Algorand filed a lawsuit against Three Arrows Capital (3AC) for $53.5 million in Singapore. However, the altcoin project was the losing side of this lawsuit. The interesting arguments cited by the court in the rejection reason may have implications for the crypto industry.
Algorand’s request for 53.5 million USDC from 3AC was denied
cryptocoin.comAs you follow, Algorand Foundation applied to liquidate Three Arrows Capital with a request of 53.5 million USDC. However, the Singapore Supreme Court, in a landmark ruling, rejected the Algorand Foundation’s request, citing that crypto cannot be recognized as money. The decision, which exposed the legal innovations and quirks, was a major setback for the Algorand Foundation, which was looking to get its funds back.
The case revolved around whether the USDC claim could be considered a “sum of money” and whether Algorand had a creditor entitled to proceed with his application. Algorand argued that like foreign currencies, cryptocurrencies are not legal tender and are not widely accepted or used as a medium of exchange in Singapore. However, he argued that cryptocurrencies are recognized as money by Singaporean law.
The court rejected Algorand’s argument, stating that crypto law is still in development and the fact that cryptocurrencies are not widely accepted as a medium of exchange in Singapore weakens their claims. The decision could have significant implications for the crypto industry in Singapore. It could also set a precedent for other jurisdictions grappling with the legal status of cryptocurrencies.
3AC is happy with the decision, ALGO has pledged to fight!
In a statement, Three Arrows Capital welcomed the court’s decision, saying it is pleased that the court has recognized that cryptocurrencies are not money. However, the firm expressed hope that the decision will not deter innovations in the crypto industry.
Meanwhile, legal experts noted that the case revealed some legal oddities and innovations. TRM, a blockchain analytics firm, said the case illustrates the challenges the cryptocurrency industry faces, particularly in the area of legal frameworks. TRM added that the lawsuit highlights the need for regulatory clarity on the legal status of cryptocurrencies.
The decision was a setback for the Algorand Foundation, which is trying to position itself as a leading player in the cryptocurrency industry. But the foundation has pledged to continue its fight and is exploring all legal avenues to get its funds back. The lawsuit is likely to spark further debate about the legal status of cryptocurrencies and the need for regulatory clarity in the industry.
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