Singapore is well set for first Bitcoin dispute trial

The first legal dispute with leading cryptocurrency- Bitcoin is on the way to trial at SICC (Singapore International Commercial Court).

According to the Strait Times stated that reportedly B2C2 have sued the Quoine Bitcoin exchange in May for the issue of illegal trading. Recently, the judgment was passed by Simon Thorley, SICC International judge that B2C2 seeks to recover 3,084.78582325 bitcoins from Quoine.

Thus, B2C2 claims that Quoine breaks the trust by depriving the opportunity to sell the proceeds on the date of high value.

Also Read: Australian Securities Exchange is first to accept world’s first Blockchain technology

Furthermore, bitcoin makers explain that it had placed orders on a platform of Quoine to sell Ethereum for Bitcoin. Since the price is of 10 Bitcoin for on Ethereum. Although the order confirms and subsequently credits to B2C2’s accounts the traders flipped by next day.

The Quoine reports that traders were ‘mostly trades with the huge markup over fair global market price’. Eventually, the exchange asserts that the average market price was below at about 0.03929075 Bitcoin for one Ethereum.

Moreover, Bitcoin makers argue that Quoine exchange is ‘fraudulently’ for the reason that order was ‘irreversible’.

According to Ouoine exchange,

“B2C2 is ‘being opportunistic and seeking to profit from a technical glitch.’ B2C2 is seeking equitable compensation ‘based on the highest intermediate value of the proceeds in U.S. dollars between the date of the breach and the date of the judgment”.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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