Progress from the Syscoin team in regards to this matter as well:

http://syscoin.org/syscoin-granted-injunction-against-moolahryan-kennedy-by-high-court-papers-served/

^^ Exactly and its a top priority for us while we're hashing out this legal stuff to try and get a user-friendly UI up for the marketplace and get some vendors using it- we're actively working on this right now!

In the interim, small legal update- would appreciate if the community could RT this tweet from our law firm @Selachii_LLP - https://twitter.com/selachii_llp/status/525659447650443264

Sorry to be so brief, busy with legal this morning.

Hit the nail on the head. We're focusing on building out more demo-able use cases of Syscoin's tech while we hash out this legal situation and on that front things are still moving along quickly (legal). There are some big things coming just in terms of "Did you know Syscoin could do that?".  Price is looking healthier today too- I rarely look at it but when I saw it in the 100s yesterday I knew it was a time to buy 

This.

The Syscoin team has already initiated and is moving forward with legal action. The more people that can fill out the above ^^^ the better our case and the sooner we'll see justice for everyone impacted by it.

Thanks and thank you to all the supporters. Regarding Mintpal - they are victims in this too. While they have regained control of their twitter account, they still are trying to regain control of the rest of the their systems including their wallets based on my knowledge.

We stand firmly in support of Mintpal, and we're taking this legal action so that all parties involved have an opportunity for justice.

Ask the team- I hate having to keep clammed up about this (being from the US where litigation bylaws are VERY different). That being said, we're adhering to UK legal code and thus I have to keep my mouth shut. We are making a significant amount of progress on several fronts related to the case. As soon as we're cleared to say/release more- we will. We want to see justice for everyone impacted by this- we aren't just doing this to recover coins our team lost.

Taking legal action at this scale costs significant funds- luckily we had these on hand (presale!) immediately to strike quickly with legal action and our legal counsel is awesome in that they accept BTC as payment (and are very sharp  )! We started legal action last week. Our action to move fast on this may well help to save many OTHER people's coins as well our own.

Billions of coins sold? You've been added to my ignore list. DYOR. We haven't even minted 500mil coins... you'll see 2bil coins in about 100yrs. Literally.


Very well stated. We're still grinding away on legal work here, there will probably be some public documents we're allowed to release soon. At the moment we're focusing on development practices and the new wallet- as well as Blockmarket (SYS Blockmarket). Talking to some people about how we could get this noticed in a big way  

Sorry for the brief posting, I am quite exhausted from all of this...but we're going to make sure the community gets justice while STILL pushing forward with our innovative vision. Can't thank the community enough for the support they've shown in this matter.

I actually watched that, and thanks- I hope people feel we're responding well, we can only deal with the hand we've been given.

I want to call out that the Syscoin team was the first (of all impacted) to take actual, legal action. We are still the only party that has taken legal action, but I assure you a line is forming quickly. We did this at great cost to what's left of our fund, but felt it the only responsible thing to do- even if it costs us every last penny from our presale fund.

Cryptocurrencies will never grow if these kind of actions are consistently met with a "oh darn" reactions from the community. We are tired of the "oh darn" and are taking this very seriously. I can't disclose anything more but the fact we acted as soon as we did may have not only saved our BTC, but it may have saved Mintpal's BTC as well. Can't say anymore than that and I'm not stating anything as fact.

As we've stated several times we're still moving forward with SYS, but we MUST focus on the legal issues right now and bring any wrong-doers to justice. For Syscoin, for Moopay investors, for Mintpal users, and for the community at large. We're also networking with all affected parties. Everyone wants to see justice here, and "everyone" here is a very very large group of people.

I hope people recognize this expense and effort we're expending to seek justice isn't just about OUR bitcoin. We could've easily taken what's left of the fund, put it toward dev or put it in our pocket and walked away from all this calamity. Instead we're heading dead-on into the eye of the storm and hoping to make an example of "bad actors" like this in the crypto space.

Hi there and welcome back! Here are the cliff notes, I'm waiting for a reply form legal counsel on what more we can publish at which point there will be more docs to share with all. The cliff notes:

- Syscoin working without issues, we were about to get our 10/14 payment as agreed from Moopay LTD escrow
- Moopay LTD (Moolah) randomly declares bankruptcy while still holding 750BTC of Syscoin escrow funds- the Syscoin team immediately initiates legal action via Selachii LLP solicitors located in the United Kingdom, where Moolah is registered.
- More and more news about the Moolah situation continues to come out, employees have come out with statements as well
- The Syscoin team remains committed to developing Syscoin- there is too much potential here to squander. We have several ideas about how this could work, but all of them depend highly on what goes on with the legal case. We are committed to really pushing forward blockchain tech, and Syscoin investors and holders will be coming with us. I expect the price to be in a lull for a bit as we work through this legal case. Syscoin is the first party to take action aginst Moopay LTD.
- Syscoin 0.1.5 RC4 released last night, removes the last technical dependency on any Moolah technical infrastructure (DNS Seed)
- We remain committed to the Syscoin vision, but we also respect how much this issue with Moolah impacts all of crypto. It is our highest priority to catch the person responsible for the stolen bitcoins. We are going to pursue parallel development on Syscoin while we deal with the legal and we're scaling back our spending to focus our funds on the legal battle.

