Bitcoin Forum

http://blog.moolah.io/2014/10/14/moolah-is-having-to-close-its-doors/

Regarding Mintpal:

It says this about mintpal

MintPal

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 mintpal.com shortly, with details of further timeframes.

I got a Connection failed error when I tried to view mintpal just now.

This was expected given the poor management.

Called it weeks ago. Sucks seeing a start up fail, but I don't feel much sympathy for this guy on a personal level

Who owns Mintpal if it's not Moolah?

Mtgoxxed. We need regulations to hold these guys responsible for their failures.

I just checked Mintpal again and it loads the following message.

MintPal is currently down for urgent bug fixes, and is additionally moving to new management (away from Moopay LTD). A statement will follow shortly.

So now its quite clear were the btc monsterdump to 300$ came from .... Very big coincidence :D

total disaster.i doubt they will survive this.

guess they decided to get a bunch of altcoins at firesale prices by acquiring mintpal

https://twitter.com/moolah_io/status/522144934875258880

Funny.  After watching this video last week, my gut said it was just a matter of time before they imploded and it just reinforced my instincts to avoid mintpal.

http://www.liveleak.com/view?i=e63_1404777061

Lol. So I guess all the fud i spread is not fud. Suckers

Goxx'd

How much BTC did you think people got goxed this time?

However much the "hacker" was able to "steal" using "an exploit" to drain "all hot and cold wallets".


Sry guys!,

-Alex

I guess now that they say they didn't buy Mintpal... and here they do

http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/

"As a result of this acquisition, we are intending to separate https://trade.moolah.io/ and https://mintpal.com/ as follows."

it can be safely assumed that nothing that Alex guy ever says can be taken as truth.

I wonder though, if they didn't buy mintpal then who the hell does own it and why was this just an elaborate ruse to make people think moolah owned it? hmmmm...

What reason is there to think coins were stolen?

Another day in crypto. Another scam. Wtf? Mintpal was the top exchange for a long time and pretty much got fucked to death.

Don't feel sorry for him.  He probably skimmed more than his share.   ;)

Yeah MintPal used to be pretty big?  Wasn't it the #1 exchange for Doge?

The irony, from the place we least expected it, seems like the more reputable exchanges are in China.  Seems like all the exchanges based out of America, Britain and Japan are getting busted as scams (to be fair, the one in Japan was ran by a fat French guy and not a Japanese guy bounded by the Bushido code of honor  :P )

What I think happened.

1. Moolah was not making ends meet.
2. Seeing Mintpal having issues Alex Green hatched a plan and approached Mintpal offering a deal, which he thought could save Moolah.
3. Moolah never bought Mintpal, as Moolah didn't have any money.
4. Mintpal volumes were very slow returning to previous levels, and Alex saw the writing on the wall and put Moolah into receivership.
5. The story about "critical" issues and "bugs" at Mintpal may or may not be true, but they definitely need someone to manage the exchange
6. The coins are still "there."

It's more unlikely Alex is lying now as he will be opening himself up to criminal charges if he does now that Moolah is in receivership. Whilst big noting himself previously by talking of an "aquisition" of Mintpal is no crime.

mintpal is a shit exchange.

Havent traded at Minpal at all, but its sad for people who had coins on there :/

Blame yourself for not keeping your funds at your own wallet and your own computer if you lost any. Centralized exchanges and services have to go.

Every alt coin exchange is shit. They have all been built from the ground up relatively recently.
Mintpal has a lot of value still, to the right group.

Correct Whilst I'ma big fan of decentralisation, there are advantages of having a meeting place too.
Do you know of any decentralised alternatives to exchanges? I know there are some ideas but I'm a bit hazy on how they work, Do you know?

I agree with the first part, but not the latter

Unfortunately, there are no 100% decentralized currency-to-currency exchanges yet. Multigateway.org is semi-decentralized. NXT Asset Exchange (and its web frontend https://trade.secureae.com) is decentralized, but it's for trading assets mostly, although there are a few cryptos trading on it too. I believe they are working on the cross-chain decentralized trading solution right now. Well, my point was mostly not to store funds at centralized exchanges or any place where you need to trust third party.

it is unbelievable that people are still interested in acquiring Mintpal.

this time by a pump and dumper. it can be more ridiculous.
http://allaltnews.blogspot.co.uk/2014/10/mintpal-ceo-of-coyote-wallstreet-to.html?m=1 (http://allaltnews.blogspot.co.uk/2014/10/mintpal-ceo-of-coyote-wallstreet-to.html?m=1)

That's a very interesting point, if true, but wasn't there some big HK-based exchange that also went bust? Maybe there are others just not as widely reported in the West.

