London court orders Moolah to pay 750 BTC to Syscoin in final injunction

The High Court in London has ordered Moopay Ltd, the entity behind the Moopay Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term operated by Alex Green, to return 750 BTC (now worth $262,500) to the developers of Syscoin.

The Syscoin team reportedly raised the bitcoins through a crowdsale. The struggle to recover their funds is part of a larger fiasco that has seen Green suddenly declare his operation insolvent, citing a software bug.

Moolah took over altcoin exchange MintPal in July, and the companies were to transition their operations during the folowing months. The funds of locked MintPal accounts, worth the equivalent of $1.4 million, were observed flowing into and then out of another address. MintPal says it has gained access to a small portion of funds that failed to migrate as part of the transition.

Green, who mentioned that he changed his name from Ryan Kennedy "in an attempt to start my life over and have some peace", is allegedly linked back to other identities and is accused of being a serial fraudster.

On Friday, the court issued an emergency injunction upon request by Syscoin's legal representative, Selachii LLP. Green and Moopay have been unresponsive. Yesterday, a final injunction ordering the payment by 16:00 GMT today was issued.

The challenge will now be the injunction's enforcement. Authorities exercise no control over Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, as per their very definition.