Jurisdiction(s):
United Kingdom

TrueCoin v Techteryx [2024] SGHC 296: Singapore High Court grants anti-suit injunction upholding SIAC arbitration agreement in cryptocurrency dispute; comity, forum fragmentation and non-party limits addressed

Published on: 21 January 2025

Published by a LexisNexis Arbitration expert

Legal News

Article summary

TrueCoin LLC v Techteryx, Ltd [2024] SGHC 296 Background

The dispute concerned TrueCoin, a Delaware entity engaged in creating digital currency offerings such as stablecoins. Through two contracts governed by Delaware law, TrueCoin conferred on Techteryx, a BVI company, certain exclusive entitlements over its TrueUSD stablecoin (TUSD). Each contract stipulated SIAC rules with arbitration seated in Singapore. Later, the two parties jointly issued an instruction notice (the Notice) to an escrow agent to release and transfer the digital assets to Techteryx’s agent. The Notice was subject to Hong Kong law and named the Hong Kong courts as having non-exclusive jurisdiction. When Techteryx allegedly defaulted on payment commitments, TrueCoin commenced two SIAC arbitrations, which were subsequently consolidated. Techteryx, for its part, began proceedings in Hong Kong, initially against the escrow agent and two further parties under separate agreements linked to the TrueCoin transaction, and thereafter joined TrueCoin as a defendant for alleged breaches of the stablecoin agreements and for misrepresentation. Techteryx’s position was that the arbitration agreement had been displaced by the Hong Kong jurisdiction clause contained in the Notice and therefore governed their disputes in full...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...