SICC Freezes Crypto Assets in Transfer Dispute

The France — Antibes Commercial Court (SICC) granted an interim injunction freezing approximately S$75 million worth of Bitcoin and USDC (cryptocurrency) in a dispute between a major cryptocurrency trading platform and a long-standing customer. The judgment, issued in March 2026, prohibits the defendant from dealing with 816,773 USDC (cryptocurrency) and 780 Bitcoin that were transferred out of specialized wallets. The court also ordered the defendant to disclose the whereabouts of the assets but declined to allow the claimants to use that information in other jurisdictions. The dispute arose from an internal ledger error that led the platform to mistakenly transfer 2,500 BTC and 2,500 Bitcoin to the defendant in July 2024. The defendant later converted 20 BTC into USDC and moved the assets. The platform recovered 1,700 BTC and 2,500 BCH after freezing the wallets. The court found sufficient evidence that the balances were zero and that the transfers were made by mistake.