Last week, a UK High Court judge granted Syscoin’s emergency injunction against Moopay LTD and former CEO Ryan Kennedy (also known as Alex Green). On Monday, the High Court granted the final injunction and served it to Moolah. According to the Order, Moolah has until October 28 to return the 750 bitcoins Moolah was holding in escrow for Syscoin.
On Monday, a UK High Court judge granted Syscoin’s final injunction against Moopay LTD and Ryan Kennedy. This followed Friday’s emergency injunction, which legally barred Kennedy from selling the 750 bitcoins Syscoin raised during their presale and had entrusted to Moolah’s escrow service.
Syscoin team manager Dan Wasyluk briefly summed up the day’s events on the Syscoin blog, stating the altcoin would release more information on Tuesday.
Our solicitors were at the Royal Courts of Justice today to deal with the matter of the emergency injunction we had filed over the weekend in regards to the missing 750BTC that Moolah LTD/Ryan Kennedy (aka: Alex Green) were responsible for managing. We are very pleased with the ruling the court made this morning.
Syscoin’s lawyers, the bitcoin-friendly and tech-savvy firm Selachii LLP, sent several tweets to Moolah informing them (specifically, Kennedy) that the judge had granted the injunction and that Kennedy should seek immediate legal advice (Selachii maintains an active social media presence, even posting picture of the High Court building on Instagram).
Per the injunction, Moolah has until October 28 at 4 pm GMT to return Syscoin’s bitcoins.
Ryan Kennedy now has less than a day to return Syscoin’s bitcoins. If he does not comply, he will face legal action. CCN will report any relevant updates as they break.
It is heartening to see the UK courts treat this matter with the same seriousness afforded to disputes involving fiat money. This is yet another validation that cryptocurrency is money. But it is also a warning to the cryptocurrency community that scams exist, and people should guard their cryptocurrency holdings and investments just as carefully (or hopefully, more so) as they do their local fiat currency.
Images from Syscoin & Shutterstock.