In the case where the Algorand Foundation sought to liquidate Three Arrows Capital’s Singapore entity and claimed 53.5 million USDC, the Singapore High Court ruled that cryptocurrencies were not recognized as money and ultimately rejected Algorand’s liquidation application.
In his ruling, the judge stated: “In my opinion, the term liability must refer to a debt that exists in the form of legal tender. Determining whether an intangible asset, such as a cryptocurrency, falls within the category of currency requires a detailed evidentiary review. This is not appropriate in the context of bankruptcy liquidation.