Share this article
Quoine Exchange Sued Over Multimillion-Dollar Bitcoin Trade Reversal
Cryptocurrency market maker B2C2 is reportedly suing the exchange over major bitcoin trades it alleges were unfairly reversed.
By Wolfie Zhao
Updated Sep 13, 2021, 6:47 a.m. Published Aug 2, 2017, 11:00 a.m.
Cryptocurrency market maker B2C2 is suing exchange service provider Quoine over bitcoin trades worth millions that were reportedly reversed in April.
According to the Strait Times, the lawsuit was recently filed in the Singapore High Court, with B2C2 aiming to regain the 3,084 bitcoins (worth around $8.4 million at press time) from the exchange.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The filings assert that on April 19, B2C2 successfully sold 309 ether for 3,092 bitcoins, creating a profit of $3.7 million. The bitcoin, priced at $1,226 at the time, was worth around 25 times more than the ether tokens, according to CoinDesk Price Index.
However, such profit drew attention from Quoine, which reversed the trades the next day, arguing that they represented a "huge mark-up over fair global market price." The exchange says that B2C2 is overreaching in its pursuit of repayment, telling the news source it is "being opportunistic and seeking to profit from a technical glitch."
B2C2, on the other hand, alleges the proceeds were "misappropriated" by Quoine without authorization. Citing an agreement with the exchange, it further claims the action was "fraudulent."
Quoine says the technical malfunction occurred as it was updating its system against potential cyberattacks, during which the platform was unable to aggregate accurate market prices for both cryptocurrencies.
Gavel image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
