On Monday, a United Kingdom High Court judge granted Syscoin’s final injunction against Moopay LTD (more commonly known as Moolah) and former CEO Ryan Kennedy (also known as Alex Green). The injunction included a provision ordering Kennedy to repay the 750 bitcoins Syscoin had deposited in Moolah’s escrow service. The Syscoin price rose 17% following the announcement.
When the news first broke that Moolah had effectively shut down without repaying Syscoin’s 750 bitcoins, some investors panicked. They feared the money was lost forever and that Syscoin was affiliated with Moolah (since Moolah had managed the Syscoin presale). Some people even feared that without the escrow fund Syscoin would be unable to continue operations.
However, Syscoin has been able to assuage those concerns. Syscoin placed disclaimers in their BitcoinTalk thread clarifying they are not affiliated with Moolah, and the project will continue regardless of the legal outcome. Moreover, although Ryan Kennedy has yet to return Syscoin’s escrow fund and the 750 bitcoins ( ~$265,000 at current exchange rates) it contains, the UK legal system seems to be working in Syscoin’s favor.
The Syscoin price has responded positively to these events. On October 21–several days after the Moolah saga erupted, the Syscoin price was 109 satoshis. The price had been in decline for a while, but the uncertainty surrounding Syscoin’s future had not helped things. But the price began trending upward on the 21st. By October 23, the Syscoin price had rebounded to 228 satoshis. The Syscoin price dipped the next day but returned to 227 satoshis on October 25. The Syscoin price took a rather steep decline on October 26–falling to 174 satoshis–but has climbed since then. At press time, the Syscoin price was 193 satoshis–a 17% daily increase and a weekly rise of 77%.
source: https://www.cryptocoinsnews.com/syscoin-price-rises-judge-orders-moolah-return-bitcoins/
SysCoin price rises
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