Mar 2022 Crypto Industry Updates

Content will be sorted chronologically with latest at the bottom.

• Cryptocurrencies are property, Singapore court rules, as it freezes US$7m in ‘stolen’ crypto [4 Mar 2022]
  • Singapore’s High Court has allowed an application by an American entrepreneur to freeze over US$7 million in crypto assets he claims had been stolen by unknown individuals and entities.
  • Worldwide Mareva injunction was granted by the High Court
  • The plaintiff was able to trace part of the stolen crypto to:
    • two wallets held by crypto exchanges based in Singapore but incorporated in Cayman Islands and Seychelles,
    • a US-incorporated crypto exchange, and a US-incorporated digital payments firm. The 2 US-incorporated entities have wholly-owned subsidiaries in Singapore.
  • The two Singapore-based exchanges were ordered to disclose information of the relevant accounts as well as details of all transactions involving these accounts from the dates the stolen funds were deposited.
• Singapore blocks all crypto transactions with Russia
  • new regulations would prohibit Singaporean banks, organisations, and companies from dealing and trading with Russian entities using all means of exchange, including digital assets such as cryptocurrencies and non-fungible tokens (NFTs) with Russia, as part of its sanctions against the country because of the ongoing war.
  • Singapore’s decision to impose these sanctions is without any assistance from United Nations Security Council.
  • Singapore previously imposed unilateral sanctions more than 40 years ago.
• Thailand to ban use of digital assets as payments from April 2022
  • announced by Thailand Securities and Exchange Commission (SEC)
  • citing price volatility, cyber theft, money laundering, and personal data leakage
• Blockchain project Ronin hit by $615 million crypto heist
  • Ronin is used to power the popular online game Axie Infinity
  • Ronin is developed by Singapore-based game studio Sky Mavis, which owns Axie Infinity.
  • unidentified hackers on March 23 stole some 173,600 ether tokens and 25.5 million USD Coin tokens
  • attack focused on the bridge to Sky Mavis' Ronin blockchain, an intermediary between Axie Infinity and other cryptocurrency blockchains like Ethereum.
  • hack was only detected after a week
  • current market value makes it second-largest crypto theft on record,