New York Court Prolongs Hold on Stolen USDC

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

S+0.892%

SONIC-1.82%

Source: Coinmarketcap

Updated: Oct 31 2025

Court Action on Stolen USDC: A New York court has extended a freeze on $63 million in stolen USDC linked to the Multichain hack, following a request from Singapore-appointed liquidators, highlighting ongoing recovery efforts after the $210 million hack in July 2023.
Role of Key Players: Sonic Labs and KPMG Services Pte. Ltd. are leading the recovery efforts, with the aim of returning assets to affected parties through legal proceedings.
Financial Implications: Circle Inc. is ordered to maintain dollar reserves backing the frozen USDC, while a Singapore court has ordered a potential payout of $2.18 million to Sonic Labs, contingent on asset recovery.
Regulatory Scrutiny: The incident underscores vulnerabilities in decentralized financial systems, prompting potential regulatory scrutiny over cross-chain protocols and calls for reform to enhance decentralized control mechanisms.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

New York Court Prolongs Hold on Stolen USDC

About the author

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