The “Lost” QuadrigaCX Cryptocurrency Might Be on Exchanges After All
There has been quite the turn of events with the “lost” QuadrigaCX cryptocurrency case recently. The digital tokens may have just been found! The cryptocurrency exchange’s founder, Gerald Cotton, died in December 2018 from Crohn’s disease, allegedly taking $190 million in crypto with him.
At the time, it was said that Cotton was the only individual to know the private keys of the cold storage wallet that held all of the company’s assets. Well, the digital currency may not have been held in cold storage after all.
QuadrigaCX Held on Kraken, Poloniex, and Bitfinex
According to an author at the cryptocurrency research company ZeroNonCense, the majority of the exchange’s Ethereum (ETH) was most likely stored on cryptocurrency exchanges. The author of the published report remains anonymous but strongly believes that the funds were kept on Kraken, Bitfinex, and Poloniex.
The information on the report was said to have come from Kraken’s CEO Jesse Powell and MyCrypto’s CEO Taylor Monahan. It was found that QuadrigaCX had accounts on all three crypto exchanges listed above and the funds held on these accounts were worth over $100 million.
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Two weeks ago, a report by Big Four audit firm Ernst & Young was released and claimed the exchange’s cold storage wallets have been “empty and unused” since April of 2018. With the wallets empty, it could very well be that ZeroNonCense’s report could be a possibility.
The author also believes that the founder’s widow and those working at the company may not have known about where the digital currency was held, as Cotton was found to be the only one managing and moving cryptocurrency. If the funds on these exchanges are found, the retrieval should be easy, and operations could resume.
At the time, QuadrigaCX has been granted creditor protection by the Supreme Court of Nova Scotia, giving the exchange a bit more time to try and locate and retrieve the funds.
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