03 May '13, 2pm

Bad news for Bitcoin: CoinLab sues Mt. Gox for $75M after partnership fails

Bad news for Bitcoin: CoinLab sues Mt. Gox for $75M after partnership fails

Back in late February, top Bitcoin exchange Mt. Gox struck a deal to let Seattle startup CoinLab handle its U.S. operations. But now what looked like it would be a beautiful friendship has turned into an ugly mess. CoinLab is suing Mt. Gox for $75 million over failure to give CoinLab exclusive access to Bitcoin account information and to maintain an exclusive partnership. “Defendants have breached the exclusivity provisions of the Agreement by directly servicing customers in the United States and Canada since the Agreement took effect,” the lawsuit says. The original purpose of the partnership was to give Japan-based Mt. Gox better reach into the United States market. With backing from Silicon Valley Bank , CoinLab planned to give institutional investors and wealthy individuals a way to buy and sell large amounts of Bitcoin on a platform that was safer than any other. Coin...

Full article: http://venturebeat.com/2013/05/03/coinlab-sues-mt-gox-for...

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Bitcoin companies engage in multi-million lawsuit

Bitcoin companies engage in multi-million lawsuit

rt.com 03 May '13, 4pm

Bitcoin companies engage in multi-million lawsuit Get short URL Published time: May 03, 2013 16:54 Tweet Share on Tumblr T...