Recent events.

My History

I will not be commenting on the majority of the allegations surrounding me, other than to say that some of the latest ones are getting rather ridiculous, and I deny the vast majority of them.

My name was legally changed from Ryan Kennedy to Alex Green, in an attempt to start my life over and have some peace.

Moopay LTD

It recently came to my attention that had been bleeding funds from the core platform. The audit process did not trigger on this, because the audit process looks for a difference between the sum balance of consumer accounts, and what is reported on the platform. Because of what is a giant technical oversight by myself, it did not take in to account any additional funds held on the platform, including funds managed on behalf of MintPal Limited, and funds held for third parties.

The bug itself seems to have manifested as people being able to arbitrarily double their balances on a whim. This was reported when Moolah V2 was launched (both privately and in public), and was rapidly resolved – but it appears now that there was another vector to do this that we were unaware of. I am currently digging through the withdrawal history, and building a full picture of events to provide to the relevant authorities as required.

This was rapidly investigated while I was overseas, and all systems relating to it were shut down immediately as soon as it was noticed that large amounts of capital were missing. I tentatively stated that we were going bankrupt, but there was hope in the form of a VC investment that could cover the losses. The firm in question pulled out after the PR backlash that suddenly exploded, which leads me to wonder if this whole mess could have been avoided had I remained quiet to the general public for a few days. I do not believe that would have been the right thing to do however.

Because of what has occurred, Moopay LTD is now insolvent and has no choice but to enter in to liquidation following the passing of a winding-up resolution. In the United Kingdom, this is known as a creditors’ voluntary liquidation and is what happens when a company becomes insolvent and is unable to pay its debts. A creditors’ meeting will be announced shortly in relation to this.

Beyond this, the company was additionally running out of reserves to operate on based on our records, and we’ll be making full details of our expenses available to our investors in the very near future. This will include a full breakdown, and receipts/invoices where available. Had this situation not occurred, Moolah would still likely be going out of business this month.

Further details on the exploit and how it occurred, will be provided as soon as everything has been fully explored and all records investigated.

MintPal Withdrawals

Balances that were not stored with Moolah have not been subject to the same exploit.

As of so far, MintPal has processed 2597 BTC worth of altcoin withdrawals since the platform was fully shut down. A large number of withdrawals (both BTC and altcoin) were processed prior to this event.

XMR withdrawals will follow shortly.

Some funds are floating around in the old wallets (having failed to be imported), and I am currently trying to reclaim these in order to strength exchange reserves.

Withdrawals will continue to be processed until all wallets are depleted.

Final Words

I do not believe I can ever apologize enough to customers of MintPal, investors in Moolah, third parties who trusted us, and the general digital currency community at large. This situation should have never occurred, and I intend to never again take a position of leadership in a financial related company of any kind. Then again, I never expect to work in anything financial related full stop. I have zero intent of ever going in to business for myself, ever again.

I do not expect that the general populace will believe anything I have said here, and as the sole director of Moopay LTD, I fully intend to cooperate with any and all law enforcement and regulatory agencies as required. Contrary to rumours, none have reached out to me as of yet, but I await any contact in light of recent events. I am not in hiding, and it would be very easy for any official body to find me.

I fully expect that the Insolvency Service will find that I poorly managed the situation, and likely have me barred from being a company director for 15 years. I will cooperate with them fully in this situation.

There has been no criminal wrongdoing on the part of any employee or shareholder in Moopay LTD, and while I can understand the general sentiment against myself, please don’t attack my former employees. They were as surprised by this all as I was, if not more; and they never would have had access to the information that could have prevented it.

I am shocked and upset that this has happened, and I am fully aware that I deserve the general sentiment in relation to me. Again, words cannot express how sorry I am. I will be taking any and all possible action in order to mitigate the damage caused by this event, in turn likely caused by poor management by myself.

And yes, I know sorry isn’t good enough. I know I have fucked up on a catastrophic level. There should have been better procedures in place.

A public resignation.

No doubt you have seem some of the reports going around about – and I believe it is time to put some of these issues to bed.

