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

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.

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)