Quoine stays with the money: B2C2’s lawsuit dismissed

The Singapore International Commercial Court decided there shouldn’t be any further talks on the trade deal that Quoine and B2C2, two cryptocurrency-related firms based in Singapore and United Kingdom, made on terms which turned out to be extremely unfavourable for Quoine. The latter reversed the deal soon after it was made, and B2C2 decided to file a lawsuit demanding the money back.

As Bitnewstoday previously explained, the unwillingness of B2C2 to reverse the deal is quite expectable – the firm managed to sell to Quoine 309.2518 ETH at a price of 10 BTC each, while the market price of one ethereum during the time the deal was made was only 0.039 BTC, which was 125 times lower than the deal price. But the International Judge Simon Thorley decided that Quoine had the right to reverse the deal at a price that was “wholly out of line with all the other prices... during that day (all of which were more than 250 times lower)”.

The court denied the summary judgement which the plaintiff demanded, thus making it impossible to swiftly reclaim those ill-fated 3,092 bitcoins, which cost $3.7 million at the time of the deal and skyrocketed to approximately $43 million at the press time.