Where Is The ‘Missing’ $150 Million? Crypto Exchange QuadrigaCX’s Fiasco Gets Wierder With New Research
According to a cryptocurrency researcher with an online alias “ProofofResearch,” QuadrigaCX may not have a Bitcoin cold wallet nor $150 million in crypto.
In a research paper, Zerononcense editor ProofofResearch stated that based on the evaluation of the company’s 31 Bitcoin addresses, no evidence to prove the existence of a cold wallet for QuadrigaCX was found.
The research of Zerononcense similarly discovered that no evidence was found to prove that the exchange has a Bitcoin cold wallet.
In an affidavit filed with the Nova Scotia Supreme Court, Jennifer Robertson, widow of QuadrigaCX CEO Gerald Cotten, said that around $90 million worth of Bitcoin was lost in a cold wallet that was solely controlled by the CEO. “The normal procedure was that would move the majority of the coins to cold storage as a way to protect the coins from hacking or other virtual theft,” the affidavit obtained by Coindesk read. However, ProofofResearch explained that following the analysis of the addresses and transaction IDs for Bitcoin withdrawals and deposits, it is clear the exchange does not have a cold wallet which was supposedly used to store user funds.
The details on the wallets or addresses linked to QuadrigaCX which have emerged in the past week have led analysts and investors to become skeptical about the current situation involving the exchange and its loss of $150 million and whether the $150 million existed in the first place.
Joseph Young’s original article for ccn.com reduced by 63%
Related story: QuadrigaCX Owes Customers $190 Million, Court Filing Shows (coindesk.com)
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CN [too long; didn’t read]
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