Bitcoin and Altcoin Payment Processor Moolah Emergency Migrates to V2 Platform

Due to a few platform instabilities with their V1 platform, has announced that they will be performing an unplanned emergency platform migration to their V2 platform. Alex Green, CEO of Moolah, made the announcement on Dogecoin’s subreddit informing customers of the migration in advance.

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For the past few days, Green has been tweeting to his followers urging them to move themselves from the V1 platform to the new one, warning of various problems V1 has been experiencing. But as the company was trying to hold off for as long as they could, the decision to migrate had to come forth.

Moolah has been planning the migration for some time, but has been dealing with internal public relations issues alongside their progress. Regardless, they didn’t expect to be moving so quickly and so suddenly. With such a quick migration, there was a lot of room for fear to spread among their customers. However, their V1 platform was broken and had the capability to put their customers at risk. Green and his team decided to move to V2 in their customer’s best interest.

Moolah’s Official Statement

Green’s statement warned users of a few things, but also consoled those that may have reacted negatively to the emergency migration. His statement read as follows:

In the past few hours, platform instabilities with the V1 platform (primarily linked to our architecture and how we previously made use of the accounts system, in part, as well as general daemon limitations) have reached an all-time high. We are fighting a battle against an unstable platform, and while we have duct taped whatever we can; this patient is about to bleed out. Coupled with the fact that we have been experiencing a fairly high volume of attack traffic in the past few days, and we are no longer confident that we can keep the platform up.

At this time, we are making the decision to shut the platform down and migrate everything (storefronts, balances, etc.) over to V2 ahead of schedule. If we did not take steps to do this, you would be left with an unusable platform, and quite possibly corrupt wallet files. V2 is built from the ground up to deal with this problem, and to prevent it from happening again.

I apologize for everybody still on V1, and who is affected by this problem. This includes people with legacy storefronts, people on Prelude, and people with consumer/merchant accounts on V1. All of your balances are safe, and we are in the process of moving them to V2 (though due to the number of inputs, it’s being slow). It could take up to 72 hours to restore all balances, but I would like to stress the fact that your money is safe.

Your storefronts are being migrated to V2, your Prelude balances are being migrated to our new trading platform; your consumer and merchant balances are being migrated to V2.

Please do not send money to previous addresses from this point forward. While we have the ability to recover funds, it is a slow manual process currently.

After publishing the post, and possibly realizing that fear and speculation may arise, Green went in and made an edit to deter that reaction.

I would like to make it clear that we have not been hacked, exploited or anything along those lines. At no point will we be saying “OH GOD YOUR FUNDS HAVE BEEN STOLEN”. We’re simply having to shutdown our legacy platform ahead of schedule following sustained platform instability.

All customer funds are safe and sound, and you should be seeing your balances updated on V2 (in a new wallet for each currency called “Migration”) early tomorrow evening (GMT).

Green claims the V2 is a more stable and finished platform compared to V1. With this outage, it looks like everyone will be able to experience the polished product the company has been building.

Featured image by Shutterstock.

Last modified (UTC): July 12, 2014 12:27