In an application made by the Fantom Foundation, it was requested that the Singapore High Court declare the bankruptcy of the Multichain Foundation. It was mentioned that this could create an opportunity to recover the $122 million stolen from Multichain’s Fantom bridge last year. In a blog post shared on March 4, Fantom made significant statements. The statement mentioned that following the Singapore High Court’s announcement on January 30 that Multichain lost $122 million in funds in July 2023 due to misuse, a default judgment was issued against the cross-chain protocol Multichain for “breach of contract and fraudulent misrepresentation”.