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Market Maker Due $11.5 Mln Settlement From Quoine After Guilty Ruling on Reversed Trades


Electronic market liquidity provider B2C2 has won its case against Quoine and could claim now over 3,000 Bitcoin (BTC).

Electronic market liquidity provider B2C2 has won its case against Singapore cryptocurrency exchange Quoine and could claim now over 3,000 Bitcoin (BTC) ($11.5 million), local English-language daily news outlet Business Times reported on March 14.

The dispute, which saw Singapore’s first cryptocurrency court case begin last November, involves trades made by B2C2 on Quoine’s platform in April 2017.

At the time, Quoine was experiencing what it describes as technical difficulties, which resulted in temporary major liquidity problems.

As such, B2C2 was able to place Bitcoin (BTC) to Ethereum (ETH) trades at a highly artificial exchange rate of 10 BTC per 1 ETH, at the time making 1 ETH worth around $12,000.

Court documents revealed the amount involved as being 3,085 BTC ($11.9 million).

Now,…



Read Full Story : Cointelegraph.com News

2019-03-14 08:53:00

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