Mt. Gox countersues bitcoin incubator CoinLab for $5.5 Million
Japanese bitcoin exchange Mt. Gox has responded to a lawsuit by former US partner CoinLab, asking for $5.5m in damages. The exchange alleges that CoinLab was not able to operate lawfully as its partner in the US. The two companies had formed a business partnership last November, giving bitcoin business incubator CoinLab the exclusive license to market Mt. Gox's services in North America. But CoinLab had filed a complaint on May 2, alleging that Mt. Gox had withheld information it needed to market to customers, instead continuing to sell into North America itself. It claimed $75m in....
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Some more bad news for startup incubator CoinLab: it's been ordered by a judge to pay up - in bitcoin - to Bitvestment Partners LLC, who sued them just last week for breach of contract. Bitvestment claimed CoinLab "wasn't living up to its obligation to provide 8,000 bitcoins" under an arrangement the two firms made in August. In ordering CoinLab to pay the contracted amount, Judge Robert W. Sweet of the US district court for the southern district of New York also blocked them from providing bitcoins to any other parties until it meets its obligations. As well as the 8,000 BTC....
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 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....
CoinLab's first incubator company Alydian has filed for bankruptcy after only launching three months ago. The company, which enables people to mine bitcoins without having to operate their own mining equipment, filed for Chapter 11 protection in US bankruptcy court in Seattle on Friday, according to the Wall Street Journal. The bankruptcy petition, which was signed by CoinLab CEO Peter Vessenes, states that Alydian has less than $50,000 in assets. Also, the company owes $600,000 to CoinLab, $3m to New Zealand's XRay Holdings LLC and $40,000 to Vessenes. Alydian. Back in early August,....
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....