The once promising to many in the Dogecoin community Moolah has announced today that it will be closing up shop.
The company recently took over the management of the MintPal exchange which has been plagued with errors and issues since the changeover and it now appears that exchange will also be shuttering at least temporarily as the site is transitioned to a new team. As of the time of this article’s publishing Mintpal appeared to be offline:
Alex Green the embattled CEO of Moolah has stated the following regarding Moolah,
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‚Äôs market. 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.
As a result of this, Moopay LTD will be filing for bankruptcy and dissolution following the administration process; and ceasing operations. All client funds held in consumer accounts are safe, and can be withdrawn as per normal at this moment in time. If you fail to withdraw your funds before the platform is shut down on October 31st, you will receive an email asking you where you want your funds to go.
He took time to discuss the closing of Moolah on the company’s official blog where he reiterated that all consumer funds are safe and that all businesses will need to get in line essentially with other creditors and that those who invested in the company may receive a payment once all assets are liquidated and creditors are paid off.
The company cited issues with monthly costs of support, legal and operational expenses and other platform costs as outpacing cashflow and that the company could no longer function in this capacity of operating at a loss.