According to an English-language financial daily newspaper The Business Times on March 14th, the trial against Singapore-based crypto trading firm Quoine have been ruled in the cryptocurrency OTC liquidity provider B2C2’s favour. This means B2C2 will receive more than 3,000 Bitcoin (BTC) ($11.5 million) worth of fund.
This first ever Singaporean crypto firm-related lawsuit started in November 2018, involving B2C2’s transaction executed via Quoine’s platform in April 2017. Quoine was reportedly having a few system malfunctions that led to a number of significant temporary liquidity issues then.
As a result, the incident allowed B2C2 to set up a unsual Bitcoin (BTC) – Ethereum (ETH) exchange rate (10 -1), which consequently shot up the Ethereum price to nearly $12,000. The total amount of fund recorded was equivalent to 3,085 BTC ($11.9 million).
The Singaporean Court of Justice in charge of the case has concluded that Quoine has failed to acquire B2C2’s agreement prior to switching back the faulty transaction. With this decision, along with the fact that Bitcoin price has undergone a substantial rise compared to its price in April 2017, the final sum was left open for out-of-court settlement between the 2 firms before paying. If that doesn’t work, the judge will then help them assess the total financial damage.
“We are reviewing the judgement and considering our options, including the possibility of an appeal.” Quoine’s CEO Mike Kayamori claimed.