Moolah’s Security Aspirations Under Attack

Cryptocurrency payment processing merchant Moolah has expanded its range of currencies – while dealing with criticism and suspicion from the online community.

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Moolah’s Security Aspirations Under Attack
Cryptocurrency payment processing merchant Moolah has expanded its range of currencies – while dealing with criticism and suspicion from the online community. 

The company now supports payments in seven currencies including Bitcoin and Dogecoin. Merchants are able to submit fiat payments for conversion via an integrated API, PoS terminal in-store, or else using a custom built storefront powered by Moolah. 

Yet founder Alex Green has recently found himself the target of criticism, with anti-Moolah sentiment appearing on Reddit and elsewhere. 

Rocks and hard places 

At a time when adequate security is paramount for the industry in its “post-Gox” phase, cryptocurrency entities are rushing to provide proof of their stability and solvency. 

“After the bankruptcy of Mt. Gox, we’re trying to make a stand for accountability,” said Mark Lamb of UK exchange Coinfloor, which along with several others is testing a proof-of-solvency model to increase customer satisfaction. 

The absence of such a proof of solvency for Moolah so far has become an issue for the company. Furthermore, its registration in the UK and US, as well as the fact that it is retaining vestiges of its original remote operation in Switzerland, has raised suspicion among the Reddit community in particular. 

A post from the “cryptotruthgroup” openly requested that Moolah prove its legitimacy, citing Green’s elusive image and alleged inconsistencies in the company’s structural set-up as sufficient grounds to “call out to the community to help us stop another Mt. Gox, Cryptorush or Neo & Bee disaster from occurring that really sets crypto back.” 

The post drew considerable attention, with user u/moolah_ subsequently choosing to quit certain subreddits. “Neither I nor my company will stand for being bullied by ‘experienced members,’” its statement read. 

Green also came in for criticism following a statement posted on Moolah’s website regarding his dealings with failed exchange CryptoRush. According to the statement, Green “personally approached the CryptoRush team to see if there could be any attempt at salvaging them. This came as a result of a number of members of the community approaching us and asking if we could help them.” 

Following communications, however, Green was allegedly threatened into backing down, and called on other exchanges “buckle to thin attempts at blackmail.” 

The present situation has become infinitely complex, but it is safe to say that in light of revelations of Mt. Gox’s “secret” rescue plan earlier this month the community is very wary of salvage operations coming from “inside.” 

Green was also in the spotlight recently when it was revealed that it was he who accidentally donated 20 million DOGE to Josh Wise’s NASCAR project, with Reddit hence describing Moolah as “a key driving force behind this week's upcoming NASCAR sponsorship.” 

CoinTelegraph will continue to report on additional developments at Moolah.
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