Singapore Court Freezes S$75 Million in Cryptocurrency Dispute

The Singapore International Commercial Court (SICC) has ordered a freeze on approximately S$75 million worth of Bitcoin and USD Coin. The dispute revolves around a long-standing customer of one of the world's largest cryptocurrency trading platforms and the operator of that platform.

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 belong to them.

The defendant converted 20 BTC into approximately 816,773 USD Coin (USDC), and transferred that and 780 BTC into other wallets not hosted by the claimants between July and November 2024. The judges found sufficient evidence to show that the balances in the defendant's specialised wallets were effectively zero.