Singapore Court Freezes $75 Million in Crypto Assets Amid Dispute

A Singapore court has ordered a freeze on approximately S$75 million worth of Bitcoin and USD Coin in a dispute between a cryptocurrency trading platform and one of its customers.

The Singapore International Commercial Court (SICC) granted an interim injunction to the claimants, prohibiting the defendant from dealing with 816,773 USD Coin and 780 BTC that were transferred away from two specialised wallets on the platform.

The judges also ordered the defendant to disclose the whereabouts of the transferred assets. However, they declined to allow the claimants to use the disclosed information when seeking similar injunctive relief in other jurisdictions.

The claimants alleged that their internal ledger failed to record transfers out of the defendant's wallets in March 2020, leaving them empty. They then transferred 2,500 BTC and 2,500 Bitcoin Cash into the defendant's other wallets in July 2024, digital assets they say are theirs.