Kraken Announces $100k Bounty Reward For Discovering Missing Funds Of QuadrigaCX.

Kraken Announces $100k Bounty Reward For Discovering Missing Funds Of QuadrigaCX.

2019-03-02 | Mike Hallen

Kraken Announces $100k Bounty Reward For Discovering Missing Funds Of QuadrigaCX.

In line with a recent 'announcement' by Kraken, it has announced a $100,000 USD reward for discovering the missing funds of Canadian crypto exchange ‘QuadrigaCX’.

QuadrigaCX has been facing 'finance related issues' after the death of its founder ‘Gerry Cotten’ earlier in Dec. 2018. Since then, 'Quadriga' has not been able to access its cold wallets where it held most of the assets, as the firms founder ‘Cotten’ was solely known to the wallets and corresponding keys.

However, presently QuadrigaCX solely has CA$375,000 [around $286K] in cash left, whereas it owes CA$260 Mln [around $198,435,000 USD] to its users. Facing insolvency, the exchange has filed for creditors protection within the Canadian court.

Now, Kraken is awarding up to $100,000 USD in either fiat or 'cryptocurrency' as a reward for tips that might assist in the discovery of the missing assets. Kraken added within the announcement that it can finish the reward program at any time.

“All leads collected by Kraken would be further transferred to the Federal Bureau of Investigation [FBI], RCMP [Royal Canadian Mounted Police] or other native investigating authorities, who have an active interest within this case,” the statement concludes.

As 'reported' earlier, it is expected that the founder of QuadrigaCX exchange might have held keys on paper in a safety box, as earlier in Feb. 2014, within an interview on the “True Bromance Podcast”, Cotten explained that the simplest way to store private keys is to print them off and store them offline in a safety box. Explaining further Cotten concluded:

“Moreover, we 'QuadrigaCX' hold a bunch of paper wallets into the safety box, just remember the addresses of them. Therefore, we simply send cash to them, we don’t ought to return to the bank every-time we wish to put, money into it. We just simply send money from our Bitcoin [BTC] app directly to those paper wallets, and keep it safe that way."

Even earlier in mid. Feb, a post by Redditor dekoze 'indicated' 5 addresses allegedly related to QuadrigaCX, noting that the number is simply a fraction of the whole number of associated wallets. Transactions sent to the addresses roughly equal the amount of Bitcoin [BTC] Quadriga antecedently reportedly sent to secured cold wallets by mistake.

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