Moolah's CEO, Alex Green, and 2 other anonymous individuals bought Mintpal and contracted Moolah out to operate the exchange.

Moolah was essentially a ponzi. He took in 750+BTC from investors to start Moolah, then eventually bought Mintpal (with investors' money?) for himself instead of developing the Moolah products and services and contracted Moolah to operate Mintpal.

bitfinex has a history if i'm not mistaken

Use Cryptsy

$45,000 in wages and $22,000 in overheads per month.

I hope the uk government goes over them with a fine tooth comb and at minimum ban these guys from operating a business for 10 years minimum

Where do these figures come from?

Thanks..Where did you get this information?

if this ends as bad as I think I would give 35% of my holdings on mintpal for legal actions.

cryptocurrencies simply do not vanish they have to be at another place

mintpal worked great for a long period of time having around 500-1000 btc revenue - they simply cannot have burned it all

another gox, how can one trust these exchanges? trade and withdraw is the the best thing these days.

From the coin desk article

That liveleak video speaks volumes.

Oh, and by the way people were duplicating currency, dumping it, and cashing out BTC from mintpal"v2" last week and moolah has their head so far up their own ass that they dismissed the reports as FUD and continued to let it run completely broken. Then surprise, surprise they don't have any money left.

Maybe if they had reduced staff / wages and overheads a bit they could have survived.

Seriously once an exchange is fully tested and running, how many people need to be working on it full time aside from some support staff?? $45000 in wages per month seems like a lot to me.

Maybe they had nice salaries.

Yes and I suggest you all write to the uk government requesting a full enquiry. I would also like to know the legalities of announcing bankruptcy before filing it.

It was Moolah's mismanagement and bankruptcy that is fucking Mintpal. Mintpal needs a new owner/manager. Moolah's guys need jail time.

They were incorporated in the US, right? Also, was there any confirmation that 'Alex' was his real name?

Moolah fucked everyone over bad.  :-\

ffs...and an eyeball roll.

The bastards have only been back up for 20 minutes and now they´re frigging bankrupt ?
I haven´t even had time to check if my balances are back after the first time they went down.....

The Mintpal site is now displaying the message below, so you might still have a chance to withdraw your coins, though I would not count on it judging by their recent track record.

MintPal is currently down for a number of necessary changes and fixes. A separate method of withdrawing funds will be made available on October 16th, 2014.

Where was this reported?

Well that sounds a little hopeful. I'd expect something different if there was no hope.

First report I saw was in a couple of pastebins being posted on Poloniex's troll box. Since then I remember hearing some other reports of people having their balance not updated after withdrawing and such. But the pastebin itself actually had links to screenshots and proof. Wish I had saved the links. I'll go poking around to see if I can find them and post them here.

edit: found the pastebin! http://pastebin.com/bjbbUq9i notice this is Oct 8th!

People were dismissing the reports as FUD here too, or no? I haven't been keeping up with all the threads here.

edit2: https://twitter.com/moolah_io/status/520251319064354816

I can't believe they kept the exchange up the whole time. Amazing.

As of posting this , I had a remaining balance of 1.98884393 BTC and 0.00126634 EMC2 and
0.00049135 FLT and 400.94980569 NAUT with mintpal ..... I submitted withdraw addresses , and submitted the
following user notes on their "Mintpal Standalone Withdrawal Tool" page:

"Thanks for the trading ... Sorry this what
I thought was a great website trading platform is going away ... Please
send all my remaining coin for my account balances for
carlinbeisner@hotmail.com to the addresses provided - 1.98884393 BTC to
16dCHmoq3kGhBw7RySYSsT92jWbwdquezz AND 400.94980569 NAUT to
NdM4zWg2M9STSuhwZB9ndKsLE2weGFCSAE - the fractional EMC2 and FLT are
irrelevant but I've provided withdraw addresses anyway. Please contact
me at carlinbeisner@hotmail.com if you need any additional information
from me. Thanks. "

I have also emailed the support dept
of moolah describing my issue in detail. So far , no BTC and no NAUT
have been returned to the addresses I have provided. Not exactly sure
what my or everyone's recourse is at this point? To whom/what agency
should I file paperwork with (in U.S.) to attempt to recover my funds in
the event that I and others are never returned their missing funds they
have requested a withdraw of from mintpal?

OK ... a little poking around and I find http://www.actionfraud.police.uk is apparently? the correct resource for people to report online fraud in the UK (where moolah and mintpal were located / registered ?) yes ?