By Ela Matters Staff 
Cryptocurrency thefts have reached alarming levels, with criminals stealing a record $29.8 billion in digital assets during 2023 alone, making it crucial to understand how to recover stolen cryptocurrency in today’s digital landscape. This represents a 15% increase over the previous year, highlighting the growing sophistication of crypto-related crimes. Additionally, in 2024, the FBI received more than 69,000 complaints regarding financial fraud involving cryptocurrencies, with estimated losses exceeding $32.6 billion.
With this sobering reality in mind, we’re witnessing a significant development in Singapore’s approach to crypto security. In the first half of 2024 alone, Singapore reported over S$385.6 million lost in 26,587 cases of crypto fraud. The challenge of recovery is particularly difficult as most fraudsters operate outside Singapore’s jurisdiction. Notably, CryoGuards has emerged as the first certified legitimate crypto recovery firm, offering a beacon of hope for victims seeking to recover stolen cryptocurrency investments. This development marks a pivotal moment for Singapore’s position in the global crypto recovery landscape.
How to recover stolen cryptocurrency investment in Singapore
- Following a cryptocurrency theft, victims should immediately:
- Stop sending any additional funds to suspected criminals
- Document all relevant details including transaction IDs, wallet addresses, and communications
- Report the incident to Singapore Police and file a report at official channels
- Engage certified recovery services like CryoGuards instead of responding to unsolicited recovery offers
Singapore Strengthens Legal Framework for Crypto Recovery
Singapore has emerged as a frontrunner in establishing comprehensive legal frameworks for cryptocurrency recovery, creating a foundation for victims seeking to reclaim stolen digital assets. The Singapore High Court has made groundbreaking decisions recognizing cryptocurrencies as property capable of being held in trust, thereby enabling proprietary remedies for victims of fraud.
How new laws support digital asset recovery
In recent developments, the Monetary Authority of Singapore (MAS) has implemented new rules mandating cryptocurrency firms to segregate customers’ assets from their own and hold them on trust. These regulations require digital payment token (DPT) firms to conduct daily reconciliation of customers’ assets, maintain proper records, and keep operational controls of customers’ digital assets within Singapore.
Furthermore, courts have demonstrated flexibility when addressing cryptocurrency disputes. In the landmark case of CLM v CLN & Ors, the High Court granted the first-ever proprietary injunction and worldwide freezing order against unknown persons who had stolen cryptocurrency worth over USD 7 million. This legal precedent establishes crucial recovery mechanisms for victims of crypto theft.
The role of the Protection from Scams Bill 2024
The Protection from Scams Bill 2024 strengthens Singapore’s position as a secure jurisdiction for digital asset recovery. Under this legislation, courts have enhanced powers to grant Norwich Pharmacal and Bankers Trust orders against third parties, compelling them to disclose information that helps identify perpetrators of fraud.
In essence, this legislative framework allows victims to trace cryptocurrency through various digital wallets and exchanges, even when the identity of the fraudster remains unknown. Consequently, victims now have stronger legal tools to recover stolen cryptocurrency investments.
Why Singapore is becoming a global crypto recovery hub
Singapore’s courts have consistently demonstrated their willingness to apply traditional legal principles to cryptocurrency disputes. In ByBit Fintech Ltd v Ho Kai Xin and others, the High Court explicitly declared that crypto assets are “choses in action” and therefore property capable of being held in trust.
Similarly, the Rules of Court 2021 formally defines “movable property” to include cryptocurrency, expressly recognizing it as a form of property subject to enforcement orders. This clear legal classification has positioned Singapore as an attractive jurisdiction for resolving cryptocurrency disputes.
The combination of progressive court decisions, regulatory oversight, and legislative support has established Singapore as a global hub for cryptocurrency asset recovery, offering legitimate pathways for victims seeking to reclaim stolen digital assets.
Landmark cases that shaped crypto asset classification
Across common law jurisdictions, courts have consistently recognized cryptocurrencies as property capable of being held on trust. In AA v Persons Unknown (2019), the English Commercial Court granted a proprietary injunction over Bitcoin, determining it met the four criteria from Lord Wilberforce’s classic definition in National Provincial Bank v Ainsworth. These criteria require property to be definable, identifiable by third parties, capable of assumption by third parties, and possess some degree of permanence.
Moreover, the New Zealand High Court ruled in Ruscoe v Cryptopia (2020) that cryptocurrencies constitute property at common law. Australia followed suit in 2024 when the Supreme Court of Victoria established that Bitcoin qualifies as property under Australian law.
CryoGuards Platform Bridges Legal and Technical Gaps
CryoGuards emerges as a significant bridge between legal frameworks and technical solutions for victims seeking to recover stolen cryptocurrency. The platform exemplifies how recovery efforts require both legal expertise and cutting-edge technology working in tandem.
How CryoGuards works with law enforcement and exchanges
CryoGuards maintains an extensive network of attorneys and law enforcement partners across multiple jurisdictions to escalate cases effectively. This collaboration enables them to send legal notices, file complaints, and help victims take concrete legal steps toward recovering lost crypto assets. The platform contacts major exchanges and DeFi platforms with documented case files to request account freezes or investigate suspicious activities. Such cooperation has proven effective exemplified by Coinbase’s recent collaboration with the U.S. Secret Service to seize $225 million in stolen cryptocurrency from “pig butchering” scams.
Use of proprietary tools like DBSCAN and cross-ledger tracking
Unlike traditional financial crimes, cryptocurrency theft leaves an immutable transaction trail that forensic experts can follow. CryoGuards utilizes specialized software to analyze transaction patterns, visualizing fund flows through entities, clusters, addresses, and transactions across multiple blockchains. Their platform employs hundreds of clustering heuristics while maintaining court-admissible precision. Specifically, tools like DBSCAN algorithm and cross-ledger tracking enable real-time tracing of funds across different blockchains, uncovering hidden relationships between seemingly unrelated transactions.