A Singapore court has frozen approximately S$75 million ($58 million) in Bitcoin and USD Coin as part of a dispute between a major crypto trading platform and a long-time customer. The Singapore International Commercial Court (SICC) issued an interim proprietary injunction on March 26, barring the customer from disposing of about 780 BTC and 816,773 USDC, along with any assets, profits, or interest derived from them.

The platform, identified only as DVA, DVB, and DVC in court documents, alleged that an internal ledger error caused it to mistakenly credit 2,500 BTC and 2,500 Bitcoin Cash to the customer's wallets in July 2024. The customer later moved 780 BTC off the platform and converted 20 BTC into approximately 816,773 USDC. After discovering the error in January 2025, the platform recovered the remaining 1,700 BTC and 2,500 BCH.

The court also ordered the customer to disclose the location of the disputed assets and their proceeds. However, the judges declined to grant the platform advance permission to use that disclosure to seek similar injunctions in other jurisdictions, leaving that option open for later.

The dispute centers on two specialized wallets that once held 2,500 BTC and 2,500 BCH. These wallets were part of a self-custody product that required security credentials, including a user key held solely by the customer. Support for the product ended in April 2018, but in March 2020, the entire balance was transferred away, leaving the wallets empty. The platform alleged that a technical problem prevented these withdrawals from being recorded correctly, so its internal ledgers continued to show the assets as present. Acting on those records, the platform transferred another 2,500 BTC and 2,500 BCH to the customer in July 2024.

The customer disputes the platform's account, maintaining that the assets transferred to him were rightfully his. He argued that the platform's admission of faulty internal records weakened its claim, and that the transferred crypto could have represented his own assets held elsewhere on the platform. He also counterclaimed for the assets that remain frozen on the platform or compensation of equivalent value.

The three-judge panel found enough evidence to establish a serious question over whether the platform companies retained a proprietary interest in some or all of the disputed assets. The court noted that the customer had used part of the disputed assets as security for a loan to cover legal costs and had not provided updated evidence about his financial position, raising concerns about his ability to satisfy a substantial judgment.

This case adds to a series of high-value crypto disputes in Singapore courts, including a separate proceeding involving Binance and RedotPay and the restructuring of WazirX's parent company Zettai.