$85,740 USDC: How Rabby users recovered frozen funds after the Multichain collapse

Good news for those who lost funds in 2023 on Multichain. Rabby wallet users can now access their locked assets thanks to updated recovery features. One user has already successfully withdrawn $85,740 in USDC that had been inaccessible for nearly two years.

How This Became Possible

Rabby provides users with a tool to track and recover assets from DeFi protocols even after the main interfaces have ceased to function. This is critically important for those affected, as standard wallets often cannot interact with non-operational platforms.

Key point: the liquidation process of Multichain is moving forward. In May 2025, the High Court of Singapore officially approved the liquidation of the Multichain fund and appointed KPMG as joint liquidator. As the liquidation progresses, previously frozen assets are gradually becoming accessible to users.

Important Conditions and Risks

Not all funds can be recovered. Assets remain locked if they:

• were transferred by hackers during the incident
• were seized by government authorities as part of an investigation

In the United States, courts have extended the freeze on wallets holding $63 million in stolen USDC. This measure aims to protect assets and facilitate their return to lawful owners.

What Every User Can Do

If you were affected by the Multichain incident, act now:

1. Check your balances via the Rabby interface
2. Ensure your funds have not been stolen or confiscated
3. Try to withdraw available assets directly

Each user should independently verify the status of their funds, as the recovery process is ongoing in different jurisdictions and with varying timelines.