If you are a bitcoin user, then you must know with one of these bitcoin exchanges. Quoine, is one of the largest bitcoin exchanges in the Asian region that precisely located in Singapore.
On Monday, according to one news media website The Straits Times revealed that the Quoine bitcoin market is in big trouble. The straits Times reported that Quoine is being charged for a case of bitcoin-ether trade reversal. This news is very shocking to the masses, especially bitcoin users who are not only in Singapore but throughout Asia.
The plaintiff of the bitcoin quoine stock exchange firm is a liquidity provider (market marker) known as B2C2. The B2C2 company placed sales orders on the Quoine platform at 10 bitcoin levels for one ETH on April 19. This occurs when the market price of bitcoin on one ETH is worth 0.04 bitcoin.
The demand for charging the bitcoin market price is filled and credited on the same day ie B2BC pays 309.2518 ETH and receives 3092.517116 bitcoin. However, the next day after payment as well as receipts, the Quoine stock exchange returned the trade. Not only to restore trade alone, Quoine stock company has cut 3084. 78582325 bitcoin from B2BC market maker company account for 3084.78582325 bitcoin without authorization and detailed news outlet.
On April 19, inadvertently, this trading was executed at an abnormal rate of 10 bitcoins for one ethereum, which is estimated to be 125 times higher at the current market price. The Quoine Stock Exchange Company stated that a technical error was the cause. The technical error occurs when Quoine is reordering the password for its critical system in order to prevent attempts by hackers who try to keep on entering and destroying the system....
So that the technical error makes Quoine disturbed its ability to take the actual market price for bitcoin and ethereum.... But B2BC claims that the reason is not deserved to be a reason, for that reason B2BC claims that the Quoine company is cheating because of the agreed agreement that orders can not be recovered after they are filled and transactions occur. Therefore, B2BC sued Quoine, of course this is a pity because Quoine is the largest bitcoin bursa company in Asia.