B2C2 LTD v QUOINE PTE. LTD. [2019] SGHC(I) 3 (14 March 2019)

B2C2 LTD v QUOINE PTE. LTD. [2019] SGHC(I) 3 (14 March 2019)

Quoine was not contractually entitled to unilaterally reverse the executed trades as the platform's terms and conditions provided that executed trades were irreversible. There was no implied term allowing reversal for 'erroneous' trades. The mistake was not sufficiently fundamental to void the trades, and B2C2 did not have actual or constructive knowledge of any mistake by Quoine. Quoine's reversal of the trades constituted both a breach of contract and a breach of trust.

Citation
[2019] SGHC(I) 3
Parties
Plaintiff: B2C2 Ltd; Defendant: Quoine Pte Ltd
Jurisdiction
Singapore
Judgment Date
14 March 2019
Procedural Posture
Commercial Suit / Judgment After Trial
Outcome
Plaintiff's claim allowed in part
Legal Topics
Breach of Contract, Mistake of Fact, Breach of Trust, Cryptocurrency Trading, Algorithmic Trading, Unilateral Mistake
Contract Trusts Breach of Contract Mistake of Fact Breach of Trust Cryptocurrency Trading Algorithmic Trading Unilateral Mistake

Case Brief

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Parties

B2C2 Ltd

Plaintiff

Quoine Pte Ltd

Defendant

Procedural Posture

Commercial Suit / Judgment After Trial

Legal Issues

  1. 1 Whether Quoine was contractually entitled to unilaterally reverse executed trades on its platform
  2. 2 Whether Quoine's reversal of trades constituted a breach of contract
  3. 3 Whether Quoine's reversal of trades constituted a breach of trust

Ratio Decidendi

Quoine was not contractually entitled to unilaterally reverse the executed trades as the platform's terms and conditions provided that executed trades were irreversible. There was no implied term allowing reversal for 'erroneous' trades. The mistake was not sufficiently fundamental to void the trades, and B2C2 did not have actual or constructive knowledge of any mistake by Quoine. Quoine's reversal of the trades constituted both a breach of contract and a breach of trust.

Court Disposition

Plaintiff's claim allowed in part

Orders

  • Quoine to pay B2C2 the value of the BTC wrongfully withdrawn from B2C2's account as at the date of judgment
  • Interest and costs to be determined