Visitors to once-popular cryptocurrency exchange Mintpal have been experiencing quite a bit of bad service in the wake of the site’s attempt to migrate to ‘Version 2.’
The new version was to offer planned upgrades and a new roster of alternative cryptocurrencies to choose from.
The main site is now redirecting to this blog post update, which says: “As some people have noted on Twitter, some people are receiving the message “username or email address” does not exist when attempting to login. Out of the roughly 70,000 user accounts that were migrated, this appears to be affecting up to 8,000 accounts in total. No funds are at risk, and we are actively looking in to why this has happened.”
Naturally altcoin traders get very nervous when they’re separated from their funds.
There’s nothing worse than trying to log into a website where you know you have money stored just to find out you no longer exist!
Some people are wondering openly about just what went wrong. Migrating 70,000 user accounts on modern datacenter equipment is a relatively trivial task that should not take days.
The big problem now for Mintpal going forward is trust. Mintpal lost trust under its’ original owners due to the Vericoin scandal. New owner Moolah.io has not done much to win back the faith that was once placed in the exchange.
Most interestingly, perhaps, is that trading volume hasn’t spiked much on competing exchanges. This might lead one to the conclusion that very few traders have been using Mintpal anyway.
Now the job of Mintpal is to regain lost visitors and re-establish some sort of large volume of trading. They’ll need to do this in spite of the fact most of their traders have already moved on and altcoins are in a low volume phase. It’s an uphill battle no matter how you look at it.
Frustrated users have even created a Mintpal V2 parody site for your entertainment.
We’ll keep our eyes peeled for updates.
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