The Singapore International Commercial Court ruled today to dismiss a lawsuit where the UK based market maker B2C2 attempted to reclaim 3,092 bitcoin from the Quoine cryptocurrency exchange.
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.
We have reported that 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.
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.