Quoine Exchange found guilty of canceling 1 ETH sales transactions for 10 BTC

The Singapore International Court of Commerce has found Quoine Bitcoin guilty of canceling B2C2 liquidity provider transactions in the amount of 3,085 BTC. It is reported by The Business Times .

According to the court, having canceled the transactions concluded by B2C2 on the “uncharacteristic” rate in April 2017, Quoine “violated the terms of the contract and did not comply with its obligations”.

Recall, then B2C2 created seven orders for the sale of Ethereum with 10 bitcoins per unit, which was 125 times higher than the exchange rate set at that time.

The funds received were automatically credited to the B2C2 exchange account, and 308 ETH – written off. The next day, Quoine rejected the deals, and the balances on the accounts were set at the values before they were concluded.

“The purchase became possible only because of a system error in Quoine, so the seller suffered losses from such a transaction and canceled it, ” the exchange explained then.

B2C2 through court demanded to recover from Quoine 3085 BTC, because under the terms of the contract the exchange “had no right to unilaterally cancel the transaction after their conclusion”.

However, the court, having recognized the exchange as guilty, did not agree with the amount of compensation, taking into account the “substantially increased” rate of Bitcoin from the moment of filing the claim. Her size will be determined at the time of the next hearing.

Note that at the time of the transaction 3085 BTC amounted to $ 3.7 million, at the current exchange rate this amount would be almost $ 12 million.

Quoine representatives did not rule out that they would appeal this judgment.

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