Singapore Court Freezes S$75M in Cryptocurrencies Over Ownership Dispute

A Singapore court has intervened in a dispute over cryptocurrencies worth around S$75 million. The platform claims an internal ledger error led to a large sum being mistakenly credited to a long-time customer in July 2024.

The customer received 2,500 BTC and 2,500 Bitcoin Cash but only converted 780 of the Bitcoins into USDC. The platform sought to recover the assets and the court granted an injunction freezing them while the case continues.

The dispute centers on who owns the mistakenly transferred cryptocurrencies: the customer or the platform. Analysts will be watching this case closely as it could set a precedent for similar disputes in the future.