Singapore’s first bitcoin trial begins, with dispute on trades allegedly reversed wrongfully

bitcoin

The trial for ’s first legal dispute involving the started on Wednesday (Nov 21), with a court expected to decide whether a number of trades done in April last year had been wrongfully reversed – leading to proceeds deducted  without authorisation.

In the case being heard in the , electronic is suing cryptocurrency exchange operator  over a “” of seven trades on its platform. A market maker buys and sells financial instruments, hoping to make a profit on the bid-offer spreads.

B2C2 seeks to recover about 3,085 bitcoins from Quoine, with its lawyers charging in an opening statement that Quoine had sought to “abuse its role as operator of the platform” and “acted in breach” of trust as a custodian for B2C2.

Source: Seow Bei Yi – The Straits Times