A ruling on December 28th by the Singapore International Commercial Court dismissed an application for summary judgment. The Plaintiff was attempting to reclaim the sum of 3,092 bitcoin from the Singapore cryptocurrency exchange, Quoine, in a legal procedure aimed at reaching a court decision only on the existing facts, without the necessity of a full trial.

Since the suit was first filed, the case has attracted prominent attention due to the large sum of bitcoin involved. The 3,092 bitcoin originally at stake were worth approximately $3.7m at the time of the transaction, but in recent weeks that value has spiked to over $45m, according to current price index data.

In April 2017, UK marketmaker B2C2 was in a position to take advantage of what Quoine referred to as "a technical glitch," when they sold 309.2518 ETH for a price of 3092.517116 BTC, making a profit of $3.7m. The platform glitch allowed B2C2 to sell the BTC at its own nominated price, which was approximately 10:1 against ETH. The Court document states that this rate was "approximately 250 times the rate of about 0.04 BTC for 1 ETH previously being quoted."

This advantageous trade was quickly reversed by Quoine, without informing B2C2. In their Defence Quoine claim that they were entitled to reverse trades made in error, but The Plaintiff argues that they were not.