Popular cryptocurrency exchange MintPal has been trying to migrate to their Version Two platform since Friday, October 3. The platform is a highly trafficked source of bitcoin and alternative coin trading, but was not functioning up until Monday due to unforeseen issues on the backend.
At the beginning of the migration, the Moopay LTD team, the new parent company of MintPal, hoped that the migration would be nearly seamless. When the site was down for longer than the promised 24 hours, CEO Alex Green posted an announcement on the progress, saying:
“We will be taking this weekend (which is a slow time for trading) as a chance to fix the outstanding issues, and implement missing features. First impressions are important, and while delays are highly embarrassing – releasing a fully featured product is far more important by comparison.”
Prior to the site being taken offline, the cryptocurrency community urged Moopay to unveil their plans for MintPal. Moopay teased at Version Two migration for a while but kept delaying due to the platform not being prepared. Green also touched on the rush in his announcement, expressing regret for rushing the migration.
“Pressure from the community caused us to try and rush ahead, which is something that we should not have done. While the platform is now in a great place, there are a few things that should be done.”
MintPal is now online, showcasing a sleek, responsive design. They are offering traders fee-free trading until the end of the year, along with a few other perks to garner business after the downtime.
MintPal Funds Locked All Weekend
Bitcoin saw a large crash over the weekend, causing other popular altcoin prices to fall dramatically as well. MintPal focuses primarily on altcoin trading, but users of the exchange were not able to access their funds, in any coin, as the market fell.
To correct this mistake, Green stated that anyone could make urgent withdrawals by sending him a personal email with as much information about your account as possible. Coupled with this, Green tweeted this when the platform was not live as the weekend passed.
At the very least, you will be able to withdraw funds today - even if we have to keep the platform down.
— Lumi (Ryan) (@hyperactivelumi) October 6, 2014
Community Frustration Leads to MintPal Gox Parody
Frustrated by the long wait, some users launched a “Mintpal Exchange v2” parody site. In all Comic Sans font, the exchange mimics the old layout of the MintPal exchange laden with satirical language. The site says, “All 70,000 accounts have been successfully migrated to MT Gox,” calling back to the Mark Karpeles Mt.Gox scandal in February.
At the bottom of the page, the copyright reads as follows:
Copyright © 2014 MintPal Limited. An enterprise of Moolah and MooPay LLC. This website may be a honey pot of the IRS. Your account can be subject to review at any time.
Before visiting the site to see for yourself, be careful. Clicking the “Start Spinning!” button leads to a pornographic website, so be warned if viewing at work.
Has The Damage Been Done?
Earlier this year, MintPal experienced a large security breach causing the initial loss of stolen VeriCoin. Many users lost faith in MintPal immediately and reportedly moved their funds elsewhere. Happening prior to the Moopay acquisition, Green made the new focus for the company be on security.
“Our first action to take regarding MintPal, is to beef up the security, make a number of performance tweaks; do a formal audit and review of operational procedures,” Green said. “Once this is done, we will focus on introducing new features to both platforms. They already have a great platform, we just need to make sure that all the doors are locked, and that none of the windows are open.”
Now that the site was down longer than the originally promised 24 hours, the question remains as to whether or not MintPal users will choose to stay or move to another altcoin-heavy exchange.
Images from Shutterstock.