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fukk me
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Not your keys, not your coins. Obviously there are situations where some users have to give up control of their keys to a centralized exchange, but these should be limited as much as possible - both in amount and duration.
When/where possible, it's worth trying to use reputable decentralized exchanges (DEXs) in order to help mitigate these kinds of risks. Even then, nothing beats storing your own crypto as long as it is done properly.
Stay safe out there!Comment -
How bad?
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Such a shame for Canadians.
Murdered by the traditional banking system circling like a lynch mob and refusing to even take bank draft funds from them.
At least it sounds like no-one should lose their money if that is true about the bank drafts and frozen crypto. Banks will allow a liquidator to cash them no doubt..Comment -
How could they all of a sudden lose access to funds stored in cold storage?Comment -
"Attempting to locate and secure..." would imply that someone walked away with the cold storage wallets...Originally posted by bonzaiiComment -
It looks pretty sketchy. The CEO of QuadrigaCX allegedly died in India recently, and he was the only one with access to the keys.Originally posted by bonzaii
Lots of theories floating around and with good reason, as Cotton the CEO was quite tech savvy and it is doubtful he took the cold storage wallet keys with him to his alleged death.
Some smart people on the bitcoinca sub on reddit and a few have bookmarked the cold storage wallet addresses to see if they remain unused.
I'm glad I bailed on Quadriga moths ago, this is now getting very interesting.Comment -
It's difficult to know what really happened as facts are difficult to determine. There has been quite a lot of internet sleuthing being done by people that have balances art Quad. More than a few have noted some potentially scammy looking info on Quad, first alleging that they were not really a Canadian company - they had no physical address in Canada (many have tried to visit the listed physical address in Vancouver), just a mailing address and are linked to other sketchy sites etc.Originally posted by Optional
There is so much more but I can only type so much.Comment -
1. Jerred Cottons death is fishy. No evidence of funeral, death certifiate or record. Guy just disappeared.
2. Considering all the ghost name registration of the company, fake ups address for business etc, Gerred Cotton could be a fake name. The name is very common on social media and online search so when people search for that name thousands of gerred cotton show up. That leaves the possibility gerred cotton was a fake name with fake ids.....he probably went back to his real name.
3. while quadrigacx is filing creditor protection etc, they have been busy over the past week transferring all coins to some other address https://www.blockchain.com/btc/addre...DKx3YAMwDVygGB also all the etherium is moving https://etherscan.io/address/0xb6aac...cbe42a9aae6218
i would hate to think its exist scam or scam because they were qcx was a very profitable company even though most of their registration/names/adddressess were shady but the canadian government caught on and the banks can easily use that against them. banks are not to blame even though they are evil. I am speculating that QCX realized that most of the guys with big amounts in QCX will pull out most of the money even if they came back to business after all their shadyness behind registration was exposed....so if they come back, it won't be as profitable. better for them to exist run with the money. It look slike they came prepared to do exist scam but lasted long due to the success and the profit they made with exchange fees and volume...they probably want to make it proper business but the banks got to them first and the shadyness was exposed.Comment -
"Jennifer Robertson Affidavit from Jan. 31 posted! $190 Million in crypto lost. She can't recover keys due to Cotten's encrypted laptop"Originally posted by danwinkler
https://bit.ly/2WzXzqA
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I'm pretty sure someone posted on here about visiting their office a couple of years ago.Originally posted by icon
They did say it was small and dumpy from memory.
Personally I think it's crazy to act like this was a bad company or some sort of scam. They almost single handedly made bitcoin work for Canadians in a tough regulatory marketplace.
It's documented how CIBC froze millions on them. And even when the courts ordered that released the rest of he banking industry conspired to not honor the spirit of that order.
It seems to have gone all weird with this death stuff now, but personally I don't think these people went into this business with any sort of plan to ever scam anyone.
Scam or not, it's a serious blow for bitcoin use and acceptance in Canada just from it going down..Comment -
OhOriginally posted by icon
Ok, if the only keys were stored on one laptop, they were not responsible people. :\.Comment -
the court must ask for proof death...not some certificate from some dump in india. was there autopsy...where is the body. i am guessing the answer from jennifer side would be that the body has laready been cremated!Comment -
Yes years ago they had a physical address but then they closed it down and since then there actual whereabouts have been unknown.Originally posted by Optional
I'd bet it turns out to be a big well thought out scam.
I don't think that Quad set out at the beginning to be a scam but after all the hassle and problems they faced after years in the business figured it would be very profitable to set up an elaborate exit scam and that seems the most likely possibility.Comment -
Cotton allegedly dies from Crohn's, which is rarely fatal, in India where fraud is rmapant and a death certificate can be bought for a small sum.Originally posted by danwinkler
"Dying from Crohn's at a young age is so rare Japanese doctors wrote up a case study about it."Comment -
If the numbers in that court application are correct.
They owe $250mil but can also document the location of about $250mil as well.
Assuming the legal system, or Ernst & Young, properly verifies those numbers are correct. And the $190mil in cold storage can be seen to not have moved.
It makes the fake death thing appear a bit pointless?
Did you notice that some dodgy payment processor he used is trying to steal 9mil CA and 2.5mil US$ as well?
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Things seem to be getting more interesting, the LTC cold wallets associated with Quadriga are being drained - apparently ETH too.Comment -
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It appears very much that QuadrigaCX at some point became a ponzi, If you are interested in the shenanigans at Quadriga this is a must read:
Brief Summary of Findings:
It appears that there are no identifiable cold wallet reserves for QuadrigaCX.
It appears that QuadrigaCX was using deposits from their customers to pay other customers once they requested their withdrawal.
It does not appear that QuadrigaCX has lost access to their Bitcoin holdings.
It appears the number of bitcoins in QuadrigaCX’s possession are substantially less than what was reported in Jennifer Robertson’s (wife of allegedly deceased CEO and Owner Gerry Cotten) affidavit, submitted to the Canadian courts on January 31st, 2019.
At least some of the delays in delivering crypto withdrawals to customers were due to the fact that QuadrigaCX simply did not have the funds on hand at the time. In some cases, QuadrigaCX was forced to wait for enough customer deposits to be made on the exchange before processing crypto withdrawal requests by their customers.
After completing the analysis, it is the author’s opinion that QuadrigaCX has not been truthful with regards to their inability to access the funds needed to honor customer withdrawal requests. In fact, it is almost impossible to believe that this is the case in lieu of the empirical evidence provided by the blockchain.Comment
QuardrigaCX It's over. They are in creditor protection.
