Singapore Court Freezes $75M in Crypto Assets Amid Trading Platform Dispute

The Singapore International Commercial Court (SICC) has granted an interim injunction to freeze approximately S$75 million worth of Bitcoin and USD Coin. The dispute arose between the operator of a major cryptocurrency trading platform, which consists of claimants and related companies, and a long-standing customer.

The court's judgment, issued by Judges Aidan Xu, Anthony Meagher, and David Goddard in March 2026, prohibits the defendant from dealing with 816,773 USD Coin (USDC) and 780 Bitcoin (BTC). The judges also ordered the defendant to disclose the whereabouts of the transferred assets.

The dispute centered around a mistaken transfer of 2,500 BTC and 2,500 BCH into the defendant's wallets in July 2024. The claimants alleged that their internal ledger failed to record transfers out of the defendant's wallets in March 2020, leaving them empty. Acting on this belief, they transferred digital assets into the defendant's other wallets.

The judges found sufficient evidence to support the claimants' argument and ordered the freeze, citing the defendant's knowledge of the mistake when it converted 20 BTC into USDC in July 2024. The court declined to allow the claimants to use disclosed information for similar injunctive relief in other jurisdictions.