In accordance with Chainthink, on December 22, a Rabby Wallet user successfully recovered 85,740 USDC that had been stuck in Multichain since the 2023 incident. The user was able to track and extract the funds despite the original interface being non-functional. In 2023, the cross-chain protocol Multichain collapsed, leading to an abnormal outflow of approximately $125–130 million in assets, with the status of remaining funds unclear. In May 2025, Singapore’s High Court approved the Multichain Foundation’s liquidation request, and as the process advanced, some previously frozen or locked funds became available for withdrawal, particularly those not taken by hackers or released by law enforcement.
Rabby User Successfully Recovers 85,740 USDC from 2023 Multichain Incident
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Summary
A Rabby Wallet user recovered 85,740 USDC from the 2023 Multichain incident on December 22. The funds, previously frozen, became accessible after the Singapore High Court approved the Multichain Foundation’s liquidation in May 2025. The 2023 collapse led to a $125–130 million outflow, with many assets still unaccounted for. As Countering the Financing of Terrorism measures tighten, regulatory clarity under EU Markets in Crypto-Assets Regulation becomes increasingly vital for cross-chain recovery efforts.
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