Bitcoin exchange operator sued in Singapore
Quoine being sued over trade proceeds worth $5.1m
Singapore’s first legal dispute involving the cryptocurrency bitcoin
has erupted over trade proceeds worth around US$3.78 million (S$5.1
million).
An electronic market maker is suing Quoine, one of the world’s major bitcoin exchange operators, over trades that were allegedly wrongfully reversed, which resulted in proceeds being deducted.
The market maker, B2C2, said it placed orders on Quoine’s platform to sell ethereum – another cryptocurrency – for bitcoin at the price of 10 bitcoins for one ethereum.
The orders were filled in a series of trades on April 19, resulting
in B2C2 paying 309.2518 ethereum for 3092.517116 bitcoin. The bitcoin
was credited into B2C2’s account that day.
But the next day, the trades were reversed by Quoine, which is incorporated here, and the proceeds allegedly “misappropriated” from the account without authorisation.
Quoine told B2C2 that it was entitled to do so because the trades were “mostly trades with huge mark-up over fair global market price”, the suit said.
B2C2 claims Quoine had “acted fraudulently” because the agreement
stated that an order, once filled, is “irreversible”. It is seeking to
recover 3084.78582325 bitcoin from Quoine in the High Court.
No dollar value for that amount of bitcoin was provided in the lawsuit but according to cryptocurrency exchange CoinDesk, that amount translates to US$3.78 million based on an exchange rate of US$1,226.94 for a bitcoin on April 19.
Quoine in turn claims that B2C2 is “being opportunistic and seeking to profit from a technical glitch”
It said the trades were “inadvertently” executed at the “abnormal rate of... 10 bitcoins for one ethereum, which was approximately 125 times higher than the actual market price of ethereum on April 19” because of a technical glitch.
It said the average market price that day was only about 0.03929075 bitcoin for one ethereum.
The glitch severely disrupted Quoine’s ability to retrieve actual market prices for bitcoin and ethereum. It said the glitch arose because it was reconfiguring passwords for its critical systems to fend off persistent attempts by hackers to break into its systems.
Given the “stark difference between the abnormal rate and the actual market prices of bitcoin and ethereum on April 19”, B2C2, which Quoine called a “sophisticated” investor with experience trading virtual currencies, should have suspected the “abnormal rate” was a mistake. It also noted B2C2 had done other bitcoin and ethereum-related trades on Quoine at prevailing market rates between April 15 and 18.
Public resources such as CoinDesk and WorldCoinIndex would have shown that the abnormal rate could not be an accurate reflection of the market prices of these two virtual currencies on April 19, Quoine said.
Ref;http://www.straitstimes.com/business/companies-markets/bitcoin-exchange-operator-sued-in-spore
CoinHako is a Bitcoin broker based in Singapore, backed by investors
from the USA. They accept bank transfers from Singapore or Malaysia and
international bank wires. You can also top up your CoinHako account
using Xfers, which allows you to buy bitcoins within 10 minutes.
FYB-SG is a Bitcoin exchange based in Singapore, the first to be
established there. You can fund your exchange account via online bank
transfer for a 0% fee or via cash deposit.
You can use our Bitcoin ATM map to buy bitcoins with cash.
Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're
also private. That convenience and privacy, however, comes with a price;
most ATMs have fees of 5-10%.
Mycelium Local Trader helps you find local Bitcoin sellers. Once you
locate a seller, you meet up in-person and conduct the trade. Mycelium
charges absolutely no fees. While Mycelium Local Trader works great in
highly-populated areas, users in low population areas will have trouble
finding sellers.
ShapeShift lets you buy bitcoin with Litecoin, Dogecoin, altcoins and
many other digital tokens. ShapeShift works in nearly every country but
you will need another cryptocurrency in order to purchase bitcoins.
Exchanges happen almost instantly because ShapeShift never actually
controls your tokens but just exchanges them.
Bitcoin-OTC is an over-the-counter marketplace for the peer to peer
exchanging of bitcoin. It is almost like a Craigslist for Bitcoin. Users
must create ads or locate other ads to find sellers of bitcoin.
Bitcoin-OTC is somewhat complicated and hard to use, but may be the only
option for users in some countries without an exchange.
An electronic market maker is suing Quoine, one of the world’s major bitcoin exchange operators, over trades that were allegedly wrongfully reversed, which resulted in proceeds being deducted.
The market maker, B2C2, said it placed orders on Quoine’s platform to sell ethereum – another cryptocurrency – for bitcoin at the price of 10 bitcoins for one ethereum.
But the next day, the trades were reversed by Quoine, which is incorporated here, and the proceeds allegedly “misappropriated” from the account without authorisation.
Quoine told B2C2 that it was entitled to do so because the trades were “mostly trades with huge mark-up over fair global market price”, the suit said.
The trades were reversed by Quoine, which is incorporated here, and the proceeds allegedly “misappropriated” from the account without authorisation... B2C2 claims Quoine had “acted fraudulently” because the agreement stated that an order, once filled, is “irreversible”.Quoine, a fintech firm that also offers other cryptocurrency-related services, was co-founded by Mr Mike Kayamori, who has held senior roles at Mitsubishi Corp and Softbank Group.
