In a recent development, a judge of the Singapore High Court has declared that cryptocurrencies are personal properties. The court likened crypto to fiat money, and since fiat passes as personal property, crypto should pass as one, too, the court reasoned. Genesis Of The Case Judge Philip Jeyaretnam made this declaration in a case that had earlier been brought by crypto exchange Bybit against a former employee named Ho Kai Xin. Bybit alleged that Ho had transferred around $4.2 million USDT from the crypto platform’s account to her accounts. Related Reading: LayerZero Crosses This Significant Milestone, But Is An Airdrop Coming? In what was the most expected outcome, the court ordered Ho to transfer the money back to Bybit. However, what caught the crypto community’s attention is the status that the Judge placed on cryptocurrencies. The Judge referred to the USDT tokens in question as a “property.” And despite these tokens not being physical, the judge opined that “We identify what is going on as a particular digital token, somewhat like how we give a name to a r ..
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