CoinLab No Longer Opposes Mt. Gox Bankruptcy Filing

CoinLab has been involved in a lawsuit against Mt. Gox for over 75 million USD. For the past several weeks CoinLab has made indications that it would be blocking in US Courts the bankruptcy protection that Mt. Gox has been seeking in the United States.

Originally CoinLab has signed and secured an agreement with Mt. Gox to use the site’s concepts, blueprints and more in the United States. In May of last year CoinLab filed suit against Mt. Gox due to a failure on the part of Mt. Gox to fulfill this contractual obligation.

At the time of the Mt. Gox collapse the litigation was still pending without a resolution. Fast forward a few months and CoinLab began making statements that it would oppose the bankruptcy and revival plan of Mt. Gox by Sunlot Holdings. In a filing today CoinLab announced it would no longer be blocking these proceedings.

The reason for the sudden change of stance by CoinLab is currently unknown as the company did not indicate reasons in the report filed this afternoon.