The Singapore courts have considered a number of novel legal issues concerning cryptocurrencies, including whether cryptocurrencies constitute property, can be the subject of an injunction, and the subject of a trust.
At the end of the day, however, if one is unable to recover the original cryptocurrencies, how would one assess the amount of damages suffered? Would it be the value as at the date the cryptocurrencies were transferred to the defendant, the date on which the claim arose, the date on which proceedings were commenced, or the date on which judgment was granted? Given the volatility of cryptocurrencies, the date on which the value is pegged will have a drastic impact on the sum that the claimant is entitled to.
This issue was dealt with for the first time by the General Division of the Singapore High Court in Fantom Foundation Ltd v Multichain Foundation Ltd and anor [2024] SGHC 173 (Fantom).
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Wendy LIN
Deputy Head – Commercial & Corporate Disputes
d +65 6416 8181
e wendy.lin@wongpartnership.com
Click here to view Wendy’s CV.
LEOW Jiamin
Partner – Commercial & Corporate Disputes
d +65 6416 8136
e jiamin.leow@wongpartnership.com
Click here to view Jiamin’s CV.