COINLAB WANTS TO RECOVER  $16 BILLION FROM MT.GOX INSTEAD OF THE PREVIOUSLY ANNOUNCED $ 75 MILLION

It is expected that users of the infamous cryptocurrency exchange Mt.Gox will be able to return about 1 billion dollars.

The former head of the Bitcoin Foundation and CEO of the incubator for bitcoin start-up CoinLab, Peter Vincennes has filed suit to recover over 1.6 trillion yen ($16 billion) from the failed cryptocurrency exchange Mt.Gox.

It is known that in 2013 the company CoinLab, a former business partner of Mt.Gox, tried to recover $75 million from Mt.Gox through court, accusing the exchange of violating the contract under which CoinLab was supposed to service the accounts of American users of the trading platform, but Mt.Gox did not provide her with these features. The exchange said that CoinLab has misinterpreted its mandate and filed a counter claim to an intermediary accusing CoinLab in theft of $5 million.

Now, as expected, CoinLab has withdrawn its last lawsuit against the exchange and filed a new one — this time the incubator for bitcoin startups is going to sue the stock exchange for $16 billion. Users of the bitcoin community immediately reacted to the news, expressing great concern about the fact that in the case of penalties in the Mt.Gox in favor of CoinLab, the exchange will not have enough funds to compensate for the losses of customers. It should be reminded that within the framework of civil rehabilitation the exchange should pay about $1 billion to the users.