USDT was recognized as a property right

In Singapore, the USDT stable coin was recognized as a property right by the Supreme Court. It can be used through trust management. This confirms the decision regarding the case of the ByBit crypto platform from yesterday.

What is known about the court case

The crypto exchange filed a lawsuit against its employee Ho Kai Sin. According to the representatives of the site, she violated the employment contract and took advantage of her official opportunities. The court documents state that she conducted a transaction worth over $4.2 million in a stable coin for personal crypto wallets. In addition, the transfer of ordinary currencies to bank accounts is also indicated.

During the clarification of the circumstances in the case, the exchange demanded a declaration that would confirm the presence of crypto assets in the trust management of the employee. Along with this, the employee claims that her cousin, Jason Theo, stole the funds. She says that the crypto addresses used for transactions are exclusively his.

The Sun studied all the nuances and decided that Jason was either not there, or he did not play the role indicated by Ho. Therefore, he demanded that she transfer the stolen crypto assets back to the crypto exchange.

The verdict states that the owner of digital assets has an intangible property right. It is recognized as property in the claims. Therefore, it must be executed in court.

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