Did they made up these MINTPAL(unregulated business) problems to raise funds for MOOPAY(legally bound by UK laws)? Then CLAIM to pass MINTAL to some unknown third party so that when it totally go bust later, they have a clean hand on it happening?? (I surely hope this is not their plan)
Possibly. But until this moment we know they are managing Mintpal, but not owning it. And there is no clear statement Mintpal operations will be closed. Of course we are not naive here and I guess we will have to get use with 1 major bancruptsy in crypto every 6-7 months.
And this is especially for all that have said that Karma was inside trade by some of the people who where aware of the lill deal. Now think about this scenario:
Mintpal was heavily doing inside trading with Karma before the launching of BTC pair. When they realized they will go down, they have dumped all of their Karma. Until this moment I only knew they where heavily buying, but didn't have a glue why was the dumping. Now I know. When you all figure it out, please make an excuse to some people.
I think the more likely scenario is that Mintpal knew they were insolvent.
Moolah knew that they were losing money badly.
Moolah decided to "accquire" mintpal so that they could use Mintpals huge volume to prop up their own failing business.
unfortunately for Moolah they did not realize how difficult it would be to transfer and rebuild an exchange with that has many different kinds of coins.
Moolah knew there were serious problem with their V2 system but instead of being honest with the community and just delaying the V2 upgrade they decided to put out endless tweets saying that everything is ok
the problem is that both Mintpal and Moolah are UK registered companies and under UK law, trading while insolvent is illegal and so is putting out false and misleading information.
http://en.wikipedia.org/wiki/Trading_while_insolventif it turns out that Mintpal was owned by Moolah at the time that they filed for bankruptcy protection then the sale or transfer of assets like Mintpal to someone else is also not legal.
If you have coins stuck on Mintpal then the best you can hope for is that Mintpal decides to allow withdrawals before they shutdown.
if they do not then it will be a very long legal battle before people get their coins back.
on the positive side.. this may also mean that billions of coins will be out of circulation for a very long time.
I know that people like socoban believe that the new mintpal owners could easily sell off those coins. but in reality.. the legal system will know who they are and if they did try to do that they would end up in Jail .. so it is possible but I think its unlikely.
just remember that Mr Karpeles didn't disappear because everyone knew who he was. I am sure there are lots of people that know who the main people in Mintpal and Moolah are so I doubt they will try to run away with the coins.
there is of course the much bigger risk that during the process of handing over mintpal to so many different people that someone manages to steal the private keys of some high profile coins. If someone does manage to do this then they could steal the coins and just disappear into the anonymity of cyberspace.
even if this does happen we will still be able to track them because there are no Karma Mixers or other such services where they can obfuscate their transactions. This means that tracking them should be a pretty straight forward process.
lets hope for the best but prepare for the worst.
