Magic Eden (me) 
The Fantom (FTM) Foundation achieved a significant legal victory in the High Court of Singapore against the Multichain cross-chain protocol. The court granted a default judgment allowing the liquidation of Multichain Foundation’s assets to recover the $122 million lost in the Multichain Fantom bridge exploit in July 2023.
In a blog post dated March 4, the Fantom Foundation revealed that on Jan. 30, the Honorable Registrar Tan Boon Heng issued a default judgment ruling in favor of the project, retroactively effective from November 30, 2023. This ruling marks a crucial step in the effort to retrieve assets lost in the Multichain’s Fantom bridge protocol last July.
The exploit of the Multichain Fantom bridge led to losses of over $210 million across multiple chains, including Fantom, Ethereum, BNB, Cronos, Polygon, Arbitrum, zkSync, Optimism, and Moonbeam. The Fantom ecosystem alone accounted for approximately one-third of these losses.
After unsuccessful attempts to engage with former directors and key personnel of the Multichain Foundation, Fantom initiated legal action against them for breach of contract and fraudulent misrepresentations that resulted in the project’s losses. Fantom clarified in the blog post that it bears no responsibility for the actions of third-party infrastructure partners.
In the upcoming months, Fantom plans to continue pushing for the appointment of a liquidator to expedite asset recovery. The foundation will provide necessary information and investigative materials to support the liquidator’s efforts.
Earlier in 2024, Fantom strategically reduced the minimum staking requirements for validators from 500,000 FTM to 50,000 FTM to enhance network participation and accessibility. Price forecasts for Fantom are optimistic, with projections suggesting potential growth in the coming years. As of now, Fantom (FTM) is trading at $0.66, reflecting a more than 90% price increase in the last 30 days.
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