Singapore's first Bitcoin trial begins, disputing reversed trades

posted 22 days ago
The trial for Singapore's first legal dispute involving the cryptocurrency Bitcoin started today, with a court expected to decide whether a number of trades done April last year were wrongfully reversed - leading to proceeds deducted allegedly without authorization. In the case being heard in the Singapore International Commercial Court, electronic market maker B2C2 is suing Bitcoin exchange operator Quoine over a "unilateral reversal" of 7 trades on its platform. It's worth noting, a market maker is a member firm of an exchange that also trades on it.

B2C2 seeks to recover ~3,000 bitcoins from Quoine. Quoine countered that a glitch in its program leading up to the disputed trades had caused it to be "unable to access external market price data" for Bitcoin. "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," said Quoine. The trial is expected to conclude next week, with Quoine co-founder Mario Gomez-Lozada expected to take the stand.
Tags: bitcoin, news