17 Sep '13, 12am

Bitcoin exchange Mt. Gox sues for return of $5M from CoinLab

Mt. Gox, the world's largest Bitcoin exchange, has filed a countersuit against CoinLab that demands the return of more than $5 million in customer funds it claims its one-time partner still holds. The lawsuit, filed last week in US District Court for the Western District of Washington, came in response to a $75 million breach of contract lawsuit that CoinLab filed against Mt. Gox in May. The two companies reached an agreement last year under which CoinLab would manage Mt. Gox's Bitcoin exchange operations in the US and Canada. The partnership was designed to smooth the Bitcoin trading process and show the security of the virtual currency, but the transfer of operations never occurred because Mt. Gox withheld account information, according to the Seattle-based startup's lawsuit against Mt. Gox. Related stories Bitcoin ultimately can replace Wall Street, investor says Britis...

Full article: http://news.cnet.com/8301-1023_3-57603194-93/bitcoin-exch...

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Bitcoin exchange Mt. Gox sues for return of $5M from CoinLab

Bitcoin exchange Mt. Gox sues for return of $5M...

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