Singapore’s Court Turns Down Quoine’s Appeal in Crypto Lawsuit

Singapore’s Court Turns Down Quoine’s Appeal in Crypto Lawsuit

Singapore’s Court of Appeals has ruled in the first dispute involving cryptocurrency, ordering the crypto exchange Quoine to pay damages to cryptocurrency liquidity provider B2C2.

The court turned down Quoine’s appeal, in which the company stated that it has the right to cancel the orders placed by B2C2 to sell ETH for BTC.

In the appeal, Quoine had argued that the parties involved in transaction with B2C2 wrongfully believed that the transactions were at market price, and that B2C2 knew this error.

Thus, the court will decide how much compensation Quoine should pay to B2C2. Both firms use complex software to buy and sell orders through Quoine platform.

Quoine software collects price information to generate orders from other currency exchanges. Meanwhile, B2C2’s software analyses the first 20 market prices, and sets a reasonable buying or selling price.

Meanwhile, B2C2 had placed seven orders to sell ETH at 10 BTC in April 2017. This was nearly 250 times higher than the market rate.

A day after the transactions were carried out, where 309 ETH was exchanged for 3,092 BTC, Quoine noticed the abnormality and then restored B2C2’s balance to its state before the implementation of the seven transactions.

In March 2019, the Singapore International Commercial Court ruled that Quoine was responsible for “contract breach and abuse of confidence” in reversing B2C2 trades. Eventually, the company applied for appeal.

Moreover, the court stated that there was no mistake in the trading contract, and even if there is a mistake, the B2C2’s software was not aware of when executing the orders.

Today, Cryptolydian reported that the Bitcoin Association has appointed Ella Qiang as the latest of its Asian managers.

Based in Singapore, Ella is set to advance Bitcoin Satoshi Vision (BSV) growth across Southeast Asian countries.

In addition, she will mainly help develop the Bitcoin SV ecosystem for enterprises, providers of infrastructure services, venture investors and Bitcoinists.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.