Singapore court rules Quoine exchange liable for reversing Bitcoin trades worth millions

posted 2 months ago
The Singapore International Commercial Court ruled against cryptocurrency exchange Quoine after it reversed trades of 3,092 bitcoins by crypto market maker B2C2 2 years ago. The court stated it found Quoine liable for the “breach of contract and breach of trust” in reversing B2C2’s trades made at an “abnormal” exchange rate.

In August 2017, B2C2 sued Quoine, aiming to recover the 3,092 BTC (worth almost $12 million at press time) from the exchange. B2C2 at the time said that Quoine “had no contractual right unilaterally to cancel the trades once the orders had been effected.” This is one of the court’s first judgments involving cryptocurrencies, in which it found that cryptocurrencies have the “hallmark characteristics of property.”
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