Coinlab’s Mt.Gox Claim Jumps From $75m To $16 Billion, Freezing Restitution (cryptoglobe.com)
Evidence has recently come out that CoinLab, former business partner of the infamous Mt. Gox bitcoin exchange, has increased the amount of a years-old lawsuit claim against the exchange from $75 million to an astonishing $16 billion – making it ever more unlikely that burned former Mt. Gox users will ever get their money back.
CoinLab is the creation of Peter Vessenes, and was originally contracted by Mt. Gox to act as an agent in the US and Canada.
Last year, trustee to the Mt. Gox warchest Nobuaki Kobayashi sold what should have been enough to pay off all of those users, and CoinLab if it came to it.
The new claim of $16 billion has come as a complete shock.
The Mt. Gox bankruptcy estate is reported to still have over 200,000 bitcoin in its possession, now worth “Only” about $700 million at time of writing – wholly unable to pay Vessenes’/CoinLab’s damage claims even if it wanted to.
Original article reduced by: 64%
Read the full article here.
Related story: Canada Crypto Exchange Files For Bankruptcy After CEO Dies With Wallet Keys (news.bitcoin.com)
Support Our WorkWhy support us? We work 24/7 to provide simple summaries of the latest cryptocurrency news and developments from across the web. Crypto-News-TLDR relies entirely on contributions from readers to stay independent. BTC ETH XMR IOTA AION Alternatively, support us by using the following referral links: Exchange: Binance | Hardware Wallet: Ledger Browser: Brave | Free Bitcoin: Coinbase
We work 24/7 to provide simple summaries of the latest cryptocurrency news and developments. cntldr.com relies entirely on contributions from readers to stay independent.
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.