Image Image Image Image Image Image Image Image Image Image Image Image

| December 19, 2018

Scroll to top

Top

Trial Archives -

Verdict Reached in ‘Unite the Right’ Car-Ramming Trial

December 7, 2018 |

The neo-Nazi man who killed a woman last year when he plowed his car into a group of counterprotesters during a Unite the Right rally in Virginia is guilty of first-degree murder. A Charlottesville jury deliberated for about seven hours Friday before rejecting the defense’s claim that James Alex Fields…
Newser

Woman With Asperger’s Was Euthanized. Now, a Trial

December 1, 2018 |

Belgian doctors accused of improperly euthanizing a woman with autism will see their case go to trial, marking “the first time that there has been a decision to refer such a case to a court of law” since the practice was legalized in 2002, a prosecutor tells the AFP . Three…
Newser

Apple says no settlement talks with Qualcomm; San Diego federal judge sets trial date

December 1, 2018 |

A jury trial in Qualcomm Inc.’s wide-ranging legal war with Apple Inc. has been set to begin April 15 in San Diego federal court, with a settlement looking unlikely.

U.S. District Judge Gonzalo Curiel scheduled the trial at hearing Friday. Qualcomm had sought to begin the trial in February, but…


L.A. Times – Business

Trial Begins: Bitcoin Exchange Accused of Wrongfully Reversing Trades

November 22, 2018 |

Trial Begins: Bitcoin Exchange Accused of Wrongfully Reversing Trades

The trial over alleged wrongful reversals of seven bitcoin trades that occurred last year has reportedly begun in Singapore. Cryptocurrency exchange Quoine has been sued by a market maker. The plaintiff is seeking to recover 3,085 BTC from the exchange.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Plaintiff Seeks 3,085 BTC

Trial Begins: Bitcoin Exchange Accused of Wrongfully Reversing TradesThe trial over a series of alleged wrongful bitcoin trade reversals, reportedly Singapore’s first legal dispute involving BTC, has begun. Market maker B2c2 sued cryptocurrency exchange Quoine on April 19 last year, seeking to recover about 3,085 BTC from the exchange.

Singapore’s International Commercial Court is expected to decide whether seven BTC-ETH trades conducted by B2c2 were wrongfully reversed by Quoine, leading to proceeds being deducted from the plaintiff’s account without authorization, the Straits Times reported.

According to B2c2’s lawyer, Quoine abused its role as the trading platform operator and acted in breach of trust as the custodian. The plaintiff’s opening statement alleges:

It is B2c2’s contention that in the face of serious risk of itself having to bear the financial loss arising from the trades … Quoine chose the most advantageous course to mitigate such risk – by simply reversing the ‘irreversible’ trades and deducting the … proceeds from the account.

B2c2 continued to explain that Quoine’s action ensured the exchange would not have to seek payment from its customers and would be at no risk of non-payment.

Quoine explained that it was “unable to access external market price data” for BTC and ETH at the time of the disputed trades because it suffered a glitch in its program. “Due to the glitch, the program stopped creating or placing new orders involving these currencies on the platform, causing issues with liquidity and therefore, problems with the orders made by B2c2,” the news outlet noted.

The Disputed Trades

Trial Begins: Bitcoin Exchange Accused of Wrongfully Reversing TradesThe plaintiff placed seven orders to sell ETH for BTC at a rate of 10 BTC per ETH on April 19 last year, which were filled and credited on the same day. ETH was trading at about 0.04 BTC at the time.

The market maker paid 309.2518 ETH and received 3092.517116 BTC, the Straits Times detailed. However, Quoine reversed the trades the following day and deducted 3084.78582325 BTC from the plaintiff’s account without authorization.

The publication elaborated:

While B2c2 contends that nothing in their previous terms and conditions allows Quoine to reverse the fulfillment of an order or any resulting trade, Quoine cites a risk disclosure statement to say it can cancel any transaction that ‘took effect based on an aberrant value.’

Trial Begins: Bitcoin Exchange Accused of Wrongfully Reversing TradesThe market maker argued that under its custodian agreement with Quoine, its cryptocurrencies cannot be deducted or withdrawn without prior approval. The founder of B2c2, Maxime Boonen, took the stand on Wednesday. He was asked “whether a market maker like his firm has a role to promote a fair and orderly market, keeping prices stable on exchanges,” the news outlet conveyed. Boonen did not believe so, stating that “prices are taken as they are, and he does not decide what they ought to be.”

Quoine’s lawyer Paul Ong pointed out that other exchanges which B2c2 trades on “have clauses allowing them to cancel orders that were accepted if they were found to be ‘erroneous’ or constitute ‘market abuse.’” Without disputing the claim, Boonen maintained his company would not have agreed to these conditions with Quoine.

The defendant argued:

There is no other way than to describe these orders as abnormally and absurdly priced orders, given that they were about 250 times higher than the average price at which (the two currencies) then traded on the platform.

The publication added that the “trial is expected to conclude next week, with Quoine chief technology officer Mario Antonio Gomez Lozada expected to take the stand.”

Do you think Quoine has the right to reverse the trades? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Trial Begins: Bitcoin Exchange Accused of Wrongfully Reversing Trades appeared first on Bitcoin News.

Bitcoin News

Man Who Fled on Final Day of Trial Found 10 Years Later

November 19, 2018 |

A man who disappeared on the last day of his 2008 murder trial has been captured in Mexico and returned to Texas, authorities say. Hidalgo County prosecutors said in a news release that 35-year-old Oscar Davila Rodriguez was returned to the US last week. The statement didn’t include details about…
Newser

Lawyer Refers to Teen’s Lacy Thong in Her Rape Trial

November 15, 2018 |

A female lawmaker stood in Irish parliament Tuesday and pulled a pair of lacy thong underwear from her sleeve . This “might seem embarrassing,” MP Ruth Coppinger began. But “how do you think a rape victim or a woman feels at … her underwear being shown in a court?” It was…
Newser

CNN

‘El Chapo’ Guzman’s trial begins under unprecedented security measures

November 13, 2018 |

Nearly two years after his extradition from Mexico, notorious cartel boss Joaquin “El Chapo” Guzman Loera faces an American jury on Tuesday in the most significant criminal trial in decades.
CNN.com – RSS Channel – World

TMZ

El Chapo Asks Judge for Permission to Hug His Wife During Trial

November 7, 2018 |

El Chapo has a simple request for the judge in his drug trial … he wants to hug his wife in the courtroom. Chapo’s lawyers just filed legal docs asking the judge to allow him to embrace his wife, Emma Coronel Aispuro, over the courtroom…

TMZ.com

Former Nazi SS camp guard, 94, faces trial in Germany

November 6, 2018 |

MUENSTER, Germany — A former SS guard at the Nazis’ Stutthof concentration camp is going on trial in Germany on charges of being an accessory to murder.
FOX News

Publicist Says Cosby Had ‘Most Racist Trial’ in History

September 26, 2018 |

Bill Cosby was labeled a “violent sexual predator” by the judge who sentenced him to three to 10 years in prison Tuesday, but his publicist had a different description: one of the “greatest civil rights leaders” in history and one of the “greatest educators of men and boys.” Outside the…
Newser