Algorand was seeking to wind up the Singapore entity of failed crypto fund Three Arrows Capital, with a claim of 53.5 million USD Coin* (USDC).

The winding-up application was eventually dismissed. Justice Coomaraswamy said that Algorand had standing to bring about a winding-up application, but he did not accept that crypto is money.

“The word indebtedness, in my view, must require a debt which is in fiat currency… Determining whether or not a particular intangible, such as cryptocurrency, is money would require a detailed examination of evidence which is not appropriate in the context of insolvency,” he said in his decision.