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Millions of SoarCoins transferred back to owner after sale

09 June 2018 00:00, UTC   |    3391
Millions of SoarCoins transferred back to owner after sale

The Singapore-based Soar Labs has sold several millions of its tokens to the Australian firm Byte Power Party in an initially normal 49% stake deal - the latter company wanted to have a share of the former. However, later Byte Power told about the strange return of tokens back to Soar Labs due to an undocumented feature in the smart contracts.

In response, the token issuer has expressed concerns over how Byte Power intended to use tokens in the future (sell it at big values to cover debts). This notion, as well as the frivolous withdraw of assets after the terms established that it is the buyer who owns tokens after deal, leads observers to believe that the whole action was questionable at best.

Two companies decided to peacefully settle the disagreement - Soar Labs will return shares and pay a compensation without any further complaints from the Australian company.

This news indicates that smart contracts possess the feature of the regular paper contracts described in the literature long before Bitcoin was invented. Every contract has to be carefully checked for any features made in favor of the author.

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