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First Bitcoin Litigation to Be Judged in Singapore

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The first bitcoin lawsuit is to be held in Singapore at the Singapore International Trade Court (SICC) .

In May, B2C2's electronic market maker allegedly filed a lawsuit against the Bitcoin exchange operator Quoine over unjustly counterfeit transactions, The Strait Times writes. Earlier this week, a summary judgment was heard by Simon Thorley, SICC International judge, with B2C2, seeking to recover 3 084 785 8223 bitcoins from Quoine. The electronic market marker alleges that the "mishandling of the Bitcoin exchange tradesman" has deprived him of the opportunity to sell the product on the date of his highest intermediate value ".

However, Thorley refused to grant summary judgment, directing the case for trial. This will determine whether B2C2 can recover the requested bitcoins or coin values ​​taking into account any increases since the commercial order has occurred.

On April 19, B2C2 reportedly placed orders on the exchange of Quoine to sell bitcoin ethereum at the price of 10 bitcoins for an Ethereum. This is reflected by the payment by B2C2 of 309,2518 ethereum for 3,092,517 116 bitcoins. The digital currency was then credited on B2C2 the same day. Yet, Odon was accused of reversing the product the next day. The exchange reportedly told B2C2 that it was allowed to do so because of the fact that the transactions were "mainly transactions with a huge mark-up compared to the fair price of the world market." Apparently, Quoine claims that the average market price on the day was only about 0.03929075 bitcoin for an ethereum.

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B2C2 argues that the digital currency exchange operator "acted fraudulently" because the agreement stipulated that an order was "irreversible" once completed. According to Quoine, B2C2 is "opportunistic and seeks to profit from a technical problem." B2C2 is seeking fair compensation "based on the highest intermediate value of the product in US dollars between the date of the infringement and the date of judgment.

At the time of trade proceeds, the total amount of bitcoin against the US dollar was valued at $ 3.78 million. Since then, however, the digital currency has seen its price explode in recent months due to increased investor interest and favorable market developments on Wall Street. As a result, the crazy cryptocurrency race saw its value rise to an impressive $ 17,203 in the early hours of Friday. On the basis of this figure, the commercial product would have reached more than $ 53 million.

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