Singapore Court orders InvezzMultiChain to compensate Fantom Foundation

Singapore Court orders InvezzMultiChain to compensate Fantom Foundation

The Supreme Court in Singapore has made a pioneering decision that affects the Fantom Foundation in connection with a hack in July 2023. According to the judicial order, the MultiChain Foundation of the Fantom Foundation must pay compensation of $ 2.18 million

The judge's decision marks an important milestone in the area of crypto security and protection against hack. The court's decision sends a strong signal to companies that work in the crypto industry and underlines the legal responsibility for security gaps and data losses.

The hack in July 2023 had far -reaching effects on the Fantom Foundation and its efforts to restore the trust of investors and users into their platform. The compensation payment of $ 2.18 million will contribute to alleviating the financial consequences of the hack and supporting the company on its way of reparation.

The judicial decision clearly shows that companies in the crypto industry have to take the safety of their platforms seriously and have to take appropriate measures to prevent data losses and hacks. The case serves as a warning to other companies that neglect security gaps and emphasizes the importance of a robust security system in the digital world.

The Fantom Foundation can result in this difficult situation by the compensation payment and improve its security measures to prevent future security incidents. The decision of the Singapore's Supreme Court sets an important precedent for the liability of companies in the event of cyber attacks and illustrates the consequences of inadequate safety precautions in the digital era. - nag