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The Fantom Foundation is taking legal action against Multichain Foundation to recover assets lost in a July 2023 exploit.

The Fantom (FTM) Foundation has taken decisive steps to recover assets lost in the Multichain exploit that devastated various chains, including its own, resulting in a staggering $210 million loss. After failed attempts to engage with the Multichain Foundation, the Protocol has announced that it filed a lawsuit for “breach of contract” and “fraudulent misrepresentations.

Fantom aims to liquidate the Multichain Foundation in order to recoup assets lost during the July exploit.

The Fantom Foundation has taken significant steps in its legal battle against the Multichain Foundation following a breach of contract and alleged fraudulent misrepresentations resulting in the loss of $122 million in July 2023. In a recent development, the High Court of Singapore granted Fantom a default judgment ruling on Jan. 30 in its favor.

TL;DR Fantom Foundation has obtained a favorable judgment from the High Court of Singapore in its legal action against Multichain, after suffering a loss of over $210 million due to an exploit in July 2023.

The Fantom (FTM) Foundation has won a significant legal battle against the Multichain cross-chain protocol in the High Court of Singapore.

The move aims to enable victims to “partially recover” assets lost in one of the biggest exploits of 2023.

The Fantom Foundation has been awarded a default judgment ruling in its legal action against Multichain for breach of contract and fraudulent misrepresentations following a major exploit in 2023.

On July 6, 2023, the cryptocurrency world was rocked by a significant exploit involving the multichain bridge. The exploit resulted in substantial outflows from the bridge, raising alarms across the industry.

Fantom Foundation announced Monday that it plans to petition the court to liquidate Multichain Foundation to recover missing assets.

Fantom Foundation plans to submit a petition to the court, seeking the winding up of the Multichain Foundation and the appointment of a liquidator to assist in the recovery and distribution of frozen assets.

Fantom plans to petition a Singapore court to wind up the Multichain Foundation to recover millions it lost due to the Multichain exploit last year.

Fantom (FTM), the native token of the Fantom blockchain, has soared by over 31% in the past 24 hours.

Fantom (FTM) has recorded massive gains over the past day, with its price reaching 22-month highs. FTM is up by 30.7% in the past 24 hours and is trading at $0.67 at the time of writing.

With a 67% surge last week, the FTM price is ready to challenge the $1 mark. With the trading volume crossing the mark of $600 Million, the interest spikes for Fantom in the crypto market. As per the Fib levels, the $1 breakout can pump the FTM price to $1.36.

The cryptocurrency industry continues to gain massive attention from investors due to its increased market volatility. Moreover, with Bitcoin halving around the corner, the market is set to achieve a new high. This makes investors curious about their investments.

DeFi pioneer Andre Cronje commended the blockchain game EstforKingdom. EstforKingdom is a fully on-chain game created by PaintSwap that uses Cronje's Fantom chain and boasts an in-game economy.

Blockchain technology is paving the way for decentralized solutions, and Fantom is emerging as a key player, redefining the paradigms of speed, efficiency, and scalability.

Fantom Price Prediction 2023-2032 Fantom (FTM) was created to overcome Ethereum's limitations and create a new generation of blockchain solving the trilemma of scalability, security, and decentralization. However, with Fantom's outstanding 2,108% growth and additional 2,000% unique addresses, FTM continues to struggle, losing 93% of its value from its ATH in Jan 2022.

In the fourth quarter of 2023, the cryptocurrency market experienced a notable resurgence, accompanied by the anticipation of a potential Bitcoin ETF approval. Among the standout performers during this period was Fantom (FTM), a Layer-1 protocol launched in 2018.

The recent approval of spot Bitcoin Exchange-Traded Funds (ETFs) did not elicit the positive response many anticipated. Instead, this significant development triggered a “sell-the-news” reaction, leading to a significant drop in Bitcoin's value. Since January 11, Bitcoin's price fell by 15%, descending from $48,700 to a low point of $41,500.

The top crypto tokens continue to display a neutral trend, indicating weak market sentiments in the crypto space. Further, the inflow in the mid-cap altcoins has experienced a significant rise, highlighting a possible burst for altcoins in the coming time. The Fantom price constantly gained momentum and jumped approximately 30% before facing rejection at $0.4903.

The minimum staking threshold needed to run a validator has now dropped to 50k FTM.

The Fantom Foundation revealed in a new X post that it has reduced the validator self-staking requirement on its layer-1 blockchain by 90%. The foundation noted that it made the changes following the recent vote and as part of a broader plan to improve security.