The court found the Quoine exchange guilty of canceling the transactions of the B2C2 broker for 3,092 bitcoins The International Commercial Court of Singapore found the Quoine cryptocurrency exchange guilty of canceling the transactions for 3,092 bitcoins made by the B2C2 market maker two years ago.

The court found the Quoine exchange guilty of canceling the transactions of the broker B2C2 for 3,092 bitcoins

The International Commercial Court of Singapore found the Quoine cryptocurrency exchange Winnew in the cancellation of 3,092 bitcoin deals made by a B2C2 market maker two years ago.

On Thursday, the court published its decision, according to which Quoine "violated the terms of the contract and, being a trustee, did not comply with its obligations," canceling the deals concluded by B2C2 at an "unusual" rate in April 2017.

B2C2 closed seven Ethereum trades at 10 bitcoins per unit, roughly 250 times the stock exchange rate at the time. The funds received were automatically credited to the exchange account B2C2, and 309 ETH were debited. The next day, when Quoine discovered deviations, the trades were canceled and the balances were billed at the values ​​before they were entered..

In August 2017, B2C2 sued Quoine, seeking to recover 3,092 BTC from the exchange. According to the market maker, the exchange "did not have the right under the terms of the agreement to unilaterally cancel transactions after their conclusion".

Although the court upheld the B2C2 arguments, it refused to issue an order to transfer 3,092 BTC to the market maker, given the "significantly increased" rate since April 2017, when 1 bitcoin cost about $ 1,300.

“The plaintiff will receive compensation in the amount of the losses incurred, the amount of which, if not agreed, will be determined at the next hearing,” the decision says. The court also found that cryptocurrency assets have "characteristic features of ownership".

Quoine on Thursday said it was disappointed with the court's ruling. "We are considering the decision and assessing our capabilities, I include an appeal," she wrote.

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