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Rabby Wallet User Recovers $85,740 USDC Following Multichain Liquidation Approval

Rabby Wallet User Recovers $85,740 USDC Following Multichain Liquidation Approval

Following the Singapore court’s liquidation ruling, a Rabby Wallet user retrieved funds trapped since 2023 in Multichain, part of assets affected by $125–130M abnormal outflows.

USDC

Summary

A Rabby Wallet user has recovered $85,740 in USDC that had been locked in Multichain since 2023. The recovery came after the Singapore High Court approved Multichain’s liquidation in May 2025, enabling the release of some frozen or seized funds. The cross-chain protocol had suffered $125–130 million in abnormal outflows before collapsing. KPMG was appointed as liquidator to manage asset distribution. A separate U.S. court continues to enforce a freeze on $63 million in stolen USDC from the same incident.

Terms & Concepts
  • USDC: A U.S. dollar-pegged stablecoin used for digital transactions and issued by Circle.
  • Multichain incident: A 2023 event involving theft, abnormal fund outflows, and asset freezes from the cross-chain protocol Multichain.
  • Liquidation: The process of winding up a company’s affairs by selling assets to pay creditors.