As of writing, popular bitcoin exchange MintPal is up with an alternative withdraw system after being shut down for a number of days, trapping more than $130,000 worth of cryptocurrency from its users. The company that once claimed ownership, Moopay LTD., now claims that it never had ownership in the first place and that it will be trading hands in the management.
Just before claiming non-ownership, Moopay LTD. was in the process of migrating MintPal to a “version two” platform. The site was down longer than expected then as well, causing another lock out of funds prior to the recent fiasco.
Because of this, CoinGecko, a popular cryptocurrency ranking site that looks at more than economics, decided to de-list MintPal from their exchange list. Co-Founder Bobby Ong spoke with CCN about the company’s reasoning behind the de-listing.
“If MintPal gets up and running again, we will display the trading volume on CoinGecko. We will monitor the situation on the transition to a new ‘management’ but I think MintPal is a lost cause now. They have absolutely lost user trust, just like Mt.Gox.”
Ong’s insight comes during a time of a conspiracy against Moopay CEO Alex Green, accused of being a long time scammer known as Ryan Gentle/Ryan Kennedy by Dogecoin creator Jackson Palmer. If the allegations hold up to be true, Gentle could perhaps be a second figurative Mark Karpeles, the infamous Mt.Gox CEO.
Botched MintPal Acquisition
A few weeks ago, Green made a statement on the Moolah company blog stating that his company was taking over MintPal. Using specific terms such as “acquisition,” it looked as though the company had truly taken over much more than just management.
When Green announced that Moopay was looking at bankruptcy, he took MintPal offline and refuted having an acquisition. Instead, he claimed Moopay only had control over the management. Customers were now supposed to trust Moopay to trade management with another anonymous company while their funds are locked on the exchange without warning.
“If you go through the historical postings of Moolah, they claimed to have acquired MintPal. Yesterday they started saying that they did not actually acquire MintPal, but were only responsible for managing it. Either way this is a serious breach of trust of the public. They did not go out at any point since the acquisition to try to correct the public perception that they did not actually acquire, but instead only manage MintPal on behalf of someone else.”
Currently, there is a group on the BitcoinTalk forums tallying up coins that cannot be withdrawn to take legal action against MooPay. MooPay claims there will be a successful withdraw system put in place by October 16, but many in the community fear that they cannot take Green’s word at face value. Ong said in closing:
“They claim that customer funds are safe, but we shall see in the coming weeks if this is actually true or just another lie.”
What do you think of the Mintpal fiasco? Comment below!
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