QuadrigaCX Hack - Where Are The Missing Funds?

QuadrigaCX Hack - Where Are The Missing Funds?

2019-03-04 | Robin Williams

QuadrigaCX Hack - Where Are The Missing Funds?

Renowned cryptocurrency exchange ‘QuadrigaCX’ is expected to hold a significant quantity of Ethereum [ETH] in alternative crypto exchanges, as per a new proof. This claim was recently 'published' in a report revealed by the crypto analysis and consulting platform ZeroNonCense, earlier on 28th Feb., and obtained corroborating data from Kraken chief executive officer Jesse Powell and MyCrypto CEO Taylor Monahan.

Additionally, the author of the 'report' supposedly “believes that there's a sturdy possibility” that almost around 650,000 ETH of QuadrigaCX are conjointly held on Kraken, Bitfinex and Poloniex crypto exchanges throughout QuadrigaCX’ operations. The report claims that the very fact that QuadrigaCX had accounts on all those exchanges is established and verified, which at the time they were transferred, the funds were priced over $100 Mln.

As reported earlier, following the sudden demise of its founder Gerry Cotten, crypto exchange QuadrigaCX was reportedly missing CA$190 Mln USD’s [over $145 Mln] in digital assets.

ZeroNonCense added that - provided the affidavit of the founder’s widow Jennifer Robertson that neither she nor any another was involved with the exchange knew where Cotten held these crypto assets — it's attainable that they weren't aware of these storage practices.

In line with the report, Robertson additionally claimed within the affidavit that Cotten might have held some of the 'QuadigaCX’s' funds on unknown exchanges. Even a recent report by Big Four audit firm Ernst & Young, 'claimed' that the exchange’s cold wallets are empty and have been unused since from April last year, can be explained by the expectancy that the assets are instead held on those exchanges, ZeroNonCense hints.

The report also concludes that if QuadrigaCX’ funds are still on the same exchanges, their retrieval ought to be trivial and might permit the platform to regain solvency and resume its operations.

Earlier in the starting of Feb., ZeroNonCense antecedently 'released' a report claiming that QuadrigaCX ne'er had the $190 Mln in Bitcoin’s [BTC] it purportedly lost access to after its founder died unexpectedly.

Also another 'news broke' out that the Canadian banks have shown hesitation regarding the management of insolvent cryptocurrency exchange QuadrigaCX’ assets due to Money laundering concerns.

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