The Paycoin project has devolved into chaos. As the cryptocurrency's value plummets and the ecosystem crumbles, fingers are pointing everywhere—though notably toward individuals who are no longer dire
The Paycoin project has devolved into chaos. As the cryptocurrency's value plummets and the ecosystem crumbles, fingers are pointing everywhere—though notably toward individuals who are no longer directly involved. In an earlier piece on the same subject, I drew parallels between former Paycoin engineer Joe Mordica and a conveniently exiled figure, a useful foil for internal failures. That observation wasn't intended as a verdict on Mordica's actual role in what transpired. Rather, it highlighted how collapsing ventures tend to target distant associates as the explanation for their downfall. This piece operates under a similar framework: no judgment is being rendered here. When authorities eventually act—which sources suggest may happen imminently—the facts will speak for themselves. For now, we're attempting to present another perspective, allowing those affected by recent events to form their own conclusions. Whether it changes anything for those who invested and lost is questionable, but since accountability remains uncertain and multiple parties may have been involved in alleged wrongdoing, providing Mordica's account seemed necessary.
Last week, while researching the Paycoin situation, we contacted Joe regarding accusations that he created friction over Prime Controllers and the power company debt he had contractually committed to. His claims haven't been independently verified, particularly because a recent disclosure of alleged company correspondence has brought a more significant development into focus. However, we felt obligated to publish his full statement regarding both the Prime Controller dispute and the outstanding utility costs he had signed responsibility for.
Mordica maintains he holds no ownership stake in Prime Controllers. Instead, he says he administers five such controllers on behalf of a nonprofit entity. He denies acting improperly in acquiring them. In his words: "I don't own anything. I volunteer for a non-profit organization that manages the 5 Prime Controllers [Josh Garza] is referring to. I never 'came into possession['] of anything so this is incorrect and documented. I believe you have seen the contract signed by XPY Dev and Josh that explains the terms of the transaction and how it took place? It seems Josh is attempting to personalize things. Again, I am volunteer supporting a cause I believe in with no income from any organization (simply because I was offered the opportunity to help businesses grow and maintain the value of Paycoin while doing so). Hopefully this helps. Additionally I was offered a Prime Controller by Josh and questioned its origin. After becoming aware that it belonged to the foundation, I declined the offer. I then declined future offers of employment by Josh."
According to Mordica's correspondence, documentation would soon become available detailing which nonprofits controlled Prime Controllers. He identified three such organizations. XPY Trust, handling five Prime Controllers, appears to be the nonprofit Mordica references. XPY Trust has emerged as one of three competing entities seeking authority over the Paycoin infrastructure, alongside what remains of GAW under Garza's leadership and the independent Paycoin Foundation. Finding details about this commitment proved difficult, though XPYTust.net appeared in domain registrations during March.
On the power company matter, Mordica explained how this unresolved obligation became a turning point in his departure from GAW. His account: "I am very much aware of the MS Power vs GAW situation as I was in charge of overseeing the operations of the Facility as well as interfacing/building relationships with vendors in my home town. One of the reasons I was forced to step down from my position at GAW was because of how my reputation in this small town began to deteriorate with vendors and trusted individuals that I previously had very strong relationships with (based on invoices not getting paid by GAW). It was important for me personally to attempt a reviving (if you will) of my business relationships with trusted vendors in my local area by helping them understand that I did not agree with how invoices and other financial related transactions (or lack thereof) were handled. Most of the local individuals and vendors I chose to do business with during my time at GAW were (for the most part) also directly influential in supporting my local startup companies before being acquired by GAW."
The surfaced correspondence reveals complications extending well beyond unpaid power bills and controller disputes. These appear almost trivial against the broader pattern of institutional dysfunction that the disclosed materials suggest. Further details about the full extent of GAW's problems will likely emerge as the situation develops.
