VIRGILIO TARRAGO DA SILVEIRA & Anor v HASHSTACS PTE. LTD. & Anor

[2025] SGCA(I) 3 Court of Appeal (International) 26 November 2025 • CA/CAS 1/2025 • 75 min read
21 cases cited (15 SG, 6 foreign)

Catchwords

Tort — Misrepresentation — Fraud and deceit — Applicable principles for ascertaining representor of false representation of fact Tort — Misrepresentation — Fraud and deceit — Whether statement of future vision constitutes actionable false representation of fact

Practice Areas

Tort

Judges (3)

Arjan Kumar Sikri Coram Belinda Ang Saw Ean Delivered Steven Chong Coram

Counsel (8)

Holman Fenwick Willan Singapore LLP Firm Rajah & Tann Singapore LLP Firm Aaron Tan Kai Ran Counsel Appellant Ang Ting Wei Counsel Appellant Foo Xian Fong Counsel Respondent Leong Li Shiong Counsel Appellant Liew Min Yi Glenna Counsel Respondent Vikram Nair Counsel Respondent

Parties (4)

Hashstacs Pte. Ltd. Respondent Munchetty Investments Ltd Appellant Soh Kai Jun Respondent Virgilio Tarrago da Silveira Appellant

Case Significance

[2025] SGCA(I) 3 is a Court of Appeal (International) decision dated 26 November 2025 concerning Tort, specifically addressing misrepresentation. The judgment was delivered by Belinda Ang Saw Ean, with Arjan Kumar Sikri and Steven Chong on the coram. The case was brought by Munchetty Investments Ltd and others (appellant) against Hashstacs Pte. Ltd. and others (respondent). Legal representation was provided by Holman Fenwick Willan Singapore LLP and Rajah & Tann Singapore LLP. The judgment cites 21 cases (15 Singapore, 6 foreign) and references 1 statutory provision, namely the Evidence Act.

Summary

Virgilio da Silveira and Munchetty Investments claimed damages in deceit against Hashstacs and its director Soh Kai Jun over alleged misrepresentations in a crypto token whitepaper that induced the purchase of STACS Tokens. The central issue was whether statements in the whitepaper about a blockchain project's ambitions constituted actionable representations of fact or merely forward-looking statements about desired outcomes. The Court of Appeal dismissed the appeal, affirming that the whitepaper statements were prospective in nature and not proven to be false.

What was decided in [2025] SGCA(I) 3?

[2025] SGCA(I) 3 (VIRGILIO TARRAGO DA SILVEIRA & Anor v HASHSTACS PTE. LTD. & Anor) is a Court of Appeal (International) decision from 26 November 2025 addressing Tort, specifically misrepresentation. The judgment was delivered by Belinda Ang Saw Ean.

Who were the parties in VIRGILIO TARRAGO DA SILVEIRA & Anor v HASHSTACS PTE. LTD. & Anor?

The appellant in [2025] SGCA(I) 3 was Munchetty Investments Ltd, Virgilio Tarrago da Silveira, and the respondent was Hashstacs Pte. Ltd., Soh Kai Jun. Legal representation included Holman Fenwick Willan Singapore LLP and Rajah & Tann Singapore LLP. The case was decided on 26 November 2025 in the Court of Appeal (International).

Which judge decided [2025] SGCA(I) 3?

[2025] SGCA(I) 3 was delivered by Belinda Ang Saw Ean in the Court of Appeal (International) on 26 November 2025. Arjan Kumar Sikri and Steven Chong also sat on the coram. The case concerned Tort.

What cases and statutes does [2025] SGCA(I) 3 cite?

[2025] SGCA(I) 3 cites 21 prior decisions, including 6 from foreign jurisdictions. It references Evidence Act.

Statutes Cited

Evidence Act (Cap 97)

Cases Cited (21)

SG (2)
[2022] SGHC 207 [2024] SGHC(I) 32
SLR (13)
[2001] 2 SLR(R) 435 [2003] 3 SLR(R) 307 [2003] 3 SLR(R) 501 [2010] 1 SLR 286 [2013] 1 SLR 1310 [2013] 1 SLR 173 [2013] 2 SLR 543 [2014] 1 SLR 860 [2018] 1 SLR 894 [2018] 2 SLR 110 [2024] 1 SLR 1 [2024] 1 SLR 608 [2025] 1 SLR 1146
UK (6)
[1897] AC 22 [1927] AC 177 [1941] 2 All ER 205 [1972] 1 WLR 1593 [2005] EWHC 2056 [2020] EWHC 440

Judgment

Read the full judgment on the official Singapore Courts portal.

Read on eLitigation

Source: eLitigation ([2025] SGCA(I) 3)