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B2C2 is alleging that this reversal, which denied them the “fruits of the previous day’s highly advantageous transactions”, was in breach of their commercial agreement with Quoine and in breach of trust.Quoine maintains that it was entitled to carry out the reversal because the trades were “mostly trades with huge mark-up over fair global market price” — one ethereum could only be exchanged for about 0.03929075 bitcoin on average on April 19.

“Supervising solicitors must not view trainees merely as sources of labour, but as future members of the Bar,” wrote the task force in its report.” B2C2 had brought a civil lawsuit against Quoine in May for wrongfully reversing trades, involving proceeds which are currently valued at about US million (S million), following the rapid rise in the value of bitcoin over the past months.The proceeds were valued at about US.78 million on April 19, when the transactions were made.Among the areas that need to examined at trial is “why the system quoted a high price, but, more specifically, why it selected 10 bitcoin for 1 ethereum as the exchange rate”, the judge said.Nevertheless, Mr Thorley noted that while computers were involved in this case, the technical glitch arose in part by “human error”.Amid the rise of cryptocurrencies, a judge at the Singapore International Commercial Court has raised questions about the adequacy of existing laws to deal with the fallouts arising from computer errors.

Earlier this month, in what is the first lawsuit here involving bitcoin, International Judge Simon Thorley had dismissed an application by electronic market maker B2C2, which is incorporated in England and Wales, for a summary judgement against Singapore-registered bitcoin exchange operator Quoine.Over the last two years, the issue of young lawyers working under increasing strain was flagged as a concern by Chief Justice Sundaresh Menon during his addresses at Mass Call ceremonies — to formally admit lawyers to the Bar.In his latest speech in August, CJ Menon urged law firms to “make it a priority” to ensure that safeguards are in place for lawyers who may be struggling.“Human error caused the correct passwords and cryptographic keys not to be keyed into the (software programme used by Quoine), which caused the (Quoine) platform to perform abnormally,” he said.Copyright 2017 Media Corp Pte Ltd | All Rights Reserved Expose rookie lawyers to more proper legal work rather than treat them as “merely as sources of labour”, and be more nurturing and patient when communicating with them, senior members of the Bar have been urged.Alternative platforms, such as ombudsmen, can also be considered to take into account concerns that young lawyers may not feel comfortable disclosing to their direct supervisors.