Singapore has dismissed its $53 million lawsuit against Algorand (ALGO) Three Arrows Capital (3AC), deciding that cryptocurrencies are not “real” money.
According to the local news agency, Singapore’s Supreme Court made a notable decision in the case of crypto hedge fund 3AC, which filed for bankruptcy protection last year and was subsequently sued by several of its creditors. Algorand Foundation by March 30 opened on and 53.5 million USDC Coin (USDC) Judge presiding over the requested case Vinodh Coomaraswamy cryptocurrencies”real” decided there was no money and dismissed the case.
Judge Coomaraswamy, who made statements in the case where the Algorand Foundation returned empty-handed, stated that although it was natural for the Algorand Foundation to claim rights on the assets, this justified demand would not be enough for cryptocurrencies to be considered a real currency.
Striking in the sequel sea shell by analogy The notable judge said:
What if we had a community in the world that used seashells as its internal currency? Would the Singapore courts have to recognize it as money? The word indebtedness should entail a debt that, in my view, is in fiat currency.
From WongPartnership, the law firm advocating on behalf of the Algorand Foundation Daniel Chan the seashell analogy put forward by the judge “very extreme exampleAlthough he objected to the decision by describing it as ”, this objection did not change the result.
Creditors of Three Arrows Capital in total more than $3.5 billion has debt. On the other hand, the new cryptocurrency exchange that the founders of 3AC implemented with great expectations Open Exchange however, did not receive the expected attention and from the first day frustration had created.