UK High Court Orders Moolah to Hand Over Syscoin's 750 BTC

NEWS
Stan Higgins
Oct 27, 2014 at 17:40 UTC  |  Updated  Oct 27, 2014 at 22:50 UTC

UK High Court

Moopay LTD and ex-CEO Alex Green have been ordered by a UK court to hand over 750 BTC to the team that developed the syscoin cryptocurrency.

The final injunction, issued by the High Court in London, was granted in response to a request from UK-based law firm Selachii LLP on behalf of syscoin.

Moopay, known commonly as Moolah, and Green had been holding the money for the developers and have now been ordered to repay the 750 BTC before 16:00 (GMT) tomorrow.

The move follows an emergency injunction granted on Friday by the High Court. At the time, the team's legal counsel advised the court that bitcoins owed to their clients were beginning to be moved.

Selachii announced the final injunction on Twitter, issuing an advisory to Moolah's Twitter account following several unsuccessful attempts to make contact.

Message to 'bad actors'

CoinDesk spoke with syscoin manager and developer Dan Wasyluk, who said that the process of reclaiming the held funds won't happen overnight. The team are happy with the result of today's hearing and looking forward to the next stage in their legal fight, he said, adding:

"Hopefully with this injunction 'bad actors' who think that simply because 'this is crypto' that they will not be held legally accountable for their actions will now think twice."

So far, Wasyluk said, neither Green or his legal representation have responded to messages or court documents. However, he expressed hope that the injunction will have a significant impact on the future of the case and the developers' ability to access the remainder of funds raised during an initial coin offering held in July.

"With this last injunction, it is very clear cut," he said.

The legal fight over the ICO funds began amid a funding crisis at Moolah and the subsequent resignation of Green. That incident sparked a public uproar and has since left the firm's investors and users of its MintPal digital currency exchange facing losses.

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