The Singapore International Commercial Court ruled today to dismiss a lawsuit where the plaintiff attempted to reclaim 3,092 bitcoin from a cryptocurrency exchange, document shows.
The case, first filed in April this year by the U.K.-based market maker B2C2 against the Singapore cryptocurrency exchange Quoine, has become notable due to the large amount of bitcoin involved. The 3,092 bitcoin at stake worth $3.7 million at the time but spiked to $43 million currently, data from CoinDesk’s Bitcoin Price Index shows.
According to the court document, the International Judge Simon Thorley ruled in favor of Quoine as he agreed that B2C2 knowingly took advantage of a problem on the platform while Quoine’s term of agreement preserves its right to reverse such trades.
As reported before by CoinDesk, B2C2 managed to capture what Quoine called “a technical glitch” in April and sold 309 ether for 3,092 bitcoin, creating a profit of $3.7 million. Yet, bitcoin, priced at $1,226 at the time, was worth around 25 times more than the ether token, according to CoinDesk’s BPI.
Quoine soon reversed the trade without informing B2C2, citing that the market maker’s conduct violated the fairness of the market, which subsequently led to B2C2’s lawsuit in trying to reclaim the 3,092 bitcoin.
According to the court document, Judge Thorley concluded that “The plaintiff must have known that the price was wholly out of line with all the other prices it had been seeking to trade at during that day (all of which were more than 250 times lower).”
Both B2C2 and Quoine are yet to respond to inquiries for comments.
Court image via Shutterstock
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Published at Thu, 28 Dec 2017 20:00:21 +0000