According to a recent LinkedIn post from Covenant, Deputy Managing Director Ronald JJ Wong recently discussed the risks of cryptocurrency investments and related scams in an interview with Lianhe Zaobao. The post highlights that crypto-related losses reportedly made up nearly 20% of scam-related losses in Singapore in 2025, with such cases rising by 156%.
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The post suggests that investors in digital assets should evaluate not only economic risk but also legal considerations, including whether an exchange is properly regulated and whether they retain legal title to assets in insolvency scenarios. Wong is described as emphasizing rapid action when fraud is suspected, such as freezing related bank accounts, cards, and digital wallets.
As shared in the post, legal recourse may be available through Singapore courts or arbitration when entities are local, while cross-border cases can face jurisdictional challenges but may still proceed in local or foreign forums. The message reiterates that ostensibly lucrative crypto projects can carry significant danger if investors lack a clear understanding of the underlying technology and risks.
For investors, this focus on legal risk management and asset recovery underscores growing regulatory and litigation complexity around digital assets in Singapore. Covenant’s visibility in this area may signal a strategic emphasis on crypto-related disputes and investor protection work, potentially positioning the firm to capture advisory and contentious mandates as regulatory scrutiny and scam incidence increase.