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Mistakes in Algorithmic Trading of Cryptocurrencies
The Modern Law Review Pub Date : 2020-08-11 , DOI: 10.1111/1468-2230.12574
Alexander Loke

How should the doctrine of unilateral mistake apply when a programming error results in a buyer's algorithmic trading programme accepting an offer generated by the seller's trading programme to exchange cryptocurrencies at 250 times the current market rate? How should the knowledge element be adapted given that algorithmic trading necessarily means that the traders’ minds were not engaged at the moment the contract was formed? These novel issues came before the Singapore Court of Appeal in Quoine Pte Ltd v B2C2 Ltd. The decision further cautions customers of cryptocurrency exchanges not to assume that they have property rights in the cryptocurrencies held by the exchange and to examine carefully the nature of asset holding arrangement found in the documentation.

中文翻译:

加密货币算法交易中的错误

当编程错误导致买方的算法交易程序接受卖方交易程序产生的要约以当前市场价格的250倍兑换加密货币时,单方面错误的学说应如何适用?考虑到算法交易必然意味着在合同订立之时交易者的思想并未参与,知识元素应如何调整?这些新颖的案件曾在新加坡上诉法院Quoine Pte LtdB2C2 Ltd案中提出。该决定进一步提醒加密货币交易所的客户不要以为他们拥有该交易所持有的加密货币的财产权,并仔细检查文档中资产持有安排的性质。
更新日期:2020-08-11
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