Moolah, a Bitcoin and Dogecoin exchange company is likely no more, and it’s mysterious CEO has wandered away with $1.4 million in digital currency.
The owner of Moolah was listed in U.K. filing documents as Alex Green, although his actual identity has not been revealed at this time. In a blog post Green once claimed to be legally known as Ryan Kennedy, while others knew him as City College Plymouth student Ryan Gentle.
The $1.4 million in missing Bitcoins and Dogecoins belonged mostly to users of the Mintpal exchange, which was hit with a $2 million hack in July 2014. Green, and his partners, Chelsea Hopkins, Ferdous, and Mike Chu, purchased Mintpal following the massive breach, and they quickly rolled 70,000 Mintpal accounts into the Moolah framework.
Ferdous told the Daily Dot, “that he and Chu were merely investors, and that Moolah ran every aspect of the business.”
Moolah eventually announced that it too was bankrupt, but then Green admitted he had changed his name in order to start a new identity, and blogged that he had “f*cked up on a catastrophic level,” before going silent.
Shortly after he announced plans to Skype with his employees, Green went silent and missed his own assigned meeting. Mintpal users then began to complain online that their accounts had been locked and their funds removed from their accounts.
The company’s failing system was revealed when the currency’s blockchain was examined, and it was determined that 3,701.0292 BTC ($1,440,506.59) ended up in a single wallet.
Shortly after it was discovered that all of the exchange’s money was shifted to a single account, the company announced that Ryan Kennedy did not have the access to that wallet which was frozen. The company then began a series of tweets to ensure customers that they are working to fix the theft and return all stolen Bitcoin and Dogecoin transactions.
https://twitter.com/MintPalExchange/status/523932268046610433
Michael and I (Ferdous) were conned by Ryan Kennedy into investing in the purchase of MintPal.
— MintPal (@MintPalExchange) October 19, 2014
https://twitter.com/MintPalExchange/status/523939006988701696
We have reached out law enforcement agencies. We encourage you to also call UK Action Fraud: 0300 123 2040 http://t.co/moCPwHdBqW
— MintPal (@MintPalExchange) October 19, 2014
The story unfolds further with a Pastebin post from Twitter user @CryptoCamel:
The latest chapter in the altcoin saga is shaping out to be the most epic by far. This is outrageous http://t.co/5AoRimkjAG#moopay #scam
— ᶜᵃᵐᵉᶫ (@CryptoCamel) October 19, 2014
No other details about the Moolah Bitcoin theft have been revealed at this time.
This article was written for Business 2 Community by Jay Leonard.
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