Mt. Gox Revival Plan Hit With Objection from Creditor CoinLab
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....
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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....
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....
Seattle-based digital currency startup and the former manager of Mt. Gox's US and Canada operations CoinLab has announced that it is now supporting the Japan-based exchange's Chapter 15 bankruptcy filing. The news comes from court papers filed Friday, 6th June and obtained by The Wall Street Journal that state that CoinLab will not move to oppose the filing. CoinLab previously objected to the revival plan for Mt. Gox submitted by investor syndicate Sunlot Holdings. The move, while seemingly small, could open the door for the Sunlot Holdings plan, as well as those rumored to be submitted by....
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....
A years-old $75 million lawsuit against Mt Gox by U.S. company CoinLab is delaying payouts to creditors, the Japanese bankruptcy trustee revealed today. Back to Tokyo Bankruptcy Court. In the latest creditors’ meeting at Tokyo District Court, bankruptcy trustee Nobuaki Kobayashi confirmed the suit remains active. U.S. company CoinLab filed the suit in....