Singapore’s Court rules against Quione for reversing BTC trades, it sold 3,000 BTC 250x below market

posted about 1 month ago
Singapore's Court of Appeals ruled against digital currency exchange Quoine in a landmark case relating to a breach of contract that saw the platform unlawfully reverse seven trades. The case marks the first of its kind in the country regarding a dispute involving cryptocurrency. Quoine, parent company of Japanese trading platform Liquid, now faces settlement proceedings. B2C2 reversed trades claiming those transactions were a “mistake.”

Quoine had argued that the parties knew the trades were incorrectly priced. In April 2017, B2C2 sold 3,092 BTC at a rate 250 times lower than the market. A day after the trades took place, Quoine reversed seven trades, which prompted the lawsuit. 4 out of 5 appeals panel judges dismissed Quione’s argument, saying it’s the programmer's state of knowledge that’s relevant in digital agreements between a computer system and a participant. The court said there was no mistake in the terms of the trading contract.
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