Multichain, formerly Anyswap, was a major cross‑chain bridge linking networks such as Binance Smart Chain, Avalanche, Polygon, and Ethereum, with peak assets under management near $9.2 billion in early 2022.

A New York court has extended a provisional freeze on about $63 million worth of stolen USDC held in three Ethereum wallets, to aid Singapore liquidators of Multichain as they seek U.S. recognition of the case.

Concurrent U.S. investors’ class action against the matter has been put on hold pending review under Chapter 15.

The troubles began in 2023 with transactional freezes and reports of the CEO’s detention in China, followed by a large asset outflow and the shutdown of the cross‑chain bridge’s operations.

Legal maneuvering involves Section 1519 of the U.S. Bankruptcy Code and considerations under the Class Action Fairness Act, with responses requested from Circle, Multichain’s counsel, and KPMG Singapore as liquidators.

The court’s order is designed to prevent asset movement or leakage outside the freeze and to align the U.S. class action with ongoing cross‑border proceedings.

The case will decide whether Multichain’s Singapore liquidation qualifies as a foreign main proceeding under Chapter 15, enabling Singapore liquidators to pursue asset preservation and recovery in the U.S. under court supervision.