Home News Ethereum 600,000 Ethereum From QuadrigaCX May Have Been Transferred to Other Exchanges: Report

600,000 Ethereum From QuadrigaCX May Have Been Transferred to Other Exchanges: Report

March 04, 2019 15:56
Source: KryptoMoney
Share with your friends

A cloud of mystery has surrounded Canadian-based cryptocurrency exchange, QuadrigaCX, ever since its Chief Executive Officer (CEO) Gerald Cotten in December 2018. Following his death, there was a sequence of events, which were quite simply bizarre.

First, there were questions raised about his death, followed by the exchange transferring a major part of the users’ fund into the dead CEO’s wallet. Then there were some questions raised about only the CEO possessing the copies of keys to the users’ wallets and nobody else having access to the funds.

Noticing these discrepancies, the Supreme Court of Nova Scotia appointed the auditor Ernest&Young (EY)-one of the Big Four-as the monitor of the exchange. The responsibilities of the auditor was to make sure that the exchange transferred all the remaining cryptocurrency funds into the former’s wallet.

Now a report by a research group states that there is a very strong possibility that there may be significant crypto funds (Ethereum) at the following exchanges: Kraken, Bitfinex
and Poloniex. The report said, “Based on the transaction analysis included in the report, it appears that a significant amount of Ethereum (600,000+ ETH) was transferred to these exchanges as a means of ‘storage’ during the years that QuadrigaCX was in operation and offering Ethereum on their exchange.”

Further proof of this happening, is that Cotten’s widow, Jennifer Robertson stated in her affidavit that Gerry Cotten may have stored some of QuadrigaCX’s funds on other exchanges.

Therefore, based on the findings of this report, the next logical step for all involved parties to take would be to reach out to the aforementioned exchanges to inquire about any accounts that QuadrigaCX held at these exchanges and whether there are still funds there.

Interestingly after the death of QuadrigaCX CEO, there was a Change.org petition that requested Kraken CEO Jesse Powell to take over QuadrigaCX and distribute the funds to their respective owners.

The petition had said, “Quadriga was once Canada’s leading Cryptocurrency exchange. On December 9th the CEO and founder Gerry Cotten died with all the keys to the exchange’s cold wallets (or so we are told). The exchange promptly shut down with all users fiat and cryptocurrency. Leaving over 100,000 users owed money and many more owed cryptocurrency. Jesse Powell the CEO of Kraken, another leading cryptocurrency exchange in canada has been vocal on Twitter about how Quadriga mismanaged users funds and feels the story of the CEO’s death is not believable. This is a petition to Jesse Powell and Kraken to buy out Quadriga, honor it’s users funds and to take over control of the Quadriga exchange.”

Liked what you read? Join us on Telegram


Please enter your comment!
Please enter your name here