Singapore court freezes $58M in dispute between crypto exchange and customer

The Singapore International Commercial Court (SICC) has authorized to freeze about S$75 million ($58 million) in Bitcoin and USD Coin (USDC) in a crypto legal battle that has rolled on for years. The episode began after a customer received coins that were never meant for them because the unnamed exchange was looking at an outdated ledger when it initiated the transfer. 

Observers are now drawing parallels between this episode and the Bithumb customers who quickly withdrew tokens that were wrongfully sent to them after an employee error. 

The Singapore court granted an interim proprietary injunction on March 26 in the case listed on its eLitigation service as *DVA and another v DVC* [2026] SGHC(I) 4. International Judge David Goddard, who sat with High Court Justice Aidan Xu and International Judge Anthony Meagher, delivered the rulings. 

The claimants appear as DVA and DVB, the customer as DVC. 

How a Singapore exchange mistakenly sent tokens to a customer

The SICC documents did not name the crypto platform litigating the wrongful transfer case, only going as far as describing the claimant as one of the world’s largest digital-asset trading operations. But the judgment revealed that the customer has used the platform since around 2013, founded his own blockchain in 2016, and set up a cryptocurrency exchange of his own.

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