Key Takeaways
- A Singapore woman claimed a S$200,000 loan from her mother-in-law was a gift for her husband’s crypto trading.
- Paige Lee received nine transfers from her mother-in-law, totaling over S$410,000.
- Lee admitted to part of the debt but maintained that the largest transfer was a gift to be used in crypto.
A Singapore woman has been ordered to repay her estranged mother-in-law S$175,689 (US$136,700), despite her claiming a S$200,000 transfer she received from her was a crypto trading gift.
The peculiar case, which unfolded amid a family breakdown, highlights how crypto can turn ordinary financial disputes into complex legal battles.
The Loans In Question
According to court documents, Paige Lee Wen Xuan, formerly known as Kyenne Michelle Lee Xin Yu, received nine loans from her mother-in-law, Chen Rongying, between 2018 and 2021, totaling more than S$410,000.
The amounts ranged from S$1,500 to S$200,000 and were allegedly used for various purposes, including property acquisition, living expenses, commodity investments, and even fixed deposits to boost Lee’s credit score.
Chen said the loans were backed by four IOUs, informal written acknowledgments of debt, written in Chinese and signed by Lee, according to Channel News Asia.
A Husband’s Gift For Crypto Trading
Lee, who is currently in divorce proceedings with Chen’s son, admitted to taking four loans amounting to S$171,000 but disputed the rest.
She argued that some of the sums were for household expenses or home renovations, not loans.
But the most controversial transfer was the S$200,000 “crypto loan.”
Lee admitted receiving the money but claimed it was a gift from Chen to her son for trading on crypto.
She argued that the funds were routed through her account only because her husband’s trading activities required it, and she had no obligation to repay the money.
Although Lee returned S$110,000 to Chen, she said it was out of respect rather than repayment.
She also claimed to have repaid an additional S$45,000 but failed to provide evidence.
Crypto Claim Slammed as ‘Unbelievable’
Deputy Registrar Jasmin Kang rejected Lee’s explanation, calling her claim “inherently unbelievable.”
Lee was ordered to pay ordered to repay S$175,689 (US$136,700), as well as S$4,500 in legal costs.
She noted that the S$200,000 had been deposited into Lee’s own bank accounts rather than her husband’s, undermining the argument that it was a gift to him.
There was also no evidence that the money had been used for crypto investments.
Crucially, an IOU dated Jan. 10, 2021 explicitly recorded the transfer as a loan that Lee promised to repay once her account was unfrozen.
The court emphasized that IOUs, together with repayment behavior, are sufficient to create binding legal obligations, even within a family.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
