Singapore Court Freezes $75M Crypto Assets in Transfers Dispute

The Singapore International Commercial Court (SICC) has ordered a freeze on approximately S$75 million worth of Bitcoin and USD Coin. The court issued an interim injunction in March 2026, prohibiting a defendant from dealing with 816,773 USD Coin (USDC) and 780 BTC that had been transferred away from two specialized wallets.

The claimants alleged that their internal ledger failed to record the transfers out of the defendant's wallets in March 2020. They then mistakenly credited 2,500 BTC and 2,500 BCH into the defendant's other wallets in July 2024. The defendant later converted some of these assets into USDC and transferred them elsewhere.

The SICC judges found that there was sufficient evidence to show that the balances in the defendant's specialized wallets were effectively zero. They also argued that it was possible the defendant knew about the claimants' mistake when they contacted them in July 2024.