As per the reports of The Straits Times, November 21, the BTC case in one of the courts in Singapore concerned with an alleged reversal of transactions of cryptocurrency in the spring of 2017. In the Singapore International Commercial Court, the liquidity provider put allegations on the crypto exchange Quoine regarding reversing the seven BTCs to Ethereum in April 2017.
The Crypto Exchange Reacts
While defending itself, Quoine said that the reversal was due to some glitch in technicality. It involves around 3085 BTCs, which are worth $13.7 million. As of now, the liquidity provider B2C2 is extracting the amount from the crypto exchange. As per B2C2, the decision was made without their concern.
According to The Straits Times, the crypto exchange Quoine chosen the best course; beneficial for them, to diminish the risk by the simplest way – reversing the irreversible trades and abstracting the proceeds from the account.
The liquidity problems arise from the glitch led the crypto exchange to set up trades at an exchange rate – 10 BTC to 1 ETH.
‘Quoine’ further added:
“There is no other way than to describe these orders as abnormally and absurdly priced orders, given that they were about 250 times higher than the average price at which (the two currencies) then traded on the platform.”
As per the reports, the trails are about to end in 7 days. This year, many courts have dealt with cryptocurrency cases with a case-by-case approach.
Approach by Various Courts
In September, the Supreme Court of China stated that evidence based upon blockchain is acceptable to be used in the legal proceedings. In the same month, judge of a court in New York said that the laws of United States authorities (that deal with crypto related frauds) can be used while dealing with cases that involved crypto investment frauds.