Singapore International Commercial Court rejected B2C2 bitcoin lawsuit

nBankruptcy commentary: With the rapid rise of bitcoin prices, the case of British company B2C2 suing Quoine Singapore Crypto Exchange earlier this year has been getting more and more attention. At present, the Singapore National Commercial Court has ruled on this and dismissed the lawsuit in support of Quoine in order to ensure fair market withdrawal of the transaction. The decision also enabled more people who trade cryptocurrencies to realize that even though the new market is hardly regulated today, it is still not advisable to undermine its fairness. Honesty is an important factor in the normal operation of cryptocurrencies.n
nTranslation: Inan
Singapore’s International Commercial Court announced on December 28 the dismissal of a lawsuit filed by the plaintiffs in an attempt to recover 3092 bitcoin from a crypto-currency exchange.n
The case was brought to court by Singapore-based B2C2, an electronic market maker B2C2, in April this year against Quoine, Singapore’s cryptocurrency exchange, which attracted the attention of a large number of bitcoin. According to the CoinDesk Bitcoin Price Index, the current value of 3,092 bitcoin, worth $ 3.7 million, soared to $ 43 million.n
According to court documents, Judge Simon Thorley’s ruling upheld Quoine’s claim that prior B2C2 behavior was deliberately using the platform to make a profit, and the terms of the Quoine agreement gave the exchange the right to withdraw such deals.n
CoinDesk reported that B2C2 managed to capitalize on the “technical bug” that Quoine had seen in April, replacing 3,092 bitcoins with 309 tokines for a profit of 3.7 million U.S. dollars. According to CoinDesk’s price index, bitcoin was $ 1,226 at that time, about 25 times more expensive than ether.n
Quoine quickly withdrew the transaction without notifying B2C2 on the grounds that the company’s actions violated the market’s fairness rules, causing B2C2 to file a lawsuit in an attempt to recover 3092 bitcoins.n
According to court documents, Judge Thorley concluded:n
n”The plaintiffs were well aware that the price was completely inconsistent with all other prices it tried to trade on that very day (all prices were more than 250 times lower).”n
nBoth B2C2 and Quoine have not yet responded to the verdict.n

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