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Fantom, a blockchain platform, has announced its intention to petition a Singapore court to wind up the Multichain Foundation in an attempt to recover millions of dollars lost due to the Multichain exploit that occurred in July 2023. The exploit resulted in the theft of a substantial amount of assets from the Multichain bridge, which connects various blockchains and allows for the transfer of assets between them.

Background on the Exploit

The multichain exploit occurred in July 2023, when cybercriminals managed to steal a significant number of assets from the multichain bridge. The exploit was a major setback for the cryptocurrency industry, highlighting the vulnerabilities in cross-chain bridges and the need for improved security measures.

Fantom’s Legal Action

In response to the exploit, Fantom has decided to take legal action against the Multichain Foundation, seeking to liquidate the organization in order to recoup the lost assets. The Fantom Foundation has secured a court order against Multichain, which will allow them to proceed with the liquidation process.

Impact on the Cryptocurrency Industry

The Fantom Foundation’s decision to liquidate the Multichain Foundation is a significant development in the cryptocurrency industry. It sends a strong message to other blockchain platforms and cross-chain bridge operators to prioritize security and take proactive measures to prevent similar exploits from occurring in the future.

Conclusion

The Fantom Foundation’s decision to liquidate the Multichain Foundation is a bold move aimed at recovering part of the funds stolen during the July exploit. As the cryptocurrency industry continues to evolve, it is essential for platforms to prioritize security and transparency to maintain trust and confidence among users.

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