Crypto Fraud: An Overview of Recourse and Remedies in Singapore

The dark side of the rise of cryptocurrency and blockchain-enabled transactions is fraud of a new kind, global in scope and emboldened by a veil of anonymity. One need only look to the headlines to see the impact. From the theft of hundreds of thousands of Bitcoin in the infamous Mt. Gox hack, to the horror story of a 53-year-old Singaporean businesswoman who lost $1.2 million of her life savings in an investment-based crypto scam despite having taken steps to ascertain the authenticity of the counterparty. For a victim of crypto fraud, what redress, if any, can the laws of Singapore provide? We review recent developments and share our thoughts.

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A Litigation Vehicle for More Than 1,000 Plaintiffs: The Implications of POA Recovery Pte Ltd v Yau Kwok Seng on Representative Actions and the Doctrine of Maintenance in Singapore

How do 1,102 investors, who claim they have been duped into investing in a Ponzi scheme, bring an action in the Singapore courts? To many, the first thing to do would be to launch a class-action lawsuit against the respondents.

In Singapore, such “class-action” lawsuits operate differently from those in U.S. litigation. Traditionally, a group of litigants in Singapore with a common interest would have to band together to commence what is known as a “representative action,” pursuant to Order 15, Rule 12 of the Rules of Court (Cap 322, 2014 Rev Ed). The alternative would be for the litigants to each commence separate proceedings and later consolidate them into one single action.

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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