. The Foundation fell victim to Multichain exploit in July 2023, leading to a significant loss of over $210...

, by Sujha Sundararajan

Fantom Reduces Validator Requirement to 50k FTM, Prioritizes Decentralization

Fantom Network has announced a 90% reduction in validator requirements, taking the assets needed to run a self-staking node to 50,000 FTM from 500,000 FTM. The company wrote on X (formerly Twitter) about the new developments, informing its community of changes, reasons, and the consensus...