PANews reported on April 16 that according to Businesstimes, in the case of Algorand Foundation suing Three Arrows Capital, the Singapore High Court ruled that it did not recognize cryptocurrency as currency and therefore rejected the liquidation application. The judge stated in the ruling: Whether cryptocurrency belongs to the category of currency requires a detailed review of evidence, but it is not applicable in the context of bankruptcy liquidation. It is reported that the Algorand Foundation claimed 53.5 million USDC from Three Arrows Capital.