In a case where the Algorand Foundation sought to liquidate the Singapore entity of Three Arrows Capital and claim 53.5 million USDC, the Singapore High Court ruled that it did not recognize cryptocurrency as currency and ultimately rejected Algorand’s liquidation application.

The judge said in the ruling: "In my opinion, the word debt must refer to debt in the form of legal currency... Determining whether an intangible asset, such as a cryptocurrency, falls within the scope of currency requires a detailed evidentiary review that is not appropriate in the context of bankruptcy liquidation." (Businesstimes) #dyor #airdrop