I would like to start by saying that in context of the below, my identity is irrelevant. My identity becomes relevant if I break the law, which is something that neither myself nor my employees have done. To be as clear as I can, I could have been born as John Smith, and it wouldn’t matter. This is not to be taken as confirmation or admission of anything, that will follow at a later stage. In the eyes of the law, my name is Alex Green.

I have seen a number of reports by one Ben Doernberg demanding that investors call the police. For what exactly? What laws have been broken?

You can make up whatever numbers you want, but our 3 – round PIE was valued at roughly $340,000. All in all, we raised roughly $400,000 after totalling everything up, far less than our closest competitor. We have not raised millions, we are not holding on to half a million dollars, it costs money to run a business. Our staffing costs alone run $45,000 a month. Our hosting costs for September were $8,500. There are other costs, service based, professional based (e.g. legal), capital expenditure and so on. Are other monthly costs can easily reach $10,000 per month. Add this up and you get $63,500 per month to operate. If we still had all of our funding, we would have the ability to only run for 6 months… We have done 10 so far.

One time costs can be fairly high, costs to external contractors and so on, it all spirals rapidly. We ended up having a dependence on key clients that were toying with the idea of digital currencies (and paid us for integration and enterprise service), that we lost. At this stage, we did not have the funds to continue operating. There was no big conspiracy, like most new businesses, we simply ran out of money. Money came in, far more money went out.

This happens to most startups. Most collapse with no hope of redemption. There is no fraud involved, it’s a numbers game in terms of risk. Have you seen how much money some Silicon Valley failures have burned through?

Despite all of this, we’re continuing to operate. Our customers can continue to use our platform, albeit it is currenrly unstable following sustained attacks. Instead of giving up and throwing in the towel, we are keeping on going. We are scaling back and ensuring there is a chance for our investors to see continued ROI. In the light of recent events, I will be resigning in order to ensure the company has management better able to cope with the issues now surrounding the company, and so that any reputation tarnished by association with me is no more.

Whether I find a replacement as CEO and step down, or hand off the company in full – the company will continue. I would love to be a part of this moving forward, but this is no longer possible. I will also be ensuring that I no longer retain a stake of any size in the company, to ensure that the team does not have to worry about any associations with me. We have a solid platform, and I know it can go places with better direction.

Moopay LTD does not own MintPal Limited, though I do have a small stake in the holding company. I will also be giving up control of this stake to further ensure that both companies have a clean break from me in full.

There is no scam here, no matter how you look. There has been poor management however and that is my fault, it’s time to rectify that so the remaining employees, our investors, and our customers – have a good shot at making something of what I have built.

Thanks for everything,

The reports of my death have been greatly exaggerated.

I would like to prefix this by saying that the following post is only relevant to Moopay LTD (the platform), and is not linked to MintPal. MintPal as an exchange is sticking around, and will be up within the next day or so in order to enable people to withdraw coins ahead of key changes to the platform. At this stage, it is still highly likely that management will be passing to another entity as planned; though the beneficial owners of the exchange have received a number of acquisition offers.

Now, moving on to the core platform.

Earlier today, we released a blog post following a conclusion that we could no longer continue to operate with our current cash reserves. While we used the word bankruptcy, I would like to make it clear that our consumer reserves are entirely solvent; and the plan was for a voluntary dissolution and winding up, with a distribution of liquidated assets to company investors (as per normal procedure). We saw no alternative. After making the post, a number of people reached out to us – and some of these people included private angels and well established VC firms. While the resulting process will take a considerable amount of time, it has spurred us to find an alternative to keep afloat while we attempt to secure much needed capital.

After a number of internal discussions, we have found a way. Our core platform will be sticking around. We will be scaling back the platform and focusing on merchant services (shifting away from consumer), and ceasing development on non-core services. Our 24/7 support will be scaled back to business hours for customers as per standard, with a 24/7 option being available a’la carte for enterprise and business customers. Our consumer platform will continue to be a part of the operation, but we will not be doing any additional feature development at this stage (bar essential bug fixes).

