A Rabby user successfully recovered funds locked in the 2023 Multichain incident

2025-12-292025-12-22 by admin

BlockBeats News, December 22: Crypto wallet Rabby Wallet officially announced that a user has recovered 85,740 USDC stranded in Multichain since 2023. Users can track and extract assets left in DeFi protocols, even if the original frontend has become inactive.

In 2023, the cross-chain routing protocol Multichain project collapsed, leading to a large-scale abnormal outflow of assets totaling approximately $125 to $130 million, with the status of remaining assets unclear and most user funds inaccessible. In May 2025, the Singapore High Court approved the liquidation application of the Multichain Foundation. As the liquidation process advances, some previously frozen or locked funds are gradually becoming available for withdrawal, particularly assets not transferred by hackers or released after seizure by law enforcement.

BlockBeats News, December 29 – According to a report by Cointelegraph, a proposal in California to impose a 5% tax on billionaires' wealth has faced strong opposition from cryptocurrency executives. They argue that it would trigger an exodus of entrepreneurs, capital flight, and ultimately be wasted regardless.The proposal, named the '2026 Billionaire Tax Act,' aims to introduce a ballot measure that would levy a 5% tax on individuals or entities with a net worth exceeding $1 billion to fund healthcare systems and state assistance programs. According to SEIU United Healthcare Workers West, because this proposed wealth tax partially targets unrealized gains, some billionaires may need to sell stocks or parts of their businesses to raise funds for tax payments. The tax can be paid in a lump sum or spread over five years with interest.Industry veterans in the cryptocurrency sector, including Bitwise CEO Hunter Horsley and Kraken co-founder Jesse Powell, believe that this measure would only lead to billionaires leaving the state, resulting in negative consequences.