There is a lot I cannot say because of legal. And we are open to an investor interested in and securing a large amount of Syscoin to ensure market growth or working with a group of investors to help further leverage Syscoin's blockchain technology enhancements to grow its value. These larger investors could have input and insight into Syscoin feature development and even serve to help network Syscoin with the right people. Just an idea, our team certainly has the skills and with the price so low, its a good time to get into crypto2.0 on the cheap.

We're still here doing our best, but we also want to catch the guy that did this to us, Syscoin investors, and the crypto community at large. As I've mentioned before Syscoin ain't stopping.

I know legally I can say this- we are the first to action (literally) and won't be the last. But we are the tip of the spear here. Waiting for legal counsel to allow us to release some of the paperwork for public consumption... soon.

Care to take this to PM please? All I'll say here   I will say we do like what MaryJ and CANN are doing in regards to tying in their coins to real world value. And if we can facilitate some of that real-world-business through the technology Syscoin provides we would certainly not be against it!


Appreciate that clarification and I just wanted to clarify the point I bolded in that you are right- we have no power to censor the market. It is truely decentralized, although we do very much appreciate the considerations you're making here in terms of working with us and within a certain vision that's been outlined for Syscoin.

Let's talk via PM for sure. We already have another effort on the precipice of launching for selling gaming serials and electronic goods of that nature via the SYS Blockmarket. A physical goods marketplace is an easy extension of that concept. 

And this is why this issue isn't just something that impacts Syscoin. 

This is a totally fair question and to be honest it has hurt the dev/operations wallet - no doubt. But we also manage our funds extremely diligently. Even though this really hurts since the initial payment (500btc) went into covering backdue costs and only a portion of it was allocated to forward-moving efforts it was still a significant portion. I'm not going to disclose exact numbers but its more than enough to fuel our legal battle and keep things moving in a scaled back capacity hiring-wise.

I'm working on a blog post right now. Surely we could use the lost funds, and we may try to raise another round through some route if we find ourselves in need of something like that but right now we're hoping we can recover the lost funds. As we work through that process, we'll just tighten our belts and keep working on major features.

I want to stress that what I am allowed to say is very restricted right now, there is more we have planned out and we have discussed several "what if" scenarios internally on the team but until cleared by counsel I can't say anything in that regard. People have been asking for public paperwork that is proof of this action- we can't make this public for 72hrs from initiating the action, so it'll be public very soon as we started this Friday night.

Again we thank the community for the support, stay tuned for a blog post and RC4 with fixed DNS seeds! All team-controlled this time

Thanks for that clarification and I totally agree with this sentiment. This is something we'll be discussing on the team call happening in <30min and the blog post tonight will reflect the results of that call and also any changes in course we have planned given all this news. One thing I can't reiterate enough is that we are not_stopping.

^^ This is our new DNS Seed, run entirely by the team. And should get you back up and syncing until we have it baked into the client code which is what we'll have in <4hrs.

Thanks Soeren (SnipSnoop) and Jon (jonn4y) for putting in late hours last night to get this ready, tested, and working for today's cutover.

Please hold. Our last official technical-tie to Moolah was cut today (DNS SEED) which is causing these errors. We have our own seed up and ready, and will release a fixed binary before the end of the day we do apologize for the issues, juggling a number of items right now and appreciate everyone's patience.

This issue will also impact 0.1.4c most likely until the new 0.1.5 RC is up, we will have this ready in <4hrs.


We're working on it. You know that the money lost via Moolah's failings was money intended to directly fuel development. Its natural to expect a slight pause in development from us in this respect as we rework budgets and partner agreements with other parties since our operating capital has been cut by 60% until the resolution of this legal case is seen through to its eventual end.

As stated previously we aren't stopping development, but recent events have had a major impact on our ability to hire new devs, promoters, etc. We are having a team meeting today, and will have an official blog post later today that covers all these topics. Please appreciate the effect losing 60% of funding overnight has- its not something that can easily be ignored even though we will definitely carry on!

Accumulation at these low prices wouldn't be a terrible idea...

I (as Syscoin Team Manager) have now directly emailed Bitstamp in regards to this matter. I hope they act as responsible operators and look more closely at this matter.

Totally agree- I've done my best to alert Bitstamp in the most immediate way possible. If this info we're lookin at is incorrect the worst thing that happens is the wrong account is frozen for a few hours. Best thing that happens is we catch a theif.

Please RT this - https://twitter.com/AltCoinInvestor/status/523889570296135680 or tweet to @Bitstamp (or email) them yourself. If anyone knows of a direct operator over there we can reach out to, lets do that ASAP.