Fantom Foundation: Will apply to the court for the liquidation of the Multichain Foundation

2024-03-05 11:15:17
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ChainCatcher news, the Fantom Foundation tweeted that after all attempts to contact former directors and key personnel of the Multichain Foundation have failed, the Fantom Foundation has filed a lawsuit against the Multichain Foundation for breach of contract and fraudulent misrepresentation, seeking compensation for the losses suffered by the foundation. On January 30, 2024 (effective from November 30, 2023), a judge of the Singapore High Court's Common Law Division made a favorable default judgment for the foundation.

In the coming months, the Singapore court will quantify the losses suffered by the Fantom Foundation. Once the losses are assessed, the foundation will issue a statutory demand to Multichain for payment of the amount assessed by the court. Given Multichain's long-term absence, this is not expected to occur, at which point the foundation will apply to the court for the liquidation of the Multichain Foundation and the appointment of a liquidator. The liquidator will also be authorized by the court to assist in recovering community assets on behalf of the Multichain Foundation, including approximately $65 million worth of frozen stablecoins.

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