Private key leak, hot wallet, insider theft
Days in Operation:
Moopay LTD, the digital currency services business better known as Moolah, has announced that it is shutting its doors and filing for bankruptcy protection. The move follows the failed relaunch of the MintPal altcoin exchange, which, after weeks of preparation, was marred by chronic user and platform issues. According to Moolah, its closure stems from an unexpected rise in operational costs and the loss of critical business partnerships in the past month. After a failed relaunch of MintPal, Moolah announced it was closing its doors but users would be able to still use MintPal. However, user accounts were locked and users were able to track funds being removed from wallets and then watch them be sold on another platform. Kennedy was the only one with access to customer funds, and he was currently on the run. Kennedy was arrested in 2016 for rape changes and is now in jail. He is now also facing charges of fraud from the UK police for his involvement in the MintPal hack. 3,700 BTC was taken.
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