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That day, B2C2 placed orders on Quoine’s platform to sell 309.2518 ethereums – another type of cryptocurrency – for bitcoin at an “abnormally high” price of 10 bitcoins for one ethereum.The next day, Quoine reversed the trades after becoming aware of a technical glitch, which had caused the only available price on its platform to be the price offered by B2C2.
However, B2C2 alleges that Quoine had “acted fraudulently”, based on the agreement that an order, once fulfilled, is “irreversible”, and sought to recover its losses of over 3,000 bitcoins.
B2C2 also argues that Quoine’s breach of trust “deprived it of the opportunity to sell the proceeds on the date of their highest immediate value”, the court was told during a hearing on Dec 5.
In the task force’s report, young lawyers’ views on how they were treated in office was one of five areas of improvement.
While they accept that long hours and hard work are par for the course in legal practice, young lawyers voiced their concerns with “unreasonable” demands or “avoidable” stresses from bosses, such as being given instructions late at night and being expected to turn around the work by morning, or being expected to stay back after office hours or come in over the weekends “when there may be no pressing need”.
In its 24-page report published on a portal for members of the Law Society of Singapore (Law Soc) this week, the task force concluded that “law firms and senior members of the bar should not merely view young lawyers as economic vectors but as professionals to be nurtured and developed in the best traditions of the Bar”.
Addressing the grouses of rookie lawyers and enhancing their professional training can also have an “incidental positive effect” on the attrition woes that have riddled this group for years, it added.
For young lawyers who have already earned a place in their firms, mentorship was also a key area with room for improvement.
Noting that such elements cannot be enforced by “hard legislation”, the task force recommended that firms adopt structured feedback systems which include at least two face-to-face appraisal sessions per year.
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.
In response to queries, a Law Soc spokesperson said the welfare of young lawyers and trainees “is a top priority” as “they are the future of the profession, and an important resource that we must invest in”.
” 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.