Syscoin Threatens Moolah with Legal Action Over Missing Funds
The Moolah scandal has captivated the cryptocurrency world over the past several days. However, one of the more troubling stories has flown under the radar. Moolah is currently holding ~$285,000 in escrow for the Syscoin community, and the company has not responded to requests to return the money. Syscoin is now threatening Moolah with legal action over this breach of trust. Also Read: Dogecoin Creator Responds to Moolah Bankruptcy with Additional Concerns. Overview of the Moolah Scandal. On October 14, the cryptocurrency company Moopay LTD announced it was declaring bankruptcy and that....
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It is not unknown to see scams in the crypto world. However, it was definitely surprising to see a company such as Moolah to end up as a complete and utter scam due to its owner Ryan Kennedy’s lack of respect to both his employees and customers. If it weren’t bad enough, Moolah declared bankruptcy, and funds from Mintpal, acquired by Moolah earlier this year were stolen by Ryan Kennedy. Yet, if it can be recalled by altcoin followers, the Syscoin ICO was held by Moolah as an escrow, and those funds are missing as well. In light of this scam, there is a bright spot as the Syscoin team has....
Syscoin's emergency injunction against Moolah was granted by a UK High Court judge. On Friday, a UK judge granted Syscoin's emergency injunction against Moopay LTD and former Moolah CEO Ryan Kennedy (also known as Alex Green). The injunction bars Kennedy and Moolah from selling the 750 bitcoins Syscoin raised during its initial coin offering and entrusted to the company's escrow service. If Kennedy violates the injunction, he could face prison time. Also Read: Leaked Document Supports Theory that Moolah CEO Alex Green Changed Name. Syscoin Injunction Against Moolah Granted by UK Judge.....
On Sunday, Syscoin released legal documents detailing their communication with former Moolah CEO Ryan Kennedy (aka Alex Green) over the past few weeks. Syscoin began litigation against Kennedy for refusing to return the 750 bitcoins Syscoin raised during their presale and placed in Moopay's escrow service. Kennedy claims the bitcoins were stolen by unscrupulous users who exploited a flaw in the MintPal code. Also Read: United Kingdom Judge Orders Bitcoin Exchange Moolah to Repay Syscoin's Escrow Fund. Syscoin Releases Legal Documents from Moolah and Ryan Kennedy. On November 2, Syscoin....
On Monday, a United Kingdom High Court judge granted Syscoin's final injunction against Moopay LTD (more commonly known as Moolah) and former CEO Ryan Kennedy (also known as Alex Green). The injunction included a provision ordering Kennedy to repay the 750 bitcoins Syscoin had deposited in Moolah's escrow service. The Syscoin price rose 17% following the announcement. Also Read: United Kingdom Judge Orders Bitcoin Exchange Moolah to Repay Syscoin's Escrow Fund. Syscoin Price Rises After Judge Orders Moolah to Return Bitcoins. Syscoin. When the news first broke that Moolah had effectively....
Over 1100 BTC have been reported as missing from Moolah, a financial platform offering consumer, merchant, and exchange services in the UK, US, and Ireland. The Syscoin developers reported Moolah owes 750 BTC and is initiating legal action via Selachi LLP. The other 400+ BTC missing were reported on the BitcoinTalk forums by forum users in a thread created by BlockaFett. On October 14, 2014, Alex Green published Moolah’s post-mortem on the company blog. “…we have rapidly burned through our reserves and are now in the position of having a negative balance sheet. Losing certain clients that....