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Moopay LTD, the company behind Moolah and the MintPal exchange, has officially announced that it will be filing for bankruptcy and dissolution following the administration process; and ceasing operations. The company ensures that all funds held in consumer accounts are safe – consumer funds are essentially held in the equivalent of a client trust account and are fully separate. People should be able to withdraw them via the normal route up until the end of the month. Any businesses or entities with funds held in any other fashion with the company will be contacted over the next month as a part of the bankruptcy and creditor process.
As a result of the company closing doors and filing for bankruptcy, MintPal is currently down and will no longer be managed by Moolah who are apparently do not own the exchange, but were only responsible for management. There will be a new management team who will be responsible for making a number of stability changes, UI improvements and bug fixes as well as handling the resolution of issues surrounding missing balances. An update with more information should follow on mintpal.com shortly, with details of further timeframes according to the announcement made. It is a fact however that MintPal needs to earn back the trust of the thousands of users it had and that is getting harder to achieve as each ay passes with things not getting much better than they were the day before.