Coinmint Is On The Verge Of Dissolution Due To A Legal Dispute
The ongoing dispute between two co-owners of the major US-based multi-cryptocurrency mining company Coinmint may result in its dissolution.
Mintvest Capital Ltd. and CoinMint Living Trust hold equal shares in Coinmint. However, accumulated disagreement between the two made the former legal entity file to dissolve the company.
A dissolution petition submitted to a Delaware court Mintvest Capital claims that CoinMint Trust took “action to the detriment of the company”, that is, converted the legal jurisdiction of Coinmint to Puerto Rico without the partner’s approval. The co-owners also could not come to terms on selling Coinmint to a third party and splitting the proceeds.
Both parties are currently awaiting a decision from the court.
Meanwhile, the valuable assets held by Coinmint may be declining in value due to last year’s altcoin prices downfall. Furthermore, as the halving approaches, older-generation Bitcoin mining rigs that may be held by Coinmint are also likely declining in value.This is not the first time CoinMint has brushed with controversy. Coinmint was sued by a New York real estate company in 2019 for allegedly breaching contract terms by failing to pay rent and building an electrical transformer in the rented commercial space.