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A company with legal problems; a mysterious death; funds from missing clients. The story of QuadrigaCX could have come directly from the pen of a Hollywood writer. Well now, the faithful of the Internet crypto-investigators, claim to have found evidence of transactions initiated from cold portfolios supposedly "lost". Litecoin wallets, at least.
Let's start with a quick summary
QuadrigaCX is the largest cryptocurrency exchange in Canada, although it has just applied for creditor protection after several months of trading delays. Customers are naturally worried about their funds because all the badets are temporarily frozen … supposedly.
The company's problems began in January 2018, when Canadian Imperial Bank of Commerce (CIBC) froze badets of $ 26 million. According to the bank, $ 67 million of transactions went wrong in the personal account of the payment processor (Costodian Inc.). This legal action lasted until December 3, 2018, when a judge ordered the release of funds.
In December, Quadriga then promised that the money would arrive after receiving confirmation on Christmas Day … followed by other promises, then the announcement, on January 14, 2019, of the death of their CEO, Gerald Cotten, India, December 9, 2018.
Please see our statement regarding the sudden death of our @QuadrigaCoinEx founder and CEO, Gerry Cotten. A visionary leader who has transformed the lives of those around him, he will be greatly
lack. https://t.co/5rvGZ2BfLV– QuadrigaCX (@QuadrigaCoinEx) January 14, 2019
Dead men keep their private keys secret
Unfortunately, explained Quadriga and Cotten's wife, Jennifer Robertson, the $ 250-million cryptocurrency of client funds stored in cold wallets is not recoverable because only her deceased husband knew the private keys.
Naturally, the aluminum paper brigade did not believe him and even suggested that Mr. Cotten may not have been dead. He died of complications of Crohn's disease while working in an orphanage.
Even Kraken's Jesse Powell interrogates the legitimacy of the story and offered to help the police with all investigations.
Dead men do not move funds
When the Internet goes to work, the Internet goes to work. Several investigators have published "evidence" of discrepancies in the official line.
On Reddit, one person claimed to have found cold wallet addresses in Quadriga in Litecoin and withdrew funds. Commentators were eager to see this as proof that death was just a rip off until someone told them it was at least as likely as the person who had taken the keys in hand simply did not want to share the funds.
A separate investigation into the company's bitcoin holdings suggested that there was no cold holding reserve. He identified several discrepancies in the official story and said that QuadrigaCX does not seem to have lost control of its bitcoin holdings.
The investigation also claimed to prove that Quadriga had a fractional reserve. What Internet has answered … Meh, probably. But some of your badumptions are debatable.
It will probably take some time before knowing anything with certainty.
Do you think the CEO is not dead after all? Share your thoughts below!
Images courtesy of Shutterstock
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