Singapore Big Four law firms Rajah & Tann and Allen & Gledhill are appearing for opposing parties in the country’s first-ever trial centred around the cryptocurrency bitcoin. The dispute is presently being heard by the Singapore International Commercial Court (SICC).
Cryptocurrency market maker B2C2, represented by a Rajah & Tann team led by partner Danny Ong, is suing Singapore-based exchange operator Quoine, represented by an Allen & Gledhill team led by partner Paul Ong.
According to a report on Singapore’s Strait Times, the dispute centres around the alleged "unilateral reversal" of seven orders by B2C2 on the Quoine platform. The plaintiff is seeking to recover 3,085 bitcoins from Quoine which are allegedly valued at approximately $14 million.
Last year, B2C2 placed its seven orders to sell ethereum for bitcoin at a rate of 10 bitcoins for one ethereum. The trades were reversed the following day, by Quoine, which says that a glitch in its quoter program caused it to be "unable to access external market price data" for the two cryptocurrencies.
The trial is expected to conclude next week.
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