We’ll be focusing on what we do best, merchant solutions. A simple but solid API for merchants. Easy storefronts for people wishing to sell good and services online. Instant conversion to FIAT with quick and easy payouts in local currency. Retail solutions. We’ll be refining our existing services and giving them a massive overhaul, and will be engaging the community and investors actively in what they’d want to see. Our current platform will remain up during this whole process, and both consumers and merchants can continue to actively use it at this stage.

We will be scaling down in terms of staff massively as a result of this, and all staff members who will be involved with the ongoing operation have agreed to defer any salary payments until a suitable time. I personally have never taken a salary, and will continue to not do so. At this stage, we will likely be going from a team of 19 full-time employees, to a team of 5. In the (hopeful) event that we return to a profitable and / or well funded stage, the other 14 employees will be the first people we turn to and attempt to bring back in to the team.

We will be establishing a strong code of ethics, a policy of community engagement, and will be actively working on improving PR, communications and so forth. We will also look in to the pros and cons of rebranding in light of these changes, and will take action as necessary.

As a result of this, we are halting proceedings for dissolution and winding down (a’la bankruptcy), and will be fighting tooth and nail to keep things going. We have been offered a number of ways out, and intend to take one. With this restructuring, and a personal cash injection – we have the funds to continue going for a considerable amount of time (many months). This gives us the needed time to seek new partnerships or to pivot as necessary. We will be ensuring that we no longer have to rely on a select few clients.

– Alex

Moolah is having to close its doors.

After 10 months as a high-risk startup in a volatile environment, Moolah has reached a stage where it is unable to continue operations in today’s market. With rising costs and dropping revenue, and the loss of a number of key clients vital to the ongoing operation of the company, we are no longer able to continue functioning.

As a result of this, Moopay LTD will be filing for bankruptcy and dissolution following the administration process; and ceasing operations. All client funds held in consumer accounts are safe, and can be withdrawn as per normal at this moment in time. If you fail to withdraw your funds before the platform is shut down on October 31st, you will receive an email asking you where you want your funds to go.

Again, all funds held in consumer accounts are safe – consumer funds are essentially held in the equivalent of a client trust account and are fully separate. You can withdraw them via the normal route up until the end of the month.

Any businesses or entities with funds held in any other fashion with us, will be contacted over the next month as a part of the bankruptcy and creditor process. Very few businesses will be affected by this, as the vast majority of remaining businesses withdraw funds daily.

Once the administration process has fully completed, all assets are liquidated and creditors are paid off; the remaining funds will be divided accordingly between investors in the company. Details on this will follow.

While we have a solid consumer and merchant platform, our monthly costs to cover support, legal and operational expenses now greatly outweigh our incoming cashflow. In the space of a single month, we have rapidly burned through our reserves and are now in the position of having a negative balance sheet. Losing certain clients that we relied on for revenue, means that we do not have the funds to continue paying staff, or pay our suppliers. Our costs over the first year have been astronomical in terms of legal and operational expenses, and our staffing costs now greatly outweigh our incoming funds. A number of the team have spent the past 10 days in Asia (personally funded, not company funded) attempting to secure vital contracts that would ensure the future of the company, but these attempts proved fruitless given general opposition by the businesses in question in to entering in to agreements with non-Asian companies.

We have lasted longer than most expected us to, longer than we statistically should have, and held up against competition with millions in funding. Sadly, this has all come to an end; and we have joined the large list of startups that fail on a daily basis.

I would like to thank each and every member of the community that gave us a chance, and each and every member of the team – you all did an amazing job.


As a result of this, MintPal will no longer be managed by Moolah (we do not own it, we are responsible for management). We have sourced a new management team for it, and the following will be occurring.

MintPal will be coming down immediately – in light of critical errors being disclosed. The new management team will be making a number of stability changes, UI improvements and bug fixes. They will also be handling the resolution of issues surrounding missing balances. An update will be following on shortly, with details of further timeframes.

In the interests of full disclosure, contrary to popular reports, I personally am not a majority shareholder in the holding company.


