TECHNOLOGY

High Court reinstates Greek investor’s $12m lawsuit against S’pore fintech firm

A Greek investor seeking to recover US$9 million (S$12.3 million) worth of cryptocurrency from Snap Innovations has won his fight to have his claim reinstated.

A court had ruled earlier this year that the lawsuit should be reinstated, but the fintech firm tried to appeal against this decision.

The latest ruling rejected its application for leave to appeal and the case will now go to trial.

The case centres on a corporate guarantee that the investor, Mr Georgios Baizanis, said Snap had made with him.

The guarantee said Snap would substitute any digital assets stolen by any of its staff within five business days.

Mr Baizanis, a 46-year-old private investor based in Cyprus, said he started placing small investments with Cryptorage, a cryptocurrency trading platform run by Snap in Vietnam, in late 2018.

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GCT Team

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