In a dispute between the cryptocurrency exchange Bybit and a contractor, Singapore's High Court ruled that cryptocurrencies constitute property.
The Judge Issued Summary Judgment in Favor of ByBit
In a dispute between the cryptocurrency exchange Bybit and a contractor, Singapore's High Court ruled that cryptocurrencies constitute property.
Citing a consultation paper on planned changes to payment services from the Monetary Authority of Singapore dated early July, the court decided that digital assets are intangible property such as money owed on a bond or a bank's cash balance, and can be held in trust.
Judge Philip Jeyaretnam came to the conclusion in his decision that the owner of a crypto asset possesses an incorporeal property right that is enforceable in court.
Ho Kai Xin, a contractor for the Seychelles-based exchange Bybit, was charged with violating the terms of her work contract by moving more than 4.2 million USDT to addresses under her ownership and control.
Bybit claimed that Ho went on a spending spree, “including a freehold penthouse apartment with her husband, a brand new car, and several Louis Vuitton products," with the funds.
In Ho’s defense, she claimed that her cousin "Jason," who she said had gotten unauthorized access to her work laptop, was responsible for the alleged fraud.
The judge decided that Ho's defense was not credible and issued summary judgment in favor of ByBit.
