Bankrupt Bitcoin exchange Tradehill suing red hot payment ...

Dwolla has released a statement responding to the $2 million lawsuit filed by the Bitcoin exchange TradeHill

Dwolla has released a statement responding to the $2 million lawsuit filed by the Bitcoin exchange TradeHill submitted by realhuman to Bitcoin [link] [comments]

MtGox Theory #12489: How They Lost 744,000 Bitcoins

They never actually had them.
MtGox was never really that profitable and in fact they bleed money operating. They could however keep running as long as cash deposits exceeded cash withdrawals. They survived on the cash in rotation. Essentially a ponzi scheme.
Then came CoinLab's lawsuit followed by US seizure of their Dwolla and Wells Fargo account last year. MtGox literally hit a USD cash flow brick wall.
Mark made the decision, under the stress of running a largely insolvent exchange, to sell Bitcoins that actually did not exist. Because the deficit is so large, they may have been doing this for a long time, but then recently had to ramp sale of these artificial coins to meet their USD obligations.
submitted by dstanchfield to Bitcoin [link] [comments]

New Rule: Mark Karpeles has to drop the mask and admit he's been working for the banks all along.

The old adage is to never assign malice to what can be successfully explained by stupidity or incompetence, but sometimes if it walks like a duck and quacks... well.
Going back to June of 2011, MtGox has had a stellar record of pretty consistently screwing up, dropping the ball, taking the wrong turn and then always blaming someone else. The hack, the trading engine lag, the regulatory issues, the coinlab lawsuit, the dwolla issues, the USD withdrawal issues and now, finally, the "BTC Malleability Issue".
Every time one of these things happen, MtGox takes a hit to its reputation, but so does Bitcoin.
It is remarkable how the malleability issue only seems to have affected MtGox (the fourth or fifth exchange by volume) and not Bitstamp, BTC-e, BTC China, or the smaller exchanges.
It is absolutely unreal how the malleability issue has been used by some "unknown parties" to perfectly emulate what would happen if MtGox was, in fact, insolvent... like as a consequence of their previous screw-ups.
What will happen next? Bitcoin will survive, as it has in the past, and will grow IN SPITE of, and not because of MtGox. This is because Bitcoin, unlike MtGox, continues to be a really, really good idea.
And maybe, just maybe, Karpeles will end up working for JP Morgan or something...
submitted by Piper67 to Bitcoin [link] [comments]

MASSIVE LAWSUIT AGAINST 7 CRYPTO FIRMS - Coinbase Scam - Bitcoin XRP Ethereum ₿ Crypto Class Action Lawsuits, PewDiePie Leaves DLive, MoneyGram Quiet Quarter & Craig Wright Patrick Likes Bitcoin - YouTube YouTube Ep. #578- ETH HALVENING! / Blockstream Threatens Lawsuits? / Whopper Coin / Estonia Coin

After the filings in New York on Friday, spoke with Roche Cyrulnik Freedman partner Kyle Roche about the class-action cases. Four men have sued Bitcoinica, one of the larger Bitcoin currency exchanges before it shut down in May, alleging that the exchange owes them $460,457.70 in lost deposits plus damages. It's a story... Dwolla has sent over a statement responding to the $2 million lawsuit filed yesterday by the Bitcoin exchange TradeHill. Dwolla says it has not been formally served notice of the lawsuit yet. The firm also represents the Kleiman estate in its billion-dollar lawsuit against self-professed Bitcoin inventor Craig Wright. The lawsuits, all filed in the US District Court for the Southern District of New York, have one theme in common: They all allege that the token issuers took advantage of the market’s lack of understanding and awareness of how cryptocurrencies worked. And they sold ... Last year, Wright filed lawsuits against Ethereum co-founder Vitalik Buterin, Blockstream CEO Adam Back, founder Roger Ver, podcaster Peter McCormack and pseudonymous Twitter individual “Hodlonaut.” But in January, he scrapped his lawsuit against Back, covering $8,400 in legal fees. Wright had claimed that Back libelled him by calling him a fraud. Wright maintains he is Satoshi ...

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