Coinlab Bringing Bitcoin to Wall Street with MtGox Deal
A venture capitalist backed Bitcoin company wants to make it safe for U. S. and Canadian investors to do large block trades of Bitcoins and keep them ultra-secure from loss. Coinlab has worked for a year to sign an exclusive long term deal with Bitcoin exchange Mt. Gox. The Silicon Valley-based company will take over exchange transactions for all U. S.....
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The partnership between CoinLab and MtGox that had been met with great fanfare when it was first announced at the end of February has now rapidly turned sour, as Coinlab opened a lawsuit against MtGox seeking $75 million in damages. The original plan had been for Coinlab to take over all of MtGox's operations in Canada and the United States, using its business relationships and marketing experience, as well as a local banking presence, to better provide for North American customers while still using MtGox's technical infrastructure and leveraging the company's established brand. The....
Bitcoin business incubator CoinLab has been ordered by a court in New York to pay BitInvestment LLC in bitcoin on the grounds of breach of contract. In a lawsuit file last week, BitInvestment alleged that CoinLab failed to come through with approximately 8,000 BTC in an arrangement made in August. Judge Robert W. Sweet demanded CoinLab not transmit bitcoin to any other parties except BitInvestment, until their financial obligation under the agreement was met. CoinLab head honcho Peter Vessenes said, "of course we will comply (with the judge's order) as well as we're able," in an email to....
Earlier today, news broke that former Mt. Gox partner and creditor CoinLab had issued a formal complaint against a plan proposed by Sunlot Holdings that would see the group buying out the exchange for one bitcoin with the promise to pay back at least in part) investors who lost money in the exchange's collapse earlier this year. As it were, Bankruptcy Judge Stacey Jernigan is said to have rejected the complaint CoinLab, according to the Wall Street Journal (subscription required). In that complaint, the Washington-based company - who sued Mt. Gox in 2012 for $75 million after a deal fell....
A US bankruptcy court has rejected a filing from Seattle-based digital currency service CoinLab Inc. in the latest development in the case of failed Japan-based bitcoin exchange Mt. Gox. CoinLab sought to stop investor group Sunlot Holdings from purchasing Mt. Gox in documents filed during a 27th May hearing in US Bankruptcy Court in Dallas, Texas. According to The Wall Street Journal, CoinLab's filing was complicated when Mt. Gox's lawyers stated that the deal involving Sunlot had not been given any special status by the courts, and that as such, other offers regarding the ownership and....
Amid the controversy surrounding the dismissal of two recently elected members Jim Harper and Oliver Jansen, an old piece of evidence has surfaced in bitcoin forums regarding the legitimacy of the contribution of its founding members including former Bitcoin Foundation chairman Peter Vessenes. According to the Mt. Gox counterclaim against CoinLab filed on October 9, 2013, venture-backed digital currency company CoinLab CEO Peter Vessenes wrongfully converted around US$5 million in Mt. Gox customer deposit. “CoinLab has wrongfully converted the amount of $5,315,210.79 in MtGox customer....