Share this article
Court Rules Quoine Exchange Liable for Reversing Bitcoin Trades Worth Millions
A Singapore court has ruled crypto exchange Quoine liable for reversing trades for a total of 3,092 bitcoin by market maker B2C2.
Updated Sep 14, 2021, 1:52 p.m. Published Mar 14, 2019, 9:30 a.m.
The Singapore International Commercial Court has ruled against cryptocurrency exchange Quoine after it reversed trades for a total of 3,092 bitcoins by crypto market maker B2C2 two years ago.
The court published a case summary Thursday, stating that it found Quoine liable for the “breach of contract and breach of trust” in reversing B2C2’s trades made at an “abnormal” exchange rate back in April 2017.
STORY CONTINUES BELOW
Verpassen Sie keine weitere Geschichte.Abonnieren Sie noch heute den Crypto Daybook Americas Newsletter. Alle Newsletter ansehen
B2C2 had made seven trades in which it sold ether at an exchange rate of 10 BTC per token – approximately 250 times higher than the market rate of about 0.04 BTC to 1 ETH at the time, according to the court document.
The proceeds of the trades were then automatically credited to B2C2’s account by Quoine, and the corresponding amount of 309 ETH was debited. But, a day later, when Quoine discovered the abnormality, it canceled the seven trades and reset the balances to their pre-trades state.
In August 2017, B2C2 sued Quoine, aiming to recover the 3,092 BTC (worth almost $12 million at press time) from the exchange.
B2C2 at the time said that Quoine “had no contractual right unilaterally to cancel the trades once the orders had been effected.”
While the court has sided with B2C2 in its ruling, it declined to order Quoine to transfer 3,092 BTC back to B2C2, given that the price is “substantially higher” than the price in April 2017 when the trades were executed. Back then, a bitcoin was worth around $1,300, while today the price is around $3,850.
“Instead, the plaintiff’s [B2C2] remedy lay only in damages which, if not agreed, will be assessed at a subsequent hearing,” the court said.
This is one of the court's first judgments involving cryptocurrencies, in which it found that cryptocurrencies have the “hallmark characteristics of property.”
In response to the ruling, Quoine issued a statement on Thursday, stating that it was disappointed with the judgement.
Quoine CEO Mike Kayamori said:
"We are reviewing the judgment and considering our options, including the possibility of an appeal.”
Gavel and bitcoin image via Shutterstock
Mehr für Sie
Was Sie wissen sollten:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Mehr für Sie
LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
Was Sie wissen sollten:
- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
- The token's momentum is also fueled by Binance's pause on LUNC withdrawals ahead of the Terra Chain's v2.18 upgrade, which aims to improve network stability, despite the token remaining volatile.
Top Stories
