Closed Bitcoin Exchange Said Bitcoins Are Not Missing

The operator of the now defunct Bitcoin exchange named Moolah announced that he was working on returning money to his customers. According to his words, he has already processed about $900,000 in refunds. The CEO of Moolah, named Ryan Kennedy, ran the service under the name Alex Green. However, the service suddenly declared bankruptcy in mid-October, and Kennedy claims his former customers and investors aren’t giving him a fair hearing.

He said that most of Moolah customers could successfully withdraw their money from the platform. Kennedy pointed out that there was only one major 3rd-party creditor, Syscoin, that he was still unable to process a transaction for. Alex Green has made a statement, saying that he kept working on processing withdrawals, auditing the platform, and trying to find out what has happened. He said that contrary to popular belief, he wasn’t missing and hiding.

Until going bankrupt, Moolah was quite a large Bitcoin exchange that allowed its users to convert the cryptocurrency into fiat money and vice versa. Moreover, Moolah dominated the niche, meme-based cryptocurrency Dogecoin via publicity stunts like acting as a sponsor for a Nascar driver and charity donations garnering a thank you video from Will Ferrell.

However, the media raised some questions about the company. For example, a few months ago, the media reports claimed that Moolah had shifted its headquarters several times within less than 6 months. After that, it launched a questionable fundraising effort which was claimed to “may not be in technical compliance” with the securities law of the United States.

Alex Green explained that the currency exchange operated based on legal advice in Switzerland where it was based at the time. As for the CEO, he also had an unusual online persona. The same media reports claimed that he had “zero online footprint”, nobody saw any photos of him, and Green hadn’t even met many of his own employees.

However, it should be noted that in the world of cryptocurrencies, such identities are quite common – even the Bitcoin creator Satoshi Nakamoto himself also had “zero online footprint” before publishing the Bitcoin proposal. As for Alex Green, he revealed his secret voluntarily: he had simply changed his name in an attempt to start his life over and have some peace.