An array of commentary, opinion and experience from our experts.
Black & White: Post-judgment crypto preservation and recovery, with Fountain Court’s Nik Yeo and Laurentia de Bruyn, and Setia’s Danny Ong.
So you’ve found yourself a victim of crypto fraud, and obtained a judgment against the fraudster. So far so good. But what about enforcement? In a special 2-part series, Setia’s Wern-Jhien and Danny Ong are joined by Fountain Court Chambers’ Nik Yeo and Laurentia de Bruyn to talk about the recovery of stolen crypto assets, and recent cases that shape and define the limits of what is possible in the ever-evolving crypto and digital assets space. In this 2nd part, we discuss what is probably the most important aspect of any crypto litigation, the actual recovery of crypto assets, as illustrated in Joseph Keen Shing Law v Persons Unknown & Huobi Global Limited.
Singapore Court of Appeal holds that foreign liquidation proceedings involving solvent companies are within the scope of Singapore’s adaptation of the UNCITRAL Model Law on Cross-Border Insolvency
In June 2023, Setia Law’s Bethel Chan and Lee Jin Loong published an article discussing the Singapore Court’s treatment of foreign solvent liquidations under the UNCITRAL Model Law on Cross-border Insolvency (the “Model Law”) in Re Ascentra Holdings, Inc  SGHC 82 (“Re Ascentra (HC)”). The Singapore High Court had held that the voluntary liquidation of a solvent company, Ascentra Holdings, Inc under the Cayman Islands Companies Act (2021 Revision) was not entitled to recognition as a “foreign main proceeding” under Article 2(f) of the Third Schedule to the Insolvency, Restructuring and Dissolution Act 2018, which is Singapore’s enactment of the Model Law (the “SG Model Law”). At the time of the article, the decision was under appeal.
Black & White: What happens when the crypto exchanges fight back, with Setia’s Danny Ong, and Fountain Court Chambers’ Nik Yeo and Laurentia de Bruyn
The crypto space is rife with fraud. The ethereal and borderless nature of crypto assets make it far too easy for fraudsters to spirit them away and escape detection. But that has not stopped lawyers from devising creative and sophisticated ways to trace and recover stolen crypto assets. In a special 2-part series, Setia's Wern-Jhien and Danny Ong are joined by Fountain Court Chambers’ Nik Yeo and Laurentia de Bruyn to talk about the recovery of stolen crypto assets, and recent cases that shape and define the limits of what is possible in the ever evolving crypto and digital assets space. In the 1st part, we discuss what happens when the exchanges fight back, as illustrated in Piroozadeh v Persons Unknown  EWHC 1024 (HC).
The case of the missing diamonds and diamond seeds
In a twin-judgment released by Justice Hri Kumar Nair, the Setia Team comprising Yam Wern-Jhien (Director), Bethel Chan (Associate Director) and Stanley Tan (Associate) successfully secured judgment against an ex-director for misappropriation of diamonds and diamond seeds, as well as a rare order expunging irrelevant, unreliable, and scandalous material adduced by the Defendant in an attempt to tarnish the reputation of the Claimant and its representatives.
Black & White: The dark side of the economy, with FTI Consulting’s Anna Bleazard & Setia Law’s Victoria Ting
Just as Singapore is rocked by the news of the Commercial Affairs Department's S$1.8B raid, we take a deep-dive into the underbelly of the economy - criminal monies, how they're laundered, what it means for the man on the street, and what we can do to combat it. Co-founder of Setia Law, Wern-Jhien is joined by special guest Anna Bleazard, FTI Consulting's Head of Financial Crime Compliance for Singapore and Southeast Asia. Setia's Victoria Ting also returns to weigh in on the conversation. Episode analytics
Court exercises rarely invoked power to strike out and expunge irrelevant materials from affidavits filed in an opposed application for a judicial management order.
In Re X Diamond Capital Pte Ltd (Metech International Ltd, non-party)  SGHC 201, the Singapore High Court exercised its rarely invoked power under r 21 the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020 (CIR Rules) to strike out and expunge irrelevant materials from affidavits filed in an opposed application for a judicial management order.
Black & White: Decentralised Autonomous Organisations (DAO)
Decentralised Autonomous Organisations (DAOs) are an essential part of Web3. DAOs also operate within several legal grey areas, and have the potential of disrupting traditional business structures. Co-founder of Setia Law, Wern-Jhien is joined by Setia’s Stanley Tan, an aspiring specialist in digital technology, Web3, and disputes in cyberspace, to talk about DAOs – what are they, how does one become a member and how a DAO can be held responsible in the event of a claim.
Metaverse Disputes – Navigating Jurisdictional Issues in the Metaverse
The Metaverse involves a confluence of cutting-edge technologies and is touted to become as revolutionary as the Internet when it was first brought into the mainstream. With a projected 25% of the global population spending at least an hour a day in the Metaverse and the size of the Metaverse market expecting to reach USD 758 billion by 2026, fraud in the Metaverse is inevitable. In this article, Danny Ong, Jason Teo, and Stanley Tan of Setia Law LLC consider some of the jurisdictional issues that could arise in the Metaverse which victims of fraud are likely to grapple with when seeking relief.
Key takeaways from the ABS’ industry perspective on best practices recommendations on compliance risks with a nexus to digital assets
The Association of Banks in Singapore (ABS) has this month, in collaboration with the MAS, the CAD and Ernst & Young, released a set of ‘best practices’ recommendations from the industry perspective, to help financial institutions (FIs) approach money-laundering (ML), terrorism financing (TF) and sanctions risks in the digital assets space. We summarise the key takeaways for FIs.
Black & White: Sanctions
Sanctions can be one of the most cryptic areas of law - Vast, complex, ever-changing. What are sanctions cases like in reality? What has Singapore’s stance been on sanctions and has it changed following the Russian invasion of Ukraine? Why have there been so many record-breaking penalties of late? Co-founder of Setia Law, Wern-Jhien is joined by Setia's Victoria Ting, a former prosecutor and government lawyer specialising in the area, to demystify these and more.
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