Singapore Court Issues Freeze Order for S$75 Million in Cryptocurrency

The Singapore International Commercial Court (SICC) ordered the freezing of approximately S$75 million worth of Bitcoin and USD Coin (USDC) on August 19 in a cryptocurrency transfer dispute. The case involves a dispute raised by the operator of one of the world's largest cryptocurrency trading platforms against long-term clients. The court granted a provisional injunction allowing the freezing of 81,677.3 USDC and 780 BTC that the defendant transferred from a special wallet to an external account. The defendant holds 2,500 BTC and 2,500 Bitcoin Cash (BCH) in the special wallet, while the plaintiffs claim that a transfer made in March 2020 was not recorded in the internal ledger due to technical reasons. The plaintiffs transferred 2,500 BTC and 2,500 BCH to another wallet of the defendant in July 2024, asserting that this cryptocurrency belongs to them. Subsequently, the defendant exchanged 20 BTC for approximately 81,677.3 USDC and moved the USDC and 780 BTC to another wallet between July and November 2024. The plaintiffs discovered in January 2025 that the balance in the defendant's special wallet was incorrect and took freezing measures. The court found sufficient evidence that the balance in the defendant's special wallet was effectively zero.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.