CoinLab Sues MtGox
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....
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The venture-backed bitcoin company CoinLab is taking the Japan-based Mt. Gox exchange to court for breach of contract. Mt. Gox and CoinLab, headquartered in Seattle, entered into an agreement in November 2012 regarding bitcoin purchase, sale and exchange services for customers in the US and Canada. Under the agreement, CoinLab was to provide Mt. Gox with financial and investment partnerships in the US. In return, Mt. Gox agreed to have CoinLab handle all of its North American bitcoin transactions. In its complaint, filed Thursday in US District Court in Washington state, CoinLab alleges....
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....
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. and Canada clients meaning your money will get moved to a U. S. bank and Coinlab will now be the clearing pool for all peer-to-peer transaction on the Mt. Gox exchange. The safeguards they have set up is a move to drive more U. S. volume in....
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....
The biggest mystery is why Coinlab's claim has not been thrown out yet. The Mt. Gox debacle will always remain a dark period in the history of Bitcoin. After multiple years of investigation this exchange, more evidence continues to come to light on a regular basis. A new blog post indicates how affected exchange victims will not see their money back anytime soon. Creditors are still pursuing the stolen money, yet it appears they have been stonewalled by a company called Coinlab. To put this news into perspective, Coinlab CEO Peter Vessenes has – allegedly – a credible claim in the Mt. Gox....