Dwolla Sued by TradeHill, Bitcoin Exchanger

By  |  March 7, 2012
 | 

TradeHill Inc., exchange operator for online currency Bitcoin, has filed a lawsuit against payment startup Dwolla.

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    In the suit, TradeHill alleges that “fraudulently reversed nearly $100,000 in supposedly ‘credited’ transactions and unjustifiably blocked an attempt by TradeHill to transfer $70,000 of its funds from Dwolla’s control,” a press release shows.

    Dwolla CEO Ben Milne has since responded. While Dwolla has not yet been served a formal notice regarding any potential lawsuit, Milne says, his company would “vigorously defend all allegations of wrongdoing” should that service take place.

    Milne’s response is hardly boilerplate, and makes a significant effort at explaining some of the details behind TradeHill’s allegations. The statement is available online at Observer.com’s BetaBeat.


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