Exchange Quoine found guilty in the cancellation of transactions for the sale of 1 ETH for 10 BTC

The international court of Singapore and the commercial Affairs recognized the bitcoin exchange Quoine is guilty in cancellation of the liquidity provider for the amount B2C2 3085 BTC. It is reported The Business Times.

According to the court, abolishing the transactions B2C2 «uncharacteristic» rate in April 2017, Quoine «violated the terms of the contract and failed to comply with its obligations.»

We will remind, then B2C2 created seven orders Ethereum 10 bitcoins per unit, which is 125 times higher than the exchange rate determined at that moment.

The funds were automatically deposited into an exchange account B2C2, and 308 ETH – charged. The next day Quoine rejected transactions and balances were put on the values to their conclusion.

«The purchase was only possible due to a system error in the Quoine, therefore, the seller suffered a loss from such transaction and canceled it,» — said the exchange then.

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

However, the court, recognizing the exchange is guilty, did not agree with the amount of compensation, taking into account the «significantly increased» the rate of bitcoin of the filing of the claim. Its size will be determined during the next hearing.

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

Representatives Quoine has not excluded that will appeal on this decision.


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