Singapore Court Freezes $75 Million in Disputed Crypto Assets

The dispute centers on 816,773 USDC and 780 BTC moved between July and November 2024. Justice Aidan Xu, alongside International Judges Anthony Meagher and David Goddard, concluded the claimants likely transferred 2,500 BTC and 2,500 BCH into the defendant’s wallets due to a ledger error. The platform had incorrectly believed the customer's specialized wallets were empty, failing to account for ledger status after support for those accounts officially ceased in 2018.

Upon discovering the discrepancy in January 2025, the platform moved to recover the funds, successfully freezing 1,700 BTC and 2,500 BCH. However, the remaining assets had already been converted or relocated to external wallets. While the court ordered the defendant to disclose the current location of the transferred coins, it denied the exchange permission to leverage that disclosure for parallel legal actions in foreign jurisdictions. Evidence suggests the defendant was aware of the platform's error when the transfers occurred, providing the grounds for the current interim injunction.