'Mind-blowing' gaffes at QuadrigaCX leave cryptocurrency watchers 'gobsmacked'
The court-appointed monitor overseeing the search for $260 million in cash and cryptocurrency owed to QuadrigaCX users revealed on Tuesday that the exchange had access to $902,743 in online digital assets, stored in so-called hot wallets as of Feb. 5.
However, Ernst and Young said that on Feb. 6, someone working for QuadrigaCX "inadvertently" transferred 103 Bitcoins valued at $468,675 into a so-called cold wallet that remains beyond the reach of the company.
Oh... so my cash and ETH in quadriga is gone... awesome!
That sucks after they lost millions in a botched transfer a few years ago I made sure to only keep things on there when I was selling Eth for cash, then immediately withdrawing the cash.
The Kraken mission is to accelerate the adoption of cryptocurrency so that the world can benefit from greater financial freedom and inclusion. This is why we’ve consistently done more than provide one of the best crypto exchange experiences.
Since 2014 we have invested significant resources and lent our crypto expertise to the MtGox trustee and investigators, supporting the return of as much client funds as possible and as soon as possible. Events like this impact the entire industry, which is why we want to get involved if there’s a way we can help.
About a month ago, on January 26, QuadrigaCX (a Canadian-based crypto exchange with clients around the world) suspended operations. Seven weeks prior, their CEO passed away suddenly and unexpectedly, leaving the business without a continuity plan. Supposedly, he was the only person who knew the location of and/or could access the client funds (fiat and crypto) totaling approximately $190 million US dollars (belonging to 115,000 clients). Some say the events and circumstances surrounding this case are too suspicious to be believed.
Kraken wants to bring awareness and attention to this case, in hopes that we can help discover some or all of the missing client funds.
Listen and/or watch our podcast to hear the many facts of the case so you can help us solve this mystery. We reveal our own analysis and subjective assessment of the most plausible explanations or theories based on our experience as exchange operators.
EP 3: Chasing the Conspiracy (what we may know of so far)
EP 4: Solving the Conspiracy (what we think happened)
After reviewing the episodes, do you know where the missing client funds are? Do you know who may know something that can help law enforcement locate the funds?
If so, let us know and we’ll pass your tips on to law enforcement. Kraken is giving up to $100,000 USD (fiat or crypto) as a reward for the tip(s) that best lead to the discovery of the missing $190 million US dollars. Go here to submit your tips or leads. With your help, Kraken is committed to supporting law enforcement in solving this case.
Go to our podcast page to listen and/or watch these and other episodes of the Kraken “How to Grow a Decacorn” podcast.
Thank you for choosing Kraken, the trusted and secure digital assets exchange.
The Kraken Team
Important terms: Kraken is offering this reward for information leading to significant progress or discovery of the all or some of the missing client funds. It is up to our sole discretion which tips warrant a reward, if any. The total of all rewards will not exceed $100,000 USD. Kraken may end this reward program at any point in time. All leads collected by Kraken will be provided to the FBI, RCMP or other law enforcement authorities, who have an active interest in this case.
https://calgarysun.com/news/crime/po...oin-fraudsters
Law enforcement teams in Calgary are spearheading a nationwide investigation into a suspected Bitcoin fraud ring that made off with nearly $200,000 in a little over a week.
Between Sept. 16 and 26, four men were captured on CCTV cameras making 112 withdrawals from Bitcoin kiosks in seven Canadian cities.
Police say the suspects were committing “double-spend” attacks — a type of fraud where someone withdraws money from a Bitcoin kiosk before remotely cancelling the transaction before the Bitcoin company can process the transaction.
Fifty-one of the fraudulent double-spends took place in Calgary.
I'm pretty sure it's time to shut it all down, folks. Call it a day.
This concludes the worlds largest ponzi scheme ever made, money made on the backs of others, at least this time some average joes could take advantage of their fellow man instead of just big corporations.
This concludes the worlds largest ponzi scheme ever made, money made on the backs of others, at least this time some average joes could take advantage of their fellow man instead of just big corporations.
And the first ever ponzi scheme that never ever pretended to be anything other than a ponzi scheme and yet somehow, brilliantly persuaded it rubes, marks and suckers that somehow a ponzi scheme could have inherent value
well you might have just got back from an extended stay in, say India, have a shed load of bitcoin but perhaps less ID than normal, you might need a big private house.
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Controversial QuadrigaCX cryptocurrency exchange placed in bankruptcy
Less than three months after one of Canada's biggest cryptocurrency exchanges was shut down amid a swirl of controversy, a bid to restructure Vancouver-based QuadrigaCX has failed and the virtual company has officially entered bankruptcy proceedings.
