15 Aug '12, 9am

Bitcoin exchange operators sued over alleged unpaid $460k for 'stolen' virtual currency

According to documents submitted to a US court, four users of the Bitcoinica website have sued those involved in running the site, claiming that they have "knowingly and willfully conspired and agreed upon themselves to hinder, delay and deprive" them of their right to withdraw their money from the site. In addition the four users claim that those involved "acted willfully and with the intent to cause injury" to them and that therefore they had been "guilty of malice, oppression and/or fraud in conscious disregard" for their rights and should be liable to pay "punitive damages". In May the Bitcoinica site, which allowed users to trade real currency for virtual Bitcoin units (BTC), announced that 18,547 BTC had been stolen by a hacker of its systems. Currently a BTC is worth approximately $10. The operators said at the time that it would honour all "withdrawal requests" fro...

Full article: http://www.out-law.com/en/articles/2012/august/bitcoin-ex...

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