Mar 14, · Singapore’s First Bitcoin Trial Results In Guilty Verdict And $ Million Settlement From Quoine Exchange. In many court cases involving crypto exchanges, most of the interactions involve the tokens that need to be returned to their owners, or that an exchange was actually a cryptoncoins.de the case of Quoine, the situation was much cryptoncoins.de starting a court case against Quoine in November. Mar 15, · On March 14, , in Singapore’s first “Bitcoin trial,” it appears as though it was the cryptocurrency exchange operator that was found liable, according to media reports. The case involves a market maker and cryptocurrency exchange, where orders were made and actually reversed by cryptocurrency exchange Quione. Market makers are dealers. Singapore's first bitcoin trial highlights dangers of algorithmic trading. Garage. Singapore's first bitcoin trial highlights dangers of algorithmic trading. Mon, Apr 01, - AM. GARY LOW. TERENCE TAN. 8 -min read. Listen to this article. cryptoncoins.de, by [email protected]
Singapores first bitcoin trial highlights dangers of algorithmic tradingSingapore's first bitcoin dispute to go to trial, Singapore News & Top Stories - The Straits Times
The case was directed for trial, at which point it will be determined whether B2C2, if it prevails, is entitled to recover the bitcoins itself, or the value of the bitcoins taking into account any increase in value since the alleged breach, The Straits Times understands. The orders were filled in a series of trades on April 19, resulting in B2C2 paying The bitcoins were credited into B2C2's account that day. But the next day, the trades were reversed by Quoine, which is incorporated here, and the proceeds allegedly "misappropriated" from the account without authorisation.
Quoine told B2C2 that it was entitled to do so because the trades were "mostly trades with huge mark-up over fair global market price". It said the average market price that day was only about 0. But the virtual currency market is presently unregulated in Singapore, and Quoine has not cited any statute or regulation that was violated, B2C2 said. Instead, it alleged Quoine had "acted fraudulently" because the agreement stated that an order, once filled, is "irreversible".
Depending on the outcome of the trial, B2C2 is seeking equitable compensation "based on the highest intermediate value of the proceeds in US dollars between the date of the breach and the date of the judgment".
The glitch severely disrupted Quoine's ability to retrieve actual market prices for bitcoin and ethereum. It said the glitch arose because it was reconfiguring passwords for its critical systems to fend off persistent attempts by hackers to break into its systems. Quoine, a fintech firm that also offers other cryptocurrency-related services, was co-founded by Mr Mike Kayamori, who has held senior roles at Mitsubishi Corp and Softbank Group.
We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Until we resolve the issues, subscribers need not log in to access ST Digital articles. But a log-in is still required for our PDFs. Skip to main content.
Please use the Login form or enter another. You entered an incorrect username or password. Krystle M. Add a picture. Choose file. Add a quote. Submit Cancel. Subscribe Replies to my comments All comments. Sorry, you must be logged in to post a comment. Sign Up. Email Error: please, enter correct email. Password Error: please, enter password.
Forgot Your Password? Password reset instructions will be sent to your E-mail.