Back in February it was reported that American startup CoinLab had joined forces with Mt. Gox, the Japanese firm that runs the world’s largest Bitcoin exchange. The two companies agreed a deal, where CoinLab would assume control of Mt. Gox’s operations in the U.S. and Canada, with CoinLab promising that its relationship with U.S. banks and investors would enable them to provide a superior customer experience.
But it seems that that partnership has collapsed and a lawsuit (first reported by Gawker) is likely to take place. On Thursday the news broke that CoinLab would be suing Mt. Gox for failure to fulfill their side of the arrangement as it was specified in the contract that the Japanese firm was supposed to hand over their U.S. operations to CoinLab in March. Continue Reading