Singapore High Court Orders Multichain to Compensate Fantom Foundation $2.187M for Hack Losses

The High Court of Singapore has mandated that the Multichain Foundation, a cross-chain router protocol, compensate the Fantom Foundation, a layer-1 platform, for losses resulting from a $210 million hack. In July 2023, the Multichain Foundation, a Chinese cross-chain protocol, experienced unusually large outflows, later identified as a hack. This attack impacted many protocols associated with the chain, resulting in over $210 million in asset losses across multiple chains, including Fantom, Ethereum, BNB, Cronos, Polygon, Arbitrum, zkSync, Optimism, and Moonbeam. Fantom Foundation pursued legal action to hold the Multichain Foundation accountable. They reported their financial losses to the Singapore High