A major bitcoin exchange with a strong presence in Japan, Quoine, is being sued for reversing bitcoin-ether trades after it allegedly suffered from a system glitch. Cryptocurrency trades on the platform are supposed to be irreversible, so the plaintiff claims Quoine acted fraudulently and seeks the return of 3,085 bitcoins.
One of Asia’s largest bitcoin exchanges, the Singapore-based Quoine, is reportedly being sued over the reversal of bitcoin-ether trades. This lawsuit is the country’s first bitcoin-specific legal dispute.
The plaintiff is a market marker known as B2C2, who placed sell orders on Quoine’s platform at the rate of 10 bitcoins for one ETH on April 19, when the market price of one Bitcoin Exchange Sued for 3085 Bitcoins After Reversing Bitcoin-Ether TradesETH was about 0.04 bitcoin. The orders were filled and credited on the same day; B2C2 paid 309.2518 ETH and received 3092.517116 bitcoins. However, the next day Quoine reversed the trades and deducted 3084.78582325 bitcoins from the market maker’s account without authorization, the news outlet detailed.Read the whole news article here. I do not know which side am I with this issue. As a client myself, I know how messy it could be to have lost money due to the action made by your trusted exchange. On the part of the exchange, this can be burdensome because I am sure that the money was already lost into the system and not in their hands actually. Maybe the best thing to do is to talk to each other and find a commonly accepted compromise.
