More than 36 million dollars of Bitcoins are in-game when the first court case of crypto-currencies in Singapore

As spotted by Marc de Zordo, our editorial in’ – in-chief, the international court of commerce in Singapore (ICCS) has rejected the summary judgment, by submitting the litigants B2C2 and Quoine to a trial in order to resolve the details of a court case involving 36 million dollars of Bitcoins. This case is followed in the world. It comes at a time when the crypto-currency is experiencing a rapid development. Moreover, the price of Bitcoin has reached an impressive level in the course of this week.

Here are the details of this case :

A first for Singapore

Grace Leong the Straits Times reports that the company B2C2 brought an action against the company for exchange of Bitcoins Quoine in July. The reasons for this action relate to transactions that have been unfairly forged, which resulted in the decrease of the value of this digital currency.

B2C2, a company based in London, says that the financial institutions and major investors trust their company for their transparency. Quoine, which has offices in Singapore, Japan and Vietnam, is a company that specializes in the technology, financial, providing financial services trading, based on the Blockchain. The two are now in a legal battle important to try to recover nearly $ 36 million of Bitcoins. At the time, the digital currency was estimated to be approximately $ 4 million, but thanks to the rise in prices, it has increased by almost tenfold.

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A case linked to problems of encryption

The heart of the problem could be related to the current state of regulations in the field of encryption. Quoine is accused of having established his own standard that he would have raped her then. In such a situation, it does not seem to be a solution.

Danny Ngo, representative of B2C2, said that his client has made fraudulent transactions Ethereum via Quoine. The latter explained that it was a technical problem.

Source : NewsBitcoin