Singapore Court Freezes S$75 Million in Frozen Digital Assets

A Singapore court has frozen 780 Bitcoin and 816,773 USDC worth approximately S$75 million after a digital asset platform mistakenly credited its customer with 2,500 BTC in March 2020. The platform's internal ledger failed to record the exit of these assets from the customer's wallets.

The court granted an injunction on March 26 and published its reasons on April 24, ordering the customer to disclose where the assets are held within 14 days. However, it refused the platform permission to use this disclosure to seek similar orders in other jurisdictions.

The customer disputes the claim, arguing that he was unaware of the mistake and that the platform's ledgers are unreliable. He claims to be the rightful owner of the assets and has acted honestly throughout the process.