MintPal parent company Moopay announced bankruptcy M net to suspend operations
In October 14th shocked the an announcement, M network (MintPal) management team of Moopay Co. Ltd. CEO Alex Green said it would file for bankruptcy, and stop all operations. In a blog bitcoin trading platform Moopay official homepage, Green explained the company are facing difficulties, as well as Moolah, MintPal and MooFarm in the future.
Because of legal costs continue to rise, support staff and operational costs become a major cost, the total income of more than Moopay and Green, said last month has spent their reserves, is now facing a negative return. In order to save the business, the Moopay team had traveled to Asia, trying to seek more help, however, failed to cause Asian companies interested in this task failed.
The company will provide cash services to customers in October, officially closed in October 31st. If the user fails to retrieve the money, they will receive an e-mail, letter will ask the transfer address.
What happened to MintPal?
Earlier this year, Mintpal, Moolah, MooPay announced a digital currency trading platform MintPal acquisition. Unexpectedly, Green not so: “Moopay LTD did not acquire any form of Mintpal. We are only the management contract, will be charged 10% of the profits as a management fee. MintPal owners have to find other management team, I hope they can manage better than us.” This is before the public is different.
Because of the serious vulnerabilities, MintPal immediately suspend operations. At present, all users of the funds have been frozen, not from the platform to cash. This news is devastating, because this is reminiscent of the CEO Mark Mt.Gox last year to stop withdrawals events. The difference is that MintPal is a copycat currency platform, instead of bitcoin trading platform.