New York Court Extends Asset Freeze to Aid Singapore's Multichain Liquidation

A New York judge has extended a freeze on $63 million in stolen USDC stablecoins, following a request from the Singapore team handling Multichain's bankruptcy. The freeze aims to prevent the funds from being claimed by U.S. investors in a separate class action lawsuit. The order falls under Section 1519 of the U.S. Bankruptcy Code and could potentially give the Singapore team authority to recover Multichain's lost funds in U.S. courts. Multichain, formerly Anyswap, was a major cross-chain crypto bridge that helped users move assets between different blockchains before its collapse in May 2023, following the disappearance of over $125 million and the arrest of its CEO in China.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.