Moofarm is entirely separate from Moopay LTD. If you are a part of Moofarm, you will shortly receive an email with further steps.


MintPal V2 – Current State

Major Issue

As some people have noted on Twitter, some people are receiving the message “username or email address” does not exist when attempting to login. Out of the roughly 70,000 user accounts that were migrated, this appears to be affecting up to 8,000 accounts in total. No funds are at risk, and we are actively looking in to why this has happened.

We are going back and cloning the missing accounts back over. There is no pattern relating to these accounts, which is extremely odd.

We will be launching once this issue is resolved. We do not expect this to take long.


Fee-free trading will last until the end of the year.

All pending orders have been cancelled.

Known Issues

The private API will be disabled at launch in order to allow for us to come up with a sensible bot-related policy.

Charts will appear after one hour of trading data is available.

The current theme is not the greatest, but it works. We will be replacing it with an enhanced frontend once all core issues are dealt with.

Urgent Withdrawals

If you need to make an urgent withdrawal while the site is still down, please email with as much information as possible relating to the withdrawal. You will need to email from the address associated with your account.

MintPal V2 – Our Plans.

After listening to feedback from the community in regards to our latest tweets, speaking directly with a number of people – and an internal meeting in regards to it, we have decided to take the following action.

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. Launching with even trivial bugs, is something that we should not have even considered.

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.

We are committing to the following, as a result.

  • Users will have the ability to cancel orders before people take advantage of arbitrage and potentially cause considerable losses for people. This will be a window of 60 minutes at launch.
  • We will announce the launch 12 hours in advance, and stick to this time.
  • We will be launching with FIAT markets. There will be tiered verification.
  • We will be launching with stop loss orders.
  • We will be launching with full API support.
  • We will be launching with all of the features, and none of the bugs, listed in our last blog post.
  • We will be going fee-free till the end of the year.
  • We will be looking to reward high volume traders with reduced fees, once the fee-free window closes.
  • We will be reviewing a number of coins that there has been popular demand for, such as PINK and SFR.
  • We will be committing to a full weekly update “state of play”
  • We will actively respond to and implement (if feasible) community requests.
  • We will be hiring additional dedicated staff to interact with the community.
  • We still stop engaging with trolls, this is a fault of my own.
  • We will focus on development, as opposed to pointless updates on Twitter.

If anybody wants to engage with me (constructively) on a direct basis, please email me via and I’ll do my best to respond in a timely fashion. If you have an urgent issue in relation to MintPal, that cannot wait for the launch of V2 – email me.

We’re about to launch, here’s what you need to know.

Matching will be disabled for the first hour to give people a chance to cancel previous orders, and not get completely destroyed by arbitrage.

Withdrawals will be manually approved for the first day to ensure there are no withdrawal related bugs.

The following features are currently unavailable.

  • Stop loss orders – A couple of odd bugs are present that we want to remove. This will take no more than 24 hours, but we do not want to delay the launch further.
  • Charts and daily statistics – We are awaiting enough data to produce these. As soon as we have 24 hours worth of trading data, they’ll appear.
  • Mobile trading – Submitted for approval.
  • Private API – The private API will be released in 24 hours, which gives us time to decide on our bot limiting policy.
  • Public API – The public API is misbehaving, this is being fixed at the moment.
  • Settings Page – This page is currently unavailable, please wait up to 24 hours.
  • Previous Addresses – Previous deposit addresses will currently not reflect in your account, but will within the next 24 hours. Any funds sent to these addresses during the migration will reflect at this time. Please use new deposit addresses in general however.
  • FIAT Markets – FIAT markets will be going live on Monday.

The following bugs are present.

  • Theming on authentication pages is a bit lacking, this is being resolved at the moment, but this issue does not impact usage.
  • Our primary frontend design still has a number of critical bugs that impact usage of the platform, so we have temporarily switched to our prototype UI. It’s nowhere near as fancy, but it’ll work in the interim.
  • Timestamps are not human readable, this will be fixed before the matching engine is switched on.
  • 60 second statistics (last, bid, ask) are currently not updating. They will before the matching engine is switched on.

