The ruling states that a crypto asset is a “thing in action” enforceable through court orders. The High Court of Singapore has recognized cryptocurrency as a property capable of being held on trust in a case involving Seychelles-based exchange Bybit and its contractor, according to a court ruling released on Tuesday.
ByBit detected eight anomalous USDT transfers totaling $4,209,720. The investigation revealed that Ho Kai Xin transferred these assets to her account. Bybit has filed a lawsuit in the Singapore High Court against a former WeChain employee, alleging that she abused her position by transferring more than 4.2 mln USDT to her own addresses.
Judge Philip Jeyaretnam stated that “like any other thing in action, USDT is capable of being held on trust.” He also ordered Ho to transfer the assets back to Bybit. In his decision, the judge refers to a response published by the Monetary Authority of Singapore, which noted that in practice it is possible to identify digital assets. This confirmed the view that they could be held on trust.
Image: TradingView
