QuadrigaCX investigation comes to United States with FBI seeking victims

On June 3, 2019, the Federal Bureau of Investigation (FBI) revealed that it is working with the United States Attorney’s Office for the District of Columbia, Internal Revenue Service Criminal Investigation (IRS-CI), and Department of Justice’s Computer Crime and Intellectual Property Section to seek victims in an ongoing QuadrigaCX investigation.

FBI, IRS-CI, Seek Victims in Ongoing QuadrigaCX Investigation

A recent publication on the United States FBI’s website reveals that the FBI and other law officials are trying to identify potential victims in a federal investigation in respect to QuadrigaCX, a Canada-based cryptocurrency exchange that is unable to repay its customers’ funds.

The FBI has, therefore, called on those who have issues and concerns about their QuadrigaCX account or believe that they are