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B2C2 Ltd. v. Quoine Pte. Ltd. Case Brief Summary | Law Case Explained

Get more case briefs explained with Quimbee. Quimbee has over 36,500 case briefs (and counting) keyed to 984 casebooks ► https://www.quimbee.com/case-briefs-o... B2C2 Ltd. v. Quoine Pte. Ltd. | [2019] SGHC(I) 03 Massive amounts of money are traded every day without any human oversight. As we see in B2C2 Limited versus Quoine Private Limited, this is made possible through technology like computer software. But when no human is involved in a direct transaction, what happens when a mistake is made? Quoine operated a currency exchange platform. B2C2 was a firm that traded Ethereum cryptocurrency for Bitcoin. To order trades on Quoine’s platform, B2C2 used an algorithmic trading software. The trades were then automatically carried out using the platform’s software based on market prices obtained from external websites. Both processes were completely automated without human intervention. One day, Quoine’s software experienced a glitch and caused six of B2C2’s trades to be executed at a rate approximately two hundred fifty times the market exchange rate for Ethereum to Bitcoin. The massive gain was automatically deposited into B2C2’s account. After realizing the error, Quoine canceled the trades and reversed the transactions. B2C2 sued Quoine in the Singapore International Commercial Court for breach of contract and breach of trust. Quoine argued that the trades were void due to the mistake made by its software. Want more details on this case? Get the rule of law, issues, holding and reasonings, and more case facts here: https://www.quimbee.com/cases/b2c2-lt... The Quimbee App features over 36,500 case briefs keyed to 984 casebooks. Try it free for 7 days! ► https://www.quimbee.com/case-briefs-o... Have Questions about this Case? Submit your questions and get answers from a real attorney here: https://www.quimbee.com/cases/b2c2-lt... Did we just become best friends? Stay connected to Quimbee here: Subscribe to our YouTube Channel ► https://www.youtube.com/subscription_... Quimbee Case Brief App ► https://www.quimbee.com/case-briefs-o... Facebook ►   / quimbeedotcom   Twitter ►   / quimbeedotcom   #casebriefs #lawcases #casesummaries