The trial of Ryan Kennedy, founder of the now-defunct dogecoin exchange service Moolah, began in U.K. courts this week.
According to The Sun newspaper, Kennedy, who used the name Alex Green while operating the exchange, denied eight charges of fraud, fraudulent trading and money laundering.
Kennedy is alleged to have stolen in excess of £1 million ($1.33 million) in bitcoin during 2014, in an investigation that has been led by British authorities over three years.
In what is reportedly the first case of fraud involving cryptocurrency to be held within the U.K. legal system, Kennedy appeared in a Bristol court via a video link from the city jail, where he is currently serving time for rape. Prosecutors described the case as a "very complex and sophisticated fraud," according to The Sun.
The Moolah exchange was a popular platform for buying and selling dogecoin, now the 49th-largest cryptocurrency. Kennedy later purchased the exchange MintPal, which collapsed in late 2014 following growing allegations of fraud.
Old Bailey criminal court image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.