Singapore Court freezes S$75 million in crypto assets

The Singapore International Commercial Court (SICC) has ordered a freeze on approximately S$75 million worth of Bitcoin (BTC) and USD Coin (USDC) following a dispute between a major cryptocurrency trading platform operator and a long-standing customer.

The dispute arose from a technical error in the claimants' internal ledger. The claimants alleged that due to a failure to record transfers out of certain wallets in March 2020, they mistakenly transferred 2,500 BTC and 2,500 Bitcoin Cash (BCH) into the defendant’s wallets in July 2024.

Between July and November 2024, the defendant converted 20 BTC into roughly 816,773 USDC and transferred both the USDC and 780 BTC to other wallets. Upon discovering the error in January 2025, the claimants froze the defendant’s wallets and recovered 1,700 BTC and 2,500 BCH.

In a judgment issued in March 2026, judges Aidan Xu, Anthony Meagher, and David Goddard granted an interim injunction prohibiting the defendant from dealing with the transferred assets or their proceeds. The court also ordered the defendant to disclose the location of the assets, though it declined to allow this information to be used for seeking similar relief in other jurisdictions.