The High Court of Singapore has ruled in favor of Fantom Foundation Ltd., awarding it $2.19 million in damages from Multichain Foundation Ltd. and Multichain Pte Ltd. due to their failure to deliver 4.175 million FTM (CRYPTO:FTM) tokens.

The court's decision followed a default judgment, also granting Fantom $58,620.55 for lost stablecoins.

The case arose from a security breach on the Multichain Bridge in July 2023, which resulted in significant asset losses.

Fantom Foundation aims to facilitate the liquidation of Multichain to recover and distribute the missing assets, with a third-party liquidator anticipated to be appointed in the coming months.