New York Court Extends Freeze on Stolen USDC in Multichain Hack

A New York court has extended the freeze on $63 million stolen from the Multichain hack, following a request by Singapore-appointed liquidators. This action highlights cross-border efforts to recover funds and raises concerns about vulnerabilities in decentralized finance systems. The funds were originally taken during a July 2023 attack. Sonic Labs, led by CEO Michael Kong, and KPMG services are leading the recovery process. These efforts will determine asset returns for affected parties while also ensuring legal proceedings continue. The decision to freeze the funds is part of broader efforts to recover assets after the $210 million Multichain hack.