Rest in Peace, Moolah

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Rest in Peace, Moolah

ForexMinute.com – In one of the most disappointing events ever to strike the cryptocurrency world, renowned cryptocurrency business Moolah announced to file for bankruptcy protection. Reportedly, the company’s funds are all dry after losing some really crucial partnership deals, and also due to the over-expenditure on operational costs against the lower revenue.

“After 10 months as a high-risk startup in a volatile environment, Moolah has reached a stage where it is unable to continue operations in today’s market,” wrote the company’s CEO Alex Green in a depressive tone. “With rising costs and dropping revenue, and the loss of a number of key clients vital to the ongoing operation of the company, we are no longer able to continue functioning.”

According to the figures available, the total cost to run Moolah each month was around $67,000, including both labor and operational expenses. The company, on the other hand, was not even making half of it, while their past debts were also creeping around. Thus, the shutdown was conditional rather than planned. Green spoke nothing of reviving the business in the future.

There is a handful of organizations and communities that were hugely affected by Moolah’s decision to shut down. First it is MintPal, the not-so-famous altcoin exchange that was recently acquired by Moolah. Green acknowledged the injustice they did to MintPal by failing to re-launch it properly. He further informed the media of MintPal being detached from their bankruptcy plans. The altcoin exchange will now run on its own, under new leadership. MintPal website is not accessible for now.

The other organization, or we should say “community”, whose business relationship with Moolah came to an end is Dogecoin. The meme-based cryptocurrency is considered to be one of the earlier investors of Moolah. While at one end, Green was acknowledged as one of the most influential funders in sponsoring Josh Wise unbranded car in NASCAR Race this year, at the other end the Dogecoin community hugely invested in Moolah’s profit sharing PIE program. The professional relationship however ended on a good note, thanks to Alex Green who assured the community to payback in the best possible way.

To our readers, we must praise Alex Green for its utmost care and professionalism upon the announcement. The shutdown of Moolah is nowhere close to that of Mt. Gox as customers can still take out their funds before October 21st. Altcoin markets will surely move towards other companies, but we won’t forget Moolah for at least not being a cheat in the end. Rest in Peace!

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com