FANTOM FOUNDATION LTD. v MULTICHAIN FOUNDATION LTD. & Anor
Key facts
| Court | High Court (General Division) |
|---|---|
| Decided | |
| Judge | Mohamed Faizal |
| Charges / claim | Damages |
| Counsel | Farallon Law Corporation, Ashviniy Narenthiren, Nicolas Tang Tze Hao |
Source: [2024] SGHC 173, High Court (General Division), decided — eLitigation. Updated .
Catchwords
Practice Areas
Judges (1)
Counsel (3)
Case Significance
Fantom Foundation Ltd v Multichain Foundation Ltd and another [2024] SGHC 173 was a decision of the General Division of the High Court of Singapore, delivered by Mohamed Faizal JC on 8 July 2024 following a hearing on 3 June 2024. The matter (Originating Claim No 621 of 2023, Assessment of Damages No 2 of 2024) concerned the assessment of damages flowing from a default judgment that Fantom Foundation Ltd, the claimant, had obtained on 30 January 2024 against Multichain Foundation Ltd (the first defendant) and Multichain Pte Ltd (the second defendant).
The default judgment had ordered that damages be assessed ("the damages claim") and that the defendants deliver to the claimant movable property of 4.175m FTM or, alternatively, its value ("the FTM claim"). Having heard the claimant, who was represented by Farallon Law Corporation through Ashviniy Narenthiren and Nicolas Tang Tze Hao, the court awarded US$58,620.55 on the damages claim and US$2,129,250 on the FTM claim, being the sums sought by the claimant. The judgment was tagged under "Damages — Assessment".
[2024] SGHC 173 explained
FANTOM FOUNDATION LTD. v MULTICHAIN FOUNDATION LTD. & Anor ([2024] SGHC 173) is a Singapore judgment decided by the High Court (General Division) on 8 July 2024. It is categorised under Damages. Within this corpus it has since been cited by 1 other reported Singapore judgment, a measure of how often later decisions have referred to it. This page summarises what the reported decision covers and links the primary sources — the full judgment, the statutes it cites, and the other cases it engages with — so the decision can be read in context. It is reference information, not legal advice, and it does not state the outcome or any holding beyond what the official judgment records.
What is [2024] SGHC 173 about?
FANTOM FOUNDATION LTD. v MULTICHAIN FOUNDATION LTD. & Anor ([2024] SGHC 173) is a High Court (General Division) decision from 2024. Its published catchwords are “Damages — Assessment”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.
Which legislation does [2024] SGHC 173 consider?
The judgment refers to Evidence Act (Cap 97) and Sale of Goods Act. The statutes cited are listed in full on this page, each linking to its primary text.
How influential is [2024] SGHC 173?
Within this corpus, [2024] SGHC 173 has been cited by 1 later reported Singapore judgment. That count reflects references from other decisions held in this corpus only and is a conservative lower bound on how often the case has actually been cited.
Summary
This case concerned the assessment of damages arising from a default judgment obtained by Fantom Foundation Ltd, a Cayman Islands company operating the Fantom Opera Chain, against Multichain Foundation Ltd and Multichain Pte Ltd, who did not participate in the proceedings. The default judgment had granted damages to be assessed and delivery of 4.175m FTM tokens or their value, and the judgment also discussed the challenges of valuing cryptocurrencies. Mohamed Faizal JC accepted the claimant's submissions and ordered the defendants to pay damages of US$58,620.55 and a further US$2,129,250 as the equivalent value of the 4.175m FTM, with costs to be considered separately.
What damages did the court award in Fantom Foundation Ltd v Multichain Foundation Ltd [2024] SGHC 173?
Mohamed Faizal JC awarded Fantom Foundation Ltd US$58,620.55 on the damages claim and US$2,129,250 on the FTM claim. These were the sums sought by the claimant following the default judgment obtained against Multichain Foundation Ltd and Multichain Pte Ltd.
What was the basis of the assessment of damages in [2024] SGHC 173?
The assessment in [2024] SGHC 173 arose from a default judgment obtained on 30 January 2024, which ordered damages to be assessed and delivery of 4.175m FTM (or its value) to claimant Fantom Foundation Ltd against defendants Multichain Foundation Ltd and Multichain Pte Ltd.
Statutes Cited
Cases Cited (8)
Related cases
Other Singapore judgments involving the same parties or counsel.
Referenced in
Statutes interpreted in this judgment
Legal concepts & references
Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2024] SGHC 173)