Singapore court freezes S$75m in Bitcoin, USDC over transfer dispute

A Singapore court has frozen about S$75 million ($58 million) in Bitcoin and USD Coin after a major crypto trading platform alleged that an internal ledger error caused it to mistakenly credit thousands of BTC and Bitcoin Cash to a long-standing customer. Summary Singapore’s SICC froze about S$75 million in Bitcoin and USDC linked to a dispute between a major crypto platform and a long-time customer. The platform said an internal ledger error led it to mistakenly transfer 2,500 BTC and 2,500 BCH to the customer’s wallets in July 2024. The customer later moved 780 BTC off the platform and converted another 20 BTC into about 816,773 USDC. The court also ordered the customer to disclose the location of the disputed assets and their proceeds. The platform recovered the remaining 1,700 BTC and 2,500 BCH after discovering the alleged error in January 2025. The Singapore International Commercial Court said the interim proprietary injunction prevents the customer from disposing of, dealing with or reducing the value of about 780 BTC and 816,773 USDC, along with assets, profits or interest derived from them. The order was granted on March 26 after a hearing before Singapore High Court Justi...