QuadrigaCX funds may not be stuck, they may be missing completely!


#1

If you have not been following the case of QuadrigaCX exchange’s lost funds, it is kind of a strange one, apparently $145 million in crypto has been lost because their CEO Gerry Cotten died and was the sole person in the company who had access to their cold wallet’s private keys. I think Localethereum summed it up quite well on twitter:

As they have pointed out this is a situation that could never happen on a decentralized exchange. Since day 1 there have been whispers that the CEO simply faked his own death due QuadrigaCX being bankrupt and the Canadian authorities were circling around them also as it turns out the exchange may not have been correctly regulated. A report even came out that he had died in a region notorious for a fake death mafia:

And now if the situation could not get any worse, experts have claimed the $145 million in crypto is not locked up & stuck in cold storage, they are simply missing.

This does not look positive at all for any QuadrigaCX users hopeful of seeing their funds returned. And I have to say the more updates that come out of this story, the more plausible the “CEO fakes death to steal customer’s crypto” angle is looking.

Stay safe!