Judge Rejects CoinLab Complaint on Mt. Gox Revival
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....
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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....
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....
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....
One of Mt. Gox's creditors and former operations manager both in the United States and Canada has filed an objection to a bold plan from Sunlot Holdings that would see the company reviving the disgraced exchange and promising to pay back investors who lost money. They're Seattle-based CoinLab, and they got themselves into an agreement with Mt. Gox in late 2012. Their role? Handle the sale and exchange of bitcoin for Mt. Gox investors in North America (Mexico excluded). As pointed out by CoinDesk, the company later filed a lawsuit against Mt. Gox with the complaint the the Tokyo-based....
CoinLab, the former operations manager for Mt. Gox in the US and Canada, has filed an objection to the plan to revive the now-defunct exchange issued by Sunlot Holdings, an investor group that includes John Betts, Matthew Roszak and Bitcoin Foundation board member-elect Brock Pierce. A Seattle-based digital currency company, CoinLab entered into an agreement to handle the purchase, sale and exchange of bitcoin for Mt. Gox customers in the US and Canada back in November 2012. It later filed a lawsuit against Mt. Gox, claiming it was not provided with the adequate resources to fulfil the....