CoinLab Lawsuit Delaying Mt Gox Payouts: Trustee
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....
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Mt. Gox creditors should not expect payouts in 2017, according to a party close to the pending litigation against the defunct Japanese exchange. Peter Vessenes, who founded Mt. Gox-claimant Coinlab in 2011, claimed as much in a since-deleted Reddit post in which he said he has received death threats for his part in the drama. There are dozens of former....
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....
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....
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....