Dogecoin has been the talk of the week after Moopay LTD initially announced it would shut down. The random facts of week 42 all originate from what is unfolding as a mind-boggling story:
- After losing nearly $2 million in customer funds following a severe hack, cryptocurrency exchange MintPal was acquired by Moopay LTD in July. The new owner promised to deliver a platform upgrade, but failed to complete this several times. When the service was finally relaunched earlier this month, it was plagued by technical issues.
- This week, Moopay LTD even announced it would shut down and file for bankruptcy protection. According to CEO Alex Green, the company simply “ran out of cash” after it failed to secure new revenue streams.
- The company, which is just 10 months old, had a prominent and controversial role in both the development and demise of Dogecoin. The aggressive tactics of Green helped Dogecoin grow, but later caused a major rift among the Dogecoin community. The history was well recapped by The Daily Dot in July, after Dogecoin creator Jackson Palmer left the Dogecoin community following a public argument with Alex Green.
- MintPal was also taken down immediately when the bankruptcy plan was announced, despite Green revealing that Moopay LTD did not really acquire MintPal in July. Green initially wrote a blog post on the matter in July titled “We’re Taking Over MintPal, Here’s What You Need To Know” and the MintPal website still shows Moopay LTD as the owner, so this statement makes little sense. Currently the website’s services are still unavailable, with a “critical bug” being the official reason. MintPal users should fear the worst.
- Surprisingly the Moopay LTD bankruptcy plan was later withdrawn, and Green announced he would be resigning as the company’s CEO. In the meanwhile, evidence is being released that ties him to fraud and criminal activity. “Alex Green” would be nothing but a pseudonym for notorious internet scammer Ryan Kennedy, with a long history of “abuse, fraud and destruction.”