MintPal V2 – The ongoing migration.

We’re almost there!

The audit is now complete, and while it revealed a few problems with the migrated data; they’re relatively easy to fix. We’re now running a modified migration tool (which migrates balances, address history, pending orders, etc from V1) that is running. This won’t take long to complete, but we’re expecting it to take a couple of hours. We’re using a different database structure entirely, and each migrated user needs to have a myriad of markets activated, have their balances shifted to the new format, have their pending orders also moved, etc. All in all, there are millions of SQL INSERT/UPDATE queries to be done, as well as some CPU intensive tasks that handle all of this.

There are roughly 70,000 active users that need to have initiation done on their account. We started running the improved tool about 15 minutes ago – and 11,290 have initiated so far. After this, it’s a case of looking up the old (v1) balance of the account and moving in to v2. Then we look for pending trades and move those over two. Both of these steps take far less time to execute when compared to the initiation on an account. All coins and private keys have successfully migrated, which was the step we were most worried about.

We’re still launching tonight, that much is certain; we’re just learning not to state specific times until we know nothing else can pop up. That’s a failure on our part, and we truly are sorry for that. Instead of saying an actual time in this post, we’re going to go “YAY WE’RE DONE” (or something a little bit more professional) on Twitter once we’re live. Again, this will be today, but it may be a couple of hours before we’re ready. Thankfully the migration isn’t as bad as one I previously did with a major banking group, that migration (from an old legacy architecture) ended up being cancelled and pushed back by 2 years due to inadequate resources.

As a result of this delay, we are extending our fee free trading window to 60 days. This means that all trades will be fee-free until December 3rd, 2014. We’re still launching today (we’re pulling an all-nighter here), but we understand that delays are unprofessional, and outright unacceptable when we state a deadline. We can only apologize for this, and will work on this in the future – and work on improving our overall communication. We would love to know what we could do for you to make up for this, as well as what steps we could take in order to regain your confidence.

There are a few features that aren’t going to make the cut tonight, but they’ll be coming within the timelines outlined in a post to follow shortly.

– Alex.

MintPal V2 – The Launch

The hard part of the migration is now done – and we’re moving on to the “check everything moved as it was supposed to” stage.

We are now starting to audit balances and users to ensure everything matches up – and are doing a test with the production data in place. While we cannot guarantee the time, we’re definitely launching today – that’s a fact.

I would like to apologise for the constant delays, we underestimated the scale of the migration. We finally got here in the end though!

Syscoin Fund Distribution Update

There have been a number of questions related to the Syscoin presale fund from both the community and investors. After speaking with the Syscoin team here is the mutually agreed upon status of the fund and the plan for distribution over the upcoming months.

In line with the earlier post on BitcoinTalk ( the Syscoin team has addressed the critical issues required for release and has continued to push forward with Syscoin development in a fully committed manner. While the Moolah development team is here to support Syscoin, the Syscoin team is entirely independent and fixed the outstanding issues as required.

The Syscoin team was disbursed an initial 2-month payment of 500btc on 8/24/2014 after a joint discussion with the team. Moolah will disburse the remainder of the fund as follows:

Fund Distribution

Funds will be disbursed to the Syscoin team in staggered 250btc payments on the 14th of each month with the final disbursement on Dec 14th. Final payment will include the SYS purchased during the buy support phase of the launch.

If there is an entire lack of development for whatever reason OR the Moolah development team needs to do the majority of development payment will be deferred until the following month contingent on resumed development by the Syscoin team.

Development Support 

The Syscoin team is primarily responsible for all development of Syscoin. As part of our partnership Syscoin has access to Moolah developers for ideation, strategy, support and critical situations. Access channels to these development resources have been clarified to the Syscoin team.

In addition to the above, Syscoin will be added to Moolah’s merchant platform services shortly after the launch of Mintpal V2. The Syscoin team has proven through their dedicated work over the past few weeks that they are fully committed to Syscoin and the vision behind it and we fully support their commitment.