No dollar value for that amount of bitcoin was provided in the lawsuit but according to cryptocurrency exchange CoinDesk, that amount translates to US$3.78 million based on an exchange rate of US$1,226.94 for a bitcoin on April 19.
Quoine in turn claims that B2C2 is “being opportunistic and seeking to profit from a technical glitch”
It said the trades were “inadvertently” executed at the “abnormal rate of... 10 bitcoins for one ethereum, which was approximately 125 times higher than the actual market price of ethereum on April 19” because of a technical glitch.
It said the average market price that day was only about 0.03929075 bitcoin for one ethereum.
The glitch severely disrupted Quoine’s ability to retrieve actual market prices for bitcoin and ethereum. It said the glitch arose because it was reconfiguring passwords for its critical systems to fend off persistent attempts by hackers to break into its systems.
Given the “stark difference between the abnormal rate and the actual market prices of bitcoin and ethereum on April 19”, B2C2, which Quoine called a “sophisticated” investor with experience trading virtual currencies, should have suspected the “abnormal rate” was a mistake. It also noted B2C2 had done other bitcoin and ethereum-related trades on Quoine at prevailing market rates between April 15 and 18.
Public resources such as CoinDesk and WorldCoinIndex would have shown that the abnormal rate could not be an accurate reflection of the market prices of these two virtual currencies on April 19, Quoine said.
Ref;http://www.straitstimes.com/business/companies-markets/bitcoin-exchange-operator-sued-in-spore
All links are external & open in a new tab, except for "Read Review" buttons. Before jumping into this page, an important disclosure.
Coinbase~ Popular Read Review Buy BitCoin
Coinbase~ Popular Read Review Buy BitCoin
Residents of Singapore can purchase bitcoins on Coinbase using three payment options - credit card, debit card, or bank transfer.
Once your Coinbase account is verified, you will be given the account information that will be used to make a bank transfer deposit. This is done through Xfers Transfers. Coinbase claims that deposits clear within a few minutes, and that there are no deposit fees. Once you deposit Coinbase charges 1.49% to purchase coins.
If you are buying with a credit card or debit card, there is also a required identity verification. Fees for buying with a credit card or debit card are 3.99%.
If you purchase more than $100 USD (~136.24 SGD) worth of bitcoins through this link then you get $10 USD (13.62 SGD) worth of bitcoins for free!
Once your Coinbase account is verified, you will be given the account information that will be used to make a bank transfer deposit. This is done through Xfers Transfers. Coinbase claims that deposits clear within a few minutes, and that there are no deposit fees. Once you deposit Coinbase charges 1.49% to purchase coins.
If you are buying with a credit card or debit card, there is also a required identity verification. Fees for buying with a credit card or debit card are 3.99%.
If you purchase more than $100 USD (~136.24 SGD) worth of bitcoins through this link then you get $10 USD (13.62 SGD) worth of bitcoins for free!
Pros
- High liquidity and buying limits
- Easy way for newcomers to get bitcoins
- "Instant Buy" option available with credit card or debit card
Cons
- Purchases made with bank transfer can take up to 5 days to complete
- Coinbase may track how and where you spend your bitcoins
Ease of Use ~ Easy
Privacy ~ Low
Speed ~ Average
Fees ~ Average
Reputation ~ Trusted
Limits ~ High
Coinmama~ Popular Read Review Buy BitCoin
Coinmama allows customers in almost every country to buy bitcoin with a
credit or debit card. They charge an ~6% fee on each purchase.
If buying less than $150 worth of bitcoins, you won't need to verify your identity. This convenience makes small purchases quick and easy.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
If buying less than $150 worth of bitcoins, you won't need to verify your identity. This convenience makes small purchases quick and easy.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
Pros
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
Cons
- Some of the highest fees among credit/debit card bitcoin brokers
Ease of Use ~ Easy
Privacy ~ Low
Speed ~ Fast
Fees ~ High
Reputation ~ Trusted
Limits ~ High
GDAX~ Popular Read Review Buy BitCoin
Coinbase's exchange, GDAX, is one of the largest Bitcoin exchanges in
the United States. Users can fund their accounts via bank transfer,
SEPA, or bank wire. GDAX offers good prices and low fees, but their
confusing user interface may initially prove difficult to navigate.
Pros
- Some of the lowest fees available for US and EU customers
- Possible to buy bitcoins for 0% fees
Cons
- User interface is confusing for first time buyers
- Sending bitcoins directly from GDAX to any legally-questionable site may result in closure of your account
Ease of Use ~ Hard
Privacy ~ Low
Speed ~ Average
Fees ~ Low
Reputation~Trusted
Limits~High
LocalBitcoins~ Popular Read Review Buy BitCoin
LocalBitcoins is an escrow service which also helps to match bitcoin
buyers and sellers. The most common method of payment for purchase is
cash deposit. However, users may advertise trades for whichever payment
method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.
Pros
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
Cons
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Ease of Use ~ Hard
Privacy ~ High
Speed ~ Fast
Fees ~ Low
Reputation ~ Trusted
Limits ~ Average
Luno~ Popular Buy BitCoin
Luno is a universal Bitcoin platform that provides secure exchanges
where people can buy/sell Bitcoin. Luno is currently offering Zero fee
trading in Singapore for a limited time period until January 2017.
