Bitcoin Exchange Facing $75 Million Suit
Partnership between Mt. Gox and CoinLab didn't work out
In February, we reported on a major deal between Mt. Gox, the Japanese firm that runs the world's largest Bitcoin exchange, and the American startup CoinLab. Under the terms of the agreement, CoinLab would take charge of Mt. Gox's operations in the United States and Canada. CoinLab promised that its connections to American banks and investors would allow it to provide a superior customer experience.
But that partnership has collapsed with a lawsuit first reported by Gawker. CoinLab sued Mt. Gox on Thursday, charging that the Japanese firm failed to live up to its side of the contract that the two firms signed in November. Under the terms of the contract, Mt. Gox was supposed to hand off its North American operations to CoinLab in March.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?