World’s Largest Bitcoin Exchange Out $10 Million
(Wired) If you think that keeping the world’s most popular Bitcoin exchange up and running is easy, think again.
Mt. Gox, the Japanese-run online trading floor that had $5 million seized by federal agents earlier this year, says that it’s out another $5.3 million, fallout from the company’s legal dispute with its former U.S. partner CoinLab.
At the end of February, Mr. Gox chose CoinLab as its North American agent. The idea was that customers in the United States and Canada would be able to use CoinLab as a gateway to the Mt. Gox exchange. But the relationship didn’t last long. By April, it had devolved into a messy $75 million lawsuit.
According to Mt. Gox, its customers deposited about $12,800,000 into CoinLab bank accounts, and while CoinLab has handed over most of that money, it’s still sitting on $5.3 million. CoinLab’s attorney Edgar Sargent declined to comment on the allegations in Mt. Gox’s filings, and Mt. Gox did not respond to requests for comment.
If the allegations are true, it means that Mt. Gox is out more than $10 million this year.