The tale of how B2C2 quarreled with Quoine due to system malfunction
The Singapore-based Quoine exchange is currently trying to completely terminate the cryptocurrency deal with the market maker B2C2 based in the United Kingdom. Quoine argues its position, telling that a glitch occurred in the middle of the deal. B2C2 files a counterclaim, stating that the deal termination would be illegal. The website Bitcoin.com shreds light on additional details.
B2C2’s unwillingness to terminate the deal is quite understandable – the company managed to sell to Quoine 309.2518 ETH by the 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 is 125 times lower the deal price.
Quoine, however, tells that such a deal became possible only due to a glitch on its side, that being the reason why the exchange terminated the deal, claiming its terms were invalid. In turn, B2C2 points out that their mutual agreement specifies that there can’t be any deal annulment and asks the court to conclude that Quoine’s actions were unlawful.
This case is even more interesting if we remember that this is the first ever lawsuit exclusively connected with cryptocurrency. There are no dollar equivalents next to sums mentioned in the case materials.
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