QuadrigaCX Loses an Additional $500K in Bitcoin (BTC) by Accident

14 Février, 2019, 06:50 | Auteur: Auguste Feret

QuadrigaCX, once the largest and longest-running Canadian crypto exchange, owes customers $250 million in CAD ($190 million USD) in cryptocurrencies and fiat money, in what has become the crypto scandal of the year.

There has been a freaky twist in the ongoing Canadian crypto exchange QuadrigaCX case - with the company "inadvertently" transferring 103 bitcoins (around Dollars 369,000) from hot wallets into inaccessible cold wallets just hours after a court-appointed monitor had located it.

Since Cotten's death, QuadrigaCX filed for creditor protection in late January, and were appointed professional services firm Ernst & Young (EY) as their monitor by court order.

In an initial report published Tuesday on Quadriga's progress since it filed for creditor protection in late January, court-appointed monitor Ernst and Young (EY) said that the company accidentally moved more than 100 bitcoins into a cold storage wallet it can not access. "The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible".

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If you know anything about the QuadrigaCX saga, then you know that the exchange can not now access an excess of $180 million in cryptocurrency (it says) it holds in cold storage on Cotten's encrypted laptop. When Cotten passed away in India in December 2018, he unfortunately took the password to his laptop with him. "The monitor has made arrangements to transfer the remaining cryptocurrency into a cold wallet that will be retained by the monitor". The holdings included 154 bitcoin, .014 bitcoin cash SV, 33 bitcoin cash, 2,032 bitcoin gold, 822 Litecoin, and 951 Ether.

The Canadian court that has placed QuadrigaCX into administration has been handed "two active laptops, two older model laptops, two active cellphones, two dead cellphones and three encrypted USB flash drives", and will also seek to seize a desktop device from Cotten's home office.

These devices are being kept in a safety deposit box EY rented while its forensic group determines the best next steps to try to access them.

EY's recent report concluded that QuadrigaCX held $902,743 CAD ($682,000 USD) in their hot wallets, meaning that $179 million CAD (about $136 million USD) must be held in the inaccessible cold storage wallets. Let us know what you think in the comment section below.

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