The cryptocurrency market has grown exponentially, with a global market value of about $2 trillion, and yet, its regulation and legal status continue to be subject to much debate and uncertainty. Are cryptocurrency assets considered to be property in the eyes of the law? Where does one even begin to seek legal remedy for stolen cryptocurrency in the borderless nature and anonymity of the internet?
These were some of the novel issues before the Singapore High Court in CLM v CLN and ors [2022] SGHC 46. In this exceptional case, the Court granted the first reported freezing injunction against “persons unknown” in Singapore for S$9.6 million worth of cryptocurrency assets stolen from the Plaintiff. The Plaintiff was successfully represented by our Fraud, Asset Recovery and Investigations team, led by Danny Ong and Jansen Chow of Rajah & Tann Singapore LLP.
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