The Singapore International Commercial Court (SICC) found cryptocurrency exchange operator Quoine guilty of wrongfully reversing seven orders from electronic market maker B2C2 in April 2017, in Singapore’s first-ever trial centred around bitcoin cryptocurrency.
As reported earlier, Singapore Big Four law firms Rajah & Tann and Allen & Gledhill represented B2C2 and Quoine, respectively.
According to The Business Times, the SICC found Singapore-based, Quoine liable for breach of contract and breach of trust for unilaterally reversing B2C2's orders made at an abnormal exchange rate.
The dispute was centred around the alleged unilateral reversal of seven orders by B2C2 on the Quoine platform. In 2017, B2C2 placed its seven orders to sell cryptocurrency ethereum for bitcoin at a rate of 10 bitcoins for one ethereum. The trades were reversed the following day, by Quoine, which said that a glitch in its quoter program caused it to be unable to access external market price data for the two cryptocurrencies.
B2C2 was seeking to recover 3,085 bitcoins from Quoine which was allegedly valued at approximately $14 million.
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