Newsflash: $90 Million of QuadrigaCX’s Missing Crypto Found, Claims Researcher: Is it Recoverable?
Joseph Young's original article for www.ccn.com reduced by 51%
Zerononcense, a cryptocurrency blog run by editor James Edwards, claimed that it found the trails of the missing $90 million worth of crypto from the now-defunct exchange QuadrigaCX. The detailed report curated by Edwards discovered the transfer of 649,708 Ethereum from the wallets of QuadrigaCX to cryptocurrency exchanges including Poloniex, Bitfinex, and Kraken. Kraken CEO Jesse Powell has said in a statement that Kraken does not have any funds from the wallets of QuadrigaCX.
The research claimed that there is "a high likelihood" of QuadrigaCX funds currently being stored on Bitfinex and Poloniex. "Based on the cumulative analysis of Taylor Monahan, the CEO of MyCrypto, Elementus, a blockchain research firm that was cited by the Wall Street Journal, and the author of this report, it appears that there is a high likelihood that there are funds that belong to QuadrigaCX at Bitfinex and Poloniex," the report read. If the missing funds from QuadrigaCX are on exchanges, then the funds of users are recoverable.
Crypto Funds From QuadrigaCX Being on Exchanges is the Best Hope Says Kraken CEO. According to the research, final transactions from the suspected Ethereum wallet of QuadrigaCX were initiated on Dec 8, 2018, less than 24 hours after QuadrigaCX CEO Gerald Cotten reportedly passed away in India. If the wallets were operated by QuadrigaCX and the funds potentially moved out of the exchange after December 9, the argument that the exchange lost control of user funds due to the death of the CEO cannot hold.
Jesse Powell, the CEO of Kraken, said that it is in the best interest of the creditors of QuadrigaCX that the lost funds are on exchanges because if that is the case, the funds can be recovered. On March 1, Kraken offered $100,000 to anyone who finds the missing $190 million of user funds QuadrigaCX reportedly lost, $150 million in which are stored in crypto.
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CN [too long; didn’t read]
Summarised crypto news.