Singapore’s First Crypto Court Case Sees B2C2 Sue Quoine Crypto Exchange For $13.7 Million

2018-11-22 16:53

In the first case of this kind in Singapore, the crypto exchange Quoine is being sued by the major liquidity provider B2C2. The court case began today, November 21, and it was reported by The Straits Times, a Singapore-based English-language daily newspaper.

The legal battle began because of an alleged reversal of crypto transactions back in 2017. B2C3 affirms that Quoine has reversed seven Bitcoin (BTC) to Ethereum (ETH) trades that were made in April 2017. Quoine affirms that the reversal was a technical glitch and it and the liquidity provider that the “decision” was taken without its consent. The trades involved 3,085 BTC (around $13.7 million USD even in the bear market now).

B2C2 seems to be angry because the company might lose a lot of money because of these traders and the company is not eager to bear the financial loss alone. They accused Quoine of choosing the most advantageous way for them to mitigate their own risks, they reversed “irreversible” trades and deducted the proceeds from the account, but this made B2C2 lose money.

Quoine states that as a result of liquidity problems, B2C2 was able to set up trades of 10 BTC for 1 ETH and that the exchange would have been a loss if B2C2 had its own way. Therefore, the company is complaining that these orders were abnormal and unfair because the price was absurd by market standards and the prices were 250 higher than usual. This made the company, to defends its own assets and clients, halt the sales and B2C2 is unhappy about it.

The trial is supposed to end in about a week, according to The Straits Times. While such a battle is unseen in the country, some small court battles involving cryptos were made, but none of them as big as this one, so it will be very relevant for the market.

Other courts of the world are starting to address blockchain and crypto issues, too. In September, China determined that blockchain-based evidence was suitable for legal proceedings while also September, a New York federal judge ruled that U. S. securities laws were applicable in crypto cases.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0.0095806 (+7.58%)
Объем 24H $0
Изменеия 24h: 2.35 %, 7d: -7.78 %
Cегодня L: $0.0086651 - H: $0.0095806
Капитализация $183.154k Rank 1690
Цена в час новости $ 0.0057052 (67.93%)

crypto case singapore court began exchange quoine

Источник: bitcoinexchangeguide.com

crypto case → Результатов: 126


Crypto “bank” Cred files for bankruptcy after alleged multimillion fraud case

Crypto lending firm Cred filed for a voluntary Chapter 11 case in the United States Bankruptcy Court for the District of Delaware to explore strategic alternatives, including, without limitation, the restructuring of its balance sheet or the sale of its business as a going concern, in a court-supervised process, it said in a release on […] The post Crypto “bank” Cred files for bankruptcy after alleged multimillion fraud case appeared first on CryptoSlate.

2020-11-9 15:10


Фото:

Is Bitcoin Mining Going To Destroy The Planet?

Is mining Bitcoin worth the threat it poses our very existence? Whilst Bitcoin offers communities and society a chance to access a new technology and a form of value that is not regulated by the government, it’s production and mining does have a detrimental impact on the planet, yet, few people seem to recognise that this is the case, especially those scholars who are big on blockchain.

2018-8-10 06:00


Government of India to Recognize Crypto as a Payment Method, Experts Optimistic

Cryptocurrencies have found an unlikely ally in their quest to become legalized in India, following intense legal battles between companies, consumers, and the Reserve Bank of India. The recommendation to legalize crypto comes from the law commission of India, as they are a vital part of their case against a blanket ban on sports betting.

2018-7-26 08:00


Фото:

Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

XRP holders dump tokens: Will price drop below $0.50 now?

The price of XRP could drop to $0.48 after a ton of holders sold the token. Volatility spiked, network activity slumped, indicating that recovery Addresses with 100,000 to 1 million XRP haveThe post XRP holders dump tokens: Will price drop below $0.50 now? appeared first on AMBCrypto.

Ripple records a strong Q1: What does the future hold for XRP?

Ripple made massive progress in Q1 in many areas. Development activity on the network fell. Ripple [XRP] saw massive fluctuations in terms of price over the last week. However, the progress The post Ripple records a strong Q1: What does the future hold for XRP? appeared first on AMBCrypto.

Ethereum's transaction size falls 54%: Why it's not bad news for ETH

ETH could be close to its bottom after the transaction size failed to spike. While the price might slip, traders are convinced of a quick recovery. On the 19th of May, AMBCrypto observed thaThe post Ethereum's transaction size falls 54%: Why it's not bad news for ETH appeared first on AMBCrypto.

Whale watch: $1B in Toncoin trades shake the market, tracking what's next

Toncoin has seen a surge in whale activity on its network. TON, however, is at risk of a price decline. Toncoin [TON] has witnessed a spike in whale activity on its network in the past few wThe post Whale watch: $1B in Toncoin trades shake the market, tracking what's next appeared first on AMBCrypto.

Predicting how ETH will react IF the SEC approves Ethereum ETFs

Coinbase analyst sees a 30-40% chance of approval for Ethereum ETFs. Ethereum's dominance and performance are at a low, suggesting a need for positive development soon. It is generally belieThe post Predicting how ETH will react IF the SEC approves Ethereum ETFs appeared first on AMBCrypto.

Ethereum sets sights on $4K: Will THIS spark a new rally for ETH?

ETH was up by more than 6% over the last seven days.  A few of the metrics suggested that the bullish momentum might not last.  Ethereum [ETH] caught investors off guard as its price gaineThe post Ethereum sets sights on $4K: Will THIS spark a new rally for ETH? appeared first on AMBCrypto.

Ethereum ETFs progress, but Solana may turn things bearish instead - How?

New data indicated that the likelihood of approval of Ethereum ETFs was relatively high. Ethereum lost market share to Solana, however, the price of ETH continued to surge. Ethereum [ETH] haThe post Ethereum ETFs progress, but Solana may turn things bearish instead - How? appeared first on AMBCrypto.