The Fall of Moolah.io

Moolah was a CryptoCurrency web wallet and financial platform that aimed to simplify CryptoCurrency payments. The service was presumably launched by Alex Green in January 2014. Moolah is backed by Moopay LTD, the company behind all of the Moolah services. It was owned by the reddit user moolah_, and had 59,689 followers.

At 2:57 PM EST, a tweet was sent from their official account stating that MintPal, a service managed by Moolah, had been taken offline due to a critical security bug.

MintPal has been taken down immediately due to a critical bug being discovered.

Three minutes later, at 3:00 PM EST, Moolah sent a tweet announcing their closing and linked to their blog article about it.

Moolah is having to close its doors. So long and thanks for all the fish. http://blog.moolah.io/2014/10/14/moolah-is-having-to-close-its-doors/

The strange thing about this is, Moolah claims that their services are being shutdown due to “rising costs and dropping revenue” and Moopay LTD will be filing bankruptcy. However, I don’t believe this is a coincidence. 8 minutes later Brock Pierce, a Bitcoin foundation director asks Moolah to contact him, causing rumors of an acquisition.

@moolah_io Contact me.

MintPal is said to be continuing operation under new management, outside of Moopay LTD and a time frame for relaunch will supposedly be released “shortly.” Based on the current situation, I don’t foresee many CryptoCurrency users trusting the exchange in the future.

As of 6:07PM EST @Moolah_io claims that all consumer funds on the financial platform are safe and withdraws are active however, we haven’t seen any backing of these claims. As of 8:00PM EST, moolah.io is returning a CloudFlare 502 error. Because of this, it is currently not possible to sign into the site and withdraw funds.

All consumer funds on moolah.io are safe, we are perfectly solvent on that front. You can withdraw as per normal.

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