Sunday, 05 May 2013 18:36

CoinLab puts a lawsuit against Mt. Gox because of BitCoin

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U.S. startup CoinLab filed a lawsuit against the Japanese Mt. Gox, the largest Internet Exchange of Bitcoin in the world, for allegedly violating mutual agreement. Seeking damages of 75 million real, not virtual dollars for the suffered damage.

Earlier in February this year CoinLab has made an agreement with Mt. Gox about the sharing of the markets. Mt. Gox would still remain the largest Bitcoin exchange in the world, but would give markets in the United States and Canada to CoinLab, and CoinLab would by contract offer more more favorable business conditions in these markets because of their ties to big banks and investors.

This, according to lawsuits filed yesterday, did not happen, and Mt. Gox has continued to do business with customers from the USA and Canada and never given CoinLabn access to their servers, which was necessary for the CoinLab to work. Although the contract specified that any fouls from either side carries the penalties of $50 million, CoinLab is now seeking 75 million dollars on behalf of alleged direct material damage caused by such behavior from  Mt. Gox.

No reaction to this news were reported from Mt.Gox, and the company itself has been for a long time targeted by  DDoS attacks that are ongoing with a brief interruptions from April 10. Then Bitcoin achieve its historical peak of 266 dollars and then it suddenly halved. It is now at around $83 for a single Bitcoin.

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Read 1957 times Last modified on Sunday, 05 May 2013 18:38

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