Court Orders CoinLab to Pay BitInvestment
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....
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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....
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....
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....
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....
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....