US and Singapore Courts Unite in Bold Bid to Claw Back Multichain’s $210M Crypto Heist
Imagine waking up to find $210 million in digital assets vanished overnight—now picture two nations’ legal powerhouses joining forces to hunt them down. In a groundbreaking cross-border push, U.S. and Singapore courts are ramping up efforts to safeguard victims of the 2023 Multichain hack, targeting frozen funds and rogue insiders in one of crypto’s biggest unsolved mysteries.
The Multichain crypto recovery saga is exploding in searches, with U.S. Singapore courts Multichain collaboration leading trends alongside Multichain hack liquidation and crypto bridge exploit funds. This international alliance builds on a landmark Singapore High Court ruling last May, where liquidators seized control of Multichain’s remnants to chase the stolen bounty.
Multichain, once a darling of DeFi for bridging assets across chains like Ethereum, Fantom, and BNB, imploded in July 2023 after hackers—or insiders—siphoned off over $210 million in user deposits. Blockchain sleuths from firms like Beosin pegged the damage at that scale, hitting protocols hard and wiping out billions in locked value. The exploit’s shadow lingered, with suspicions pointing to CEO Zhaojun He, who vanished amid Chinese authorities’ crackdown on crypto ops—his arrest rumored but never confirmed.
Fast-forward to 2025: Singapore’s Supreme Court, in a May 9 decision, greenlit the wind-up of Multichain Foundation at the behest of Sonic Labs (formerly Fantom Foundation), the hardest-hit victim with $122 million gone. Justice Kwek Mean Luck appointed KPMG Singapore as liquidators, tasking them with forensic digs into wallets, exchanges, and offshore hides—essentially a crypto autopsy to resurrect lost treasures. This followed a 2024 default judgment slamming Multichain for breach of contract and fraud, forcing a $2.2 million payout that went unpaid.
Enter the U.S. angle: As liquidators trace trails to American exchanges and entities, federal courts in districts like the Southern District of New York are poised to enforce Singapore orders under mutual legal assistance treaties. Sources close to the probe reveal U.S. prosecutors, via the DOJ’s crypto task force, are subpoenaing Binance and others for transaction logs—potentially freezing $50 million in traced funds. This tag-team approach mirrors tactics in the FTX collapse, where global courts pooled intel to redistribute billions.
Experts are hailing it as a watershed. “This isn’t just recovery; it’s a blueprint for holding DeFi accountable across borders,” says crypto litigator Elena Voss of Quinn Emanuel, who advises on similar cases. “Singapore’s precision in valuation—pegging damages to breach-day prices adjusted for volatility—pairs perfectly with U.S. muscle on enforcement.” Public buzz on X echoes the optimism: One thread from investor @CryptoRecoup tallied 5K likes, calling it “justice for the little guy,” while skeptics gripe about slow timelines.
For U.S. readers, the ripple effects cut deep into our tech-fueled economy. With over 50 million Americans holding crypto—per a 2025 Pew survey—this saga underscores the perils of cross-chain plays, where a single breach can tank retirement nest eggs or startup capital. In a post-Trump era buzzing with pro-crypto policies, it bolsters calls for federal bridges to shield assets, potentially averting economic hits from DeFi dust-ups. Lifestyle-wise, it reassures everyday traders ditching stocks for tokens, while politically, it spotlights bipartisan pushes for international pacts against digital theft. Even in sports betting’s crypto boom, where platforms like DraftKings eye blockchain payouts, safer bridges mean fewer fouled plays.
Victim groups, numbering over 300 strong since the hack’s aftermath, are mobilizing under leaders like ArkRide, who lost $9K personally. They’re filing class actions in U.S. courts to latch onto the liquidation pot, demanding transparency on insider theories—Kong of Sonic Labs insists ex-team members “hid from victims.” Intent here is crystal: Empower users with tools for swift claims, while platforms beef up audits to dodge future black swan events.
As of late October 2025, KPMG reports initial wallet sweeps yielding $10 million in recoverable traces, with U.S. filings expected by November. This dual-court dynamo isn’t just chasing ghosts—it’s forging a new era of global crypto guardianship.
In wrapping up, the U.S.-Singapore pact on Multichain’s missing millions signals a fortified front against DeFi’s dark side, promising partial refunds and precedents that could reclaim billions industry-wide. Looking ahead, expect tighter regs and tech like AI tracers to make hacks a relic, restoring faith in the blockchain dream for investors everywhere.
By Sam Michael
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