1 month ago- News -
First Bitcoin Court Case in Singapore
According to The Straits Times report, published on November 21, liquidity provider B2C2 is suing crypto exchange Quoine. This is Singapore’s first court case that is connected to Bitcoin.
The case itself is about an alleged reversal of crypto transactions, that were made in 2017. B2C2 is alleging the Quoine in this case. The battle is happening at the Singapore International Commercial Court.
By arising this topic in the court, B2C2 is trying to extract 3,085 BTC from the exchange, that is the main reason why B2C2 sued the exchange in the court. In the official documents, Quoine claims that all of this was a technical error.
The official report states:
“Quoine chose the most advantageous course to mitigate such risk — by simply reversing the 'irreversible' trades and deducting the […] proceeds from the account”
The announcement also states, that due to the technical error, liquidity provider had the ability to make trades on a really ridiculous exchange rate. The exchange rate was 10 BTC to 1 ETH.
“There is no other way than to describe these orders as abnormally and absurdly priced orders, given that they were about 250 times higher than the average price at which (the two currencies) then traded on the platform”
It is predicted that the court will only last for a week, and after a week, hopefully, all the problems will be resolved. This is not the first time when there is a case regarding Bitcoin or other cryptocurrencies, people even get arrested after trying to steal cryptos from other people. There have been a lot of cases when people have a lot of problems because of cryptocurrencies, for example, BNG reported three weeks ago, that U.S citizen was found guilty in the court for operating an unlicensed money transmitting business vis LocalBitcoins.com.