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QuadrigaCX

MPWR’s QuadrigaCX Talk: Amy Said It Best, How the Hell Did We Get Here?

Vancouver, BC. March 13th 2019 – – Amy Castor, Forbes blockchain and crypto contributor, took the stage Monday afternoon at the MPWR Crypto Mining Summit 2019 to break down the incredibly engaging topic of QuadrigaCX.

The talk attracted a sold out room filled with crypto enthusiasts, founders and CEO’s of leading companies such as Bitfarms, Hive Blockchain, Outlier Solutions and Mining Sky, to hear the story of how a Vancouver based company experienced the deep downfall the crypto and blockchain industry can cause.

Amy’s comprehensible outline of the case was both eye …

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MPWR

Amy Castor, Crypto Expert, Talks QuadrigaCX at MPWR Summit

The MPWR crypto mining summit 2019 is already in full swing. Held at the Pan Pacific Hotel, Vancouver, the summit aims to bring blockchain enthusiasts together. With a host of informative talks and networking opportunities, the overarching goal is to showcase and develop blockchain infrastructure.

What’s caught our eye, in particular, is a talk to be given by crypto writer and expert, Amy Castor. Talking about the very recent QuadrigaCX scandal, Castor will give her thoughts on the polarizing issue that the controversy has brought to the fore.

Amy Castor at MPWR Crypto Mining Summit 2019

Since news of the QuadrigaCX scandal broke, Castor has closely followed the subsequent events as they unfold. A self-proclaimed Quadriga-obsessed writer, the Cambridge, MA-based journalist has not only written about the crypto exchange’s insolvency for multiple publications (including The BlockBitcoin MagazineCoinDesk, and Forbes), but she also has first-hand experience of Quadriga’s hearing in Halifax where she watched from the pews.

As such, her talk at MPWR should be informative and real as she aims to give exclusive coverage of QuadrigaCX.

Attendees to MPWR should be sure to check out her talk between 4:15-4:45 pm later today.

QuadrigaCX: What Happened?

For those not in the know, earlier this year, QuadrigaCX faced one of the most intriguing controversies to have hit the cryptosphere in some time.

In December 2018, the founder of Canada’s largest crypto exchange, Gerald Cotton, passed away when on a trip to India. He was the only individual to know the private keys that could access $136 million USD in cryptocurrencies stored offline. Because of this, the company itself has been unable to access the coins.

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Of course, how this transpires for the 115,000 QuadrigaCX users is that their cryptocurrency is now, in effect, lost.

Unable to pay the balance back to its traders, the company has filed for creditor protection as it works to try and retrieve the missing funds.

Amy Castor at MPWR

That’s only a brief recount of what happened. Castor should take you far more in-depth to what’s going on with QuadrigaCX and the developments surrounding the story.

So be sure to check out her talk and let us know what you think!

Featured Image: DepositPhotos © iqoncept

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QuadrigaCX

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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QuadrigaCX

QuadrigaCX Sends All Its Ether and Bitcoin to Ernst & Young Auditor

When QuadrigaCX’s founder Gerald Cotten died last month, he took the private keys to Quadriga’s cold storage wallets with him.

The founder and CEO died from Crohn’s disease in December 2018. He was the only individual to know the private keys that could access $136 million USD in cryptocurrencies stored offline.

QuadrigaCX Creditor Protection

After the fact, the exchange was granted creditor protection by The Supreme Court of Nova Scotia. This meant it could take some time to try and recover the missing cryptocurrencies. It was also going to try to recoup its losses by unlocking a further $53 million USD in fiat currency held by payment processors.

According to CoinDesk: “The company sought to preempt any litigation from customers hoping to recoup their losses, according to the filing.”

What was Canada’s largest cryptocurrency exchange went offline completely in January.

QuadrigaCX and Ernst & Young

Nova Scotia Supreme Court Judge Michael Wood suggested that the company’s hot wallet funds be sent to the safety of new cold wallets maintained by the exchange’s court-appointed monitor Ernst & Young (EY).

Now, a report released today confirms this has happened. According to EY:

“On February 14, 2019, after testing the transfer arrangements, the Applicants successfully transferred the following cryptocurrency to the Monitor […] The Monitor will hold the cryptocurrency in cold storage pending further order of the Court.”

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QuadrigaCX’s online wallets, or hot wallets, have been almost emptied and the funds sent to EY. The tally includes 52 Bitcoin (BTC), 960 Ether (ETH), 33 Bitcoin Cash (BCH), 2,000 Bitcoin Gold (BTX), and 822 Litecoin (LTC).

A Bad Situation

A month on from announcing the issue, QuadrigaCX has still had no success in recovering the frozen crypto. It also then made a bad situation worse by losing a further 100 Bitcoin earlier in February when it mistakenly sent them to the cold wallets that it cannot access. It did not reveal exactly how this happened.

What a sudden downfall for QuadrigaCX, the largest crypto exchange in Canada. Is this a clear example of one issue with the security measure of the crypto private key system? What do you think?

Featured Image: QuadrigaCX

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QuadrigaCX Can’t Access $190 Million in Crypto After Founder Dies

Around $190 million in cryptocurrency has been lost and locked away somewhere online where no one can reach it. What’s to blame? Canada’s largest cryptocurrency exchange, QuadrigaCX.

Back in December, the cryptocurrency exchange’s founder perished while in India. According to CoinDesk, a court filing states that the company does not have access to most of the funds, because the founder held the private keys. As of late-January, around 115,000 users have balances with the exchange.

The company announced it has filed for creditor protection but did not give full details as to why. Now, the filing itself gives answers. The company states that all the funds from the company were kept in offline, cold-storage wallets.

QuadrigaCX explained:

“For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful.”

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While not all funds were kept in cold storage, it remains unknown at this time what portion was held in hot or cold wallets. Most exchanges keep a large reserve of their digital token in cold storage to prevent theft, and most exchanges that have been hacked are the ones with crypto stored in hot wallets that are easily accessible.

The company is evaluating the ways in which it can pay its customers back, if it isn’t successful in locating the funds. So far, there hasn’t been any success and the company is considering selling off its operating platform. The website is still down entirely for “maintenance” as QuadrigaCX scrambles to come up with a solution. At this time, no funds can be withdrawn from the system.

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