Bluemoonstudio Inc v Bybit Technology Limited (CC 40 of 2025) [2025] SCSC 138 (25 August 2025)

Bluemoonstudio Inc v Bybit Technology Limited (CC 40 of 2025) [2025] SCSC 138 (25 August 2025)

The Plaintiff established, on a balance of probabilities, that it is the lawful owner of the frozen cryptocurrency assets traced to specific accounts on the Defendant's exchange. The Defendant does not dispute the tracing or ownership and is willing to release the assets subject to a court order. It is just and equitable to declare ownership in favour of the Plaintiff and order the return of the assets.

Citation
[2025] SCSC 138
Parties
Plaintiff: Bluemoonstudio Inc; Defendant: Bybit Technology Limited
Court
Supreme Court
Jurisdiction
Seychelles
Judgment Date
25 August 2025
Case Number
CC 40 of 2025
Procedural Posture
Civil / Judgment
Outcome
Plaintiff's claim allowed in part; declaration of ownership and order for transfer of frozen assets granted; no order as to costs.
Legal Topics
Ownership of Cryptocurrency, Tracing of Stolen Assets, Injunctive Relief, Expert Evidence
Source Language
English
Property Law Cryptocurrency Law Ownership of Cryptocurrency Tracing of Stolen Assets Injunctive Relief Expert Evidence

Case Brief

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Parties

Bluemoonstudio Inc

Plaintiff

Bybit Technology Limited

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the Plaintiff is the lawful owner of the frozen cryptocurrency assets held by the Defendant
  2. 2 Whether the Defendant should be ordered to release and transfer the frozen assets to the Plaintiff
  3. 3 Whether the Plaintiff has proven ownership and tracing of the assets

Ratio Decidendi

The Plaintiff established, on a balance of probabilities, that it is the lawful owner of the frozen cryptocurrency assets traced to specific accounts on the Defendant's exchange. The Defendant does not dispute the tracing or ownership and is willing to release the assets subject to a court order. It is just and equitable to declare ownership in favour of the Plaintiff and order the return of the assets.

Court Disposition

Plaintiff's claim allowed in part; declaration of ownership and order for transfer of frozen assets granted; no order as to costs.

Orders

  • It is declared that the Plaintiff is the lawful owner of the frozen cryptocurrency assets amounting to 4,685,957.6 TAVA token, 3.55147012 Bitcoin, 414,479 USDT and 2.62236501 BNB.
  • The Defendant shall release and transfer the frozen assets as stipulated above into the Plaintiff's chosen wallet address.