DEMAND FOR MORE THAN 3,082 BTC CONTINUES IN SINGAPORE: DENY SUMMARY JUDGMENT TO B2C2


The Commercial Court of Singapore denied the request of the B2C2 electronic services company for a summary trial in the lawsuit against the Quoine exchange house, since this sentence can only be issued on the merits of a complete case or on discrete issues in that case .

The decision of the court to dismiss the request for a summary trial was made known through a document on the lawsuit that was recently published on the page of the Supreme Court of the Asian country. B2C2 registered this demand a while ago to claim around 3,082 bitcoins that had been purchased from Quoine , since the exchange office had reversed the transaction.
The court's decision means that the lawsuit is still ongoing and will have to wait for a full trial. It should be mentioned that a summary trial, in general, is a civil trial in which only the lawyers intervene and many of the formalities are eliminated in order to speed up the process. This judgment usually applies only to clear cases or discrete matters.
The rejection of the B2C2 application, said International Justice Simon Thorley, was due to the fact that in a term established on Quoine's website for the transaction between the exchange house and B2C2, the defendant was given the right to revert the exchanges and these were annulled by a unilateral error in the common law . Judge Thorley himself stated the following before a local media :
The plaintiff must have known that the price was totally out of line with all the other prices he had been trying to negotiate during that day (which were more than 250 times lower). As for the actual knowledge on the part of the plaintiff, the defendant stated that, despite the abnormally high price limit on which the order came to be offered, it could not have represented a genuine offer to sell in a realistic market.
Simon Thorley
Judge of International Justice, Court of Singapore
Also, the judge added that it is necessary to carry out more investigations and at an even more exhaustive level in the facts, besides that the laws are not well developed to evaluate errors committed by computers ; another reason why the B2C2 application does not proceed and Quoine's right to trial can not be denied. In the words of the judge, according to the document: "in the present case, I do not consider that the responses of the Claimant to the arguments of the Respondent are sufficient to deny him the right to a trial."
To fully understand this event, it is important to remember that the legal conflict , one of the first in Singapore involving criptomonedas, began when the exchange house Quoine reversed several purchase transactions totaling 3,082.78582325 bitcoin by B2C2 . The BTCs were paid for the price of 309,2518 ethers in an exchange made on April 19, which at the time amounted to approximately 1.78 million dollars.
After the bitcoins were credited to the B2C2 portfolio, the Singapore exchange office reversed the transaction because it was an unfair price. The defense lawyer argued that B2C2 was being opportunistic and that it was looking to profit from a technical error . For this moment, the amount in claim has multiplied more than 25 times compared to that of the initial investment; if we take into account that while this article is written, the original cryptocurrency is priced at $ 14,787.30 per unit according to CoinMarketCap .
Among other legal cases associated with this Asian nation, stands out that of an approximate of ten different companies and firms specializing in transactions with bitcoin that were found with a sudden closure of their corporate bank accounts by banks without any kind of reason previous to the measurement.

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