In a landmark case involving ‘reversing traders‘ on Exchanges, a Singapore court has ruled against the practice. Trader, alias B2C2 wins over crypto exchange operator, Quoine after it arbitrarily cancelled seven of the trader’s order.
Moreover, the most interesting part of the case is that both parties in the transactions were just a bunch of algorithms. No fat fingers or human error involved.
10 BTC in Exchange for 1 Ethereum
It happened during the bull market of early 2017. Quoine operates by deriving it’s price from other crypto exchanges. When the incident occurred, a glitch in it’s system disabled access from other exchanges. Following this, B2C2’s trading software initiated the emergency protocol; a fail-safe price of 10 BTC for 1 ETH. Read More...