A New York court extended an asset freeze order to assist with the liquidation of Multichain in Singapore.

PANews reported on October 31 that, according to Decrypt, a New York judge on Thursday temporarily extended a freeze order on wallets holding approximately $63 million worth of stolen USDC stablecoins, supporting the request of the Singapore liquidators of the defunct cryptocurrency cross-chain bridge Multichain, who are seeking U.S. recognition of the case. Judge David S. Jones ordered Circle to keep three Ethereum wallets frozen and retain the dollar reserves backing the stolen USDC. The liquidators warned that lifting the freeze order in the state court would cause “irreparable damage.” The order also suspended another class-action lawsuit filed by a group of U.S. investors attempting to gain control of the funds. The case was transferred to the Southern District of New York federal court last Friday after Circle invoked the Fair Class Action Act. Under Section 1519 of the U.S. Bankruptcy Code, the order is temporary, and the court will review whether the Singapore liquidation proceedings meet the criteria for “foreign principal proceedings” to regulate cross-border bankruptcy cooperation.