Coinlab Lawsuit Causes More Delays For Mt. Gox Victims
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....
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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....
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....
It is also important to note that, in Canada, the “loser’ of a lawsuit is forced to pay the costs to the winner. In this particular case, that amount would total up to several millions of dollars, which is simply not feasible for most Mt. Gox victims. The Mt. Gox lawsuit is keeping a lot of Bitcoin enthusiasts on edge as of late, as many affected victims are still holding out hope of a [partial] refund. But over in Canada, the class action lawsuit against Mt. Gox has been dismissed, which is not good news at all. Canadian Mt. Gox Lawsuit Dismissed. Albeit there is an official trustee for....
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....