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SGLY.US

id: 497

Singularity Future Technology (SGLY) Investor Settlement

Late claims are being considered for compensation, subject to approval.

$3,000,000

Cash Settlement

E.D. New York

Court

22-CV-07499

Case number

02/02/2021

Class period Start

02/24/2023

Class period End

01/16/2026

Claim deadline

Singularity Future Technology has reached a settlement with $SGLY investors over claims that it falsely promoted a shift from a shipping business to a crypto hardware company.

Outline

In 2021, Singularity rebranded itself as a crypto-focused firm, claiming to manufacture proprietary mining equipment and securing major infrastructure deals. However, the company was accused of engaging in sham joint ventures, misleading promotions, and concealing executives' histories. After a series of revelations and reports, $SGLY fell by over 90%, and investors filed suit.

Timeline
February 2, 2021 – Singularity announced its shift from logistics to cryptocurrency and blockchain.
March 3, 2021 – The company claimed to have purchased 2,783 mining servers; $SGLY rose.
October 4, 2021 – SGLY announced Thor Miner joint venture and $200M deal with SOS.
April 11, 2022 – Singularity claimed a $250M partnership with Golden Mainland for mining operations.
May 5–6, 2022 – Hindenburg and Peabody released reports detailing fraud; $SGLY dropped nearly 40%.
December 9, 2022 – Investors filed a lawsuit.
June 2025 – Singularity agreed to settle with investors.
Background

Formerly operating as Sino-Global, Singularity was a logistics company struggling with declining business. In early 2021, it repositioned itself as a cryptocurrency hardware player, claiming to develop and sell mining rigs and secure large-scale energy infrastructure projects.

However, research reports and regulatory probes later showed that the crypto transformation was largely fabricated. The supposed hardware joint venture, Thor Miner, had no proprietary products or operations. One of its key partners, Golden Mainland, had a fake business address and minimal web presence.

The CEO, Yang Jie, was revealed to have a criminal record and ties to a Ponzi scheme in China. The company also sold over $21 million in unregistered securities based on false claims. As the truth surfaced, the stock collapsed from over $14 to under $1—losing more than 90% of its value.

On December 9, 2022, investors filed a lawsuit alleging the company misled them about the legitimacy of its crypto business.

What Can Investors Expect Now?

Singularity Future Technology has reached a settlement with $SGLY investors over claims that it falsely promoted a shift from a shipping business to a crypto hardware company.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.

Case Type

US Securities Class Action

Case Status

Accepting Late Claims

Alleged Offence

Mismanagement,

Fraud,

Failure to Disclose,

Malpractice,

Negligence,

Breach of Fiduciary duty,

Omissions

Suspected Party

Directors,

Management,

Shareholder,

Investment Bank,

Service Provider

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.85

Filing date

12/09/2022

Plaintiffs

Ruibin Wang

Attorneys

Scott+Scott

Defendants

Yang Jie; Zhikang Huang

Exclusion deadline

12/03/2025

Objection deadline

12/03/2025

Trades matching type

FIFO

Frequently Asked Questions

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