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New York Judge Extends Asset Freeze in Multichain Case, Aiding Liquidation Efforts

CryptostablecoinsUSDC and Circle

New York Judge Extends Asset Freeze in Multichain Case, Aiding Liquidation Efforts

2 days ago7 min read

A New York judge has granted relief to the liquidators of the compromised Multichain protocol, extending a freeze on the remaining stolen assets, which include approximately $63 million in USDC stablecoins. This legal intervention provides the Singapore-based liquidation team with continued authority to secure the funds while their recovery and distribution efforts proceed.The Multichain protocol, a cross-chain bridge service, suffered a major exploit last year, leading to significant user losses and its subsequent liquidation. This ruling represents a significant intersection of decentralized finance (DeFi) with traditional legal systems, setting a notable precedent for how courts may handle large-scale crypto insolvencies and asset recovery.The case highlights the ongoing challenges and inherent risks associated with cross-chain bridge technologies, which have been frequent targets for exploits. The extended freeze aims to prevent further dissipation of the assets as the liquidators work to maximize returns for the protocol's creditors. The outcome of this process is being closely watched by the broader digital asset industry for its potential implications on future legal recourse and liability within the DeFi ecosystem.

#featured

#Multichain

#liquidators

#asset recovery

#stolen funds

#USDC

#court order

#Singapore

#cross-chain bridge

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