ADVERTISEMENT
Advertise with BNC

Director of MintPal Investigates Missing 4000 BTC

29 Oct 2014, 00:00

MintPal, follows in Syscoin's footsteps by seeking legal advice from Selachii LLP. With 4000BTC missing and the community clamoring for the return of their funds, it's no wonder yet another court date may be set for Moolah.

Moolah Quote 1

Ryan Kennedy or better known as Alex Green has acquired yet another possible court date as MintPal vows to fight the former CEO of Moopay LTD (Moolah) Alex Green (also known as Ryan Kennedy, Ryan Gentle). It is alleged that he has stolen 4000 BTC that led to the collapse of Moolah.

Green had garnered a lot  of trust from the crypto community. Ferdous Bhai, director of the holding company that owns Mintpal and a major shareholder released a document detailing his and Michael Chu, Bhai’s partner’s involvement with Green.

The legal information announced 30th October 2014

“Alex Green" reached out to Michael and I (Ferdous) a few months ago regarding the possibility of acquiring Mintpal. We have known Alex via reddit where he had a reputation of being generous and charitable. He had organized the NASCAR race for dogecar and was actively raising funds for various charities. At the time, he was one of the "good guys" in my book.”
— – Bhai

At the time Bhai saw acquiring MintPal as a fantastic opportunity. Their agreement with Green seemed appropriate. Chu and Bhai would own 65% of the company, Moolah would receive 10% commision for the management of Mintpal, and the remaining 35% of ownership would be Green’s, and the employees at Moolah.

“I believed that Mintpal had the potential to be one of the top businesses in cryptocurrency space and we had the opportunity to acquire it for relatively cheap. So I jumped in at the opportunity.” – Bhai

However the excitement of this new investment was short lived. Bhai was happy with the original UI of Mintpal’s V1, however, there was room to improve their security. Green advised Bhai that he was a security expert as he had worked at Citibank for a number of years. Given that he had already built the exchange with Moolah, which appeared to have no security issues, it seemed appropriate that Green be in charge of Mintpal’s V2.

V2 wa released a full week after the original, self-imposed, launch date of the 17th September, and V2 was not nearly as functional as V1. On Bitcointalk the frustration due to delays and bugs could be heard. Mintpal V2 went down, and even though an email was offered for customers to request manual withdrawals, many reported having no success.

“It’s not that they are a bunch of unprofessional morons unable to properly handle a migration like this within the timeframe they established themselves, it’s just that their 24 hours have like 4 times as many minutes as ours.” The Irishman, Bitcointalk.

Bhai’s opinion does not much differ from the communities either:

“To put it mildly, the V2 launch didn’t go as planned. After a lot of drama surrounding self-imposed deadlines on V2 launch and several delays, Mintpal V2 eventually launched with a buggy platform, a $20 UI template and lacking features.”

14th October, not long after the V2 launch, Green announced on the Moolah blog they would be closing their doors due to a loss of key customers who “were toying with the idea of digital currencies.”. Two days later this was replaced by Green’s public resignation. Soon to follow was the release of information regarding Green’s other identities, Ryan Kennedy/Gentle.

This ruffled Bhai’s already growing concern regarding 4000 BTC that had disappeared from Moolah’s V1 cold storage. On closer inspection, Bhai uncovered additional information regarding a local bitcoin account held under the name Ryan Kennedy, trading in large quantities of Bitcoin. The full details can be found in the document and Bhai continues to trace the funds.

Bhai has now sought legal counsel through Selachii LLP, the same representatives for Syscoin’s injunction awarded earlier this week. Syscoin is still awaiting the return of their escrow funds held by Moolah. Word is yet to get out regarding the hearing that took place on the 30th October, but it is likely the community is waiting with baited breath for further information.

After exhausting his own finances to get servers up and running to reclaim over 1000 altcoin, Bhai is reaching out to the community for financial support for their legal fees, approximately $25,000 USD

Jordan Fish, known also by his twitter handle CryptoCobain has publicly announced “I verify I hold the escrow address for legal fees. If anyone has a problem with me being escrow, let’s set up a multisig with @aantonop.”

Green has since rebutted claims against his identity and assures the community that he is busy processing funds.

“Since October 3rd, we have processed withdrawals across various digital currencies with a total value in excess of 6768 Bitcoin (£1.48M).”
— – Moolah

However, the community are in doubt, and with the mounting legal claims against Green, the truth is bound to come out in time.


B.Holmes, author of The Range of Illusion and The Private Key installments, is currently located in Thailand, researching and writing about crypto. You can follow B.Holmes on twitter @BanteringB, or contact via email: [email protected]


ADVERTISE WITH BRAVE NEW COIN

BNC AdvertisingPlanning your 2024 crypto-media spend? Brave New Coin’s combined website, podcast, newsletters and YouTube channel deliver over 500,000 brand impressions a month to engaged crypto fans worldwide.
Don’t miss out – Find out more today


ADVERTISEMENT
Advertise with BNC
ADVERTISEMENT
Advertise with BNC
BNC Newsletters: A weekly digest of the most important news and analysis.
ADVERTISEMENT
Advertise with BNC
Submit an event on bravenewcoin.com
Latest Insights More
ADVERTISEMENT
Advertise with BNC