Cryptocurrency is property in a position to being held in trust, Mediate Philip Jeyaretnam of the Excessive Court docket of Singapore ruled on July 25. The think said he didn’t behold any distinction between crypto, fiat money or shells as long as all those objects, bodily or no longer, half fee created by mutual faith in them.
Jeyaretnam handed down his ruling in a case brought by Bybit against its historical worker, Ho Kai Xin. Bybit claimed the staff member transferred around 4.2 million of Tether (USDT) from the crypto alternate to her non-public accounts. The court docket has now ordered Ho, who has accused a non-bellow cousin of controlling the linked accounts, to realize abet the money to Bybit.