Pros
- One of the most trusted Bitcoin exchanges in Asia
- Free deposits and low withdrawal fees
- Low fees; 0% for market makers and only 0% - 1% for market takers (depending on fiat currency)
- High to infinite limits for exchange, depending on verification level
Cons
- Users should not store bitcoins in Luno's wallet service
- Limited deposit options, usually only bank transfer, and no credit/debit card options
Ease of Use ~ Easy
Privacy ~ Low
Speed ~ Fast
Fees ~ Low
Reputation ~ Trusted
Limits ~ High
CoinHako is a Bitcoin broker based in Singapore, backed by investors
from the USA. They accept bank transfers from Singapore or Malaysia and
international bank wires. You can also top up your CoinHako account
using Xfers, which allows you to buy bitcoins within 10 minutes. Pros
- Super fast way to purchase bitcoins in Singapore
- Fees are reasonable at 0.9%
- Small amounts of bitcoin may be purchased without verficiation
- Trusted and established exchange
Cons
- Not private for larger amounts since identity verification is required Xfer limit is only 100 SGD without verification
- Other payment methods have a limit of 200 SGD without verification
Ease of Use ~ Easy
Privacy ~ Low
Speed ~ Fast
Fees ~ Low
Reputation ~Trusted
Limits ~ High
FYB-SG is a Bitcoin exchange based in Singapore, the first to be
established there. You can fund your exchange account via online bank
transfer for a 0% fee or via cash deposit.Pros
- Low fees; exchange only charges 0.6% per trade
- Market makers receive a 50% fee discount for a super low 0.3% fee
- Instant deposit and withdrawal options for SGD
Cons
- Not private since identity verification is required, this process can be as quick as 30 minutes
- Single payment method
Ease of Use ~ Easy
Privacy~Low
Speed~Average
Fees~Low
Reputation~Average
Limits~High
You can use our Bitcoin ATM map to buy bitcoins with cash.
Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're
also private. That convenience and privacy, however, comes with a price;
most ATMs have fees of 5-10%.Pros
- Our map makes it super easy to find a Bitcoin ATM near you
Cons
- Bitcoin ATMs often have 5-10% fees per purchase.
Technically, VirWoX isn't even a Bitcoin exchange. It mainly serves as a
way for people to buy Second Life Lindens, a currency used in the
virtual world Second Life. You can't buy Bitcoin with PayPal directly at
VirWoX, but it's possible to first buy Second Life Lindens (SLL) and
then trade your SLL for Bitcoin. This process works perfectly, but in
the end will cost you about 10% in fees.
This workaround/hack has made VirWoX the easiest and most popular way to buy bitcoins with PayPal.
This workaround/hack has made VirWoX the easiest and most popular way to buy bitcoins with PayPal.
Pros
- The easiest and basically only way to purchase bitcoins with PayPal or Skrill
Cons
- Comes with a price: it will cost around 10% in fees to buy with PayPal
Ease of Use ~ Hard
Privacy~Low
Speed ~ Fast
Fees ~ High
Reputation~Trusted
Limits~Average
Mycelium Local Trader helps you find local Bitcoin sellers. Once you
locate a seller, you meet up in-person and conduct the trade. Mycelium
charges absolutely no fees. While Mycelium Local Trader works great in
highly-populated areas, users in low population areas will have trouble
finding sellers. Pros
- Easy and cheap way to buy bitcoins with cash
- Private way to buy bitcoins, no personal information required beyond cellphone number
Cons
- Users in sparsely populated areas will have trouble finding sellers
Ease of Use ~ Average
Privacy ~ High
Speed ~ Fast
Fees ~ Low
Reputation~Trusted
Limits~High
ShapeShift lets you buy bitcoin with Litecoin, Dogecoin, altcoins and
many other digital tokens. ShapeShift works in nearly every country but
you will need another cryptocurrency in order to purchase bitcoins.
Exchanges happen almost instantly because ShapeShift never actually
controls your tokens but just exchanges them. Pros
- Easiest and fastest way to buy bitcoins with altcoins
- Fees are reasonable for larger traders
Cons
- Need altcoins or other digital tokens to use
Ease of Use ~ Easy
Privacy ~ High
Speed ~ Fast
Fees ~ Average
Reputation~Trusted
Limits~High
Bitcoin-OTC is an over-the-counter marketplace for the peer to peer
exchanging of bitcoin. It is almost like a Craigslist for Bitcoin. Users
must create ads or locate other ads to find sellers of bitcoin.
Bitcoin-OTC is somewhat complicated and hard to use, but may be the only
option for users in some countries without an exchange. Pros
- Can be a good way to find Bitcoin sellers if no other options exist
Cons
- Need to keep eye out for scams
- Need to build trust and feedback for your account before trading larger amounts
Ease of Use ~ Hard
Privacy ~ High
Speed ~Varies
Fees ~ Varies
Reputation ~ Trusted
Limits ~ High
No comments:
Post a Comment