MintPal is looking to raise $25k in their continuing fight to “see justice served against” Moolah and Alex Green (a.k.a. Ryan Kennedy), who stand accused of stealing over $1 million worth of coins from the altcoin exchange.
If you’d like to see justice served against @moolah_io, please help us raise $25k for all the legal fees involved. 1/3
— MintPal (@MintPalExchange) October 31, 2014
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MintPal says that it can access a portion of the coins that have not migrated over to MintPal 2.0, but the majority of the $1.4 million worth remains outstanding. Speaking with Coindesk, MintPal shareholder Ferdous Bhai said that activity in a LocalBitcoins account suggests that the funds held by Green have already been sold.
Bhai is working with Selachii LLP, who is representing Syscoin developers in their recovery efforts and who won an injunction against Moolah from a London court.
Bitcoin contributions are being collected at this address, which currently has a balance of 11.62 BTC (approx. $3700). Bhai said that the contributions will be returned should MintPal’s bid to recover the missing funds and legal costs prove successful.
The successful intervention of a judicial authority in enforcing the transfer of digital currencies between litigants is unprecedented. Indeed, it is highly unlikely to materialize. The possession of digital currency cannot be controlled by 3rd parties- by design. The only recourse is to then introduce some centralization back into a currency, such as through the rolling back of its blockchain to reverse all transactions up to and including the incident deemed illegitimate. Such action has been considered on more than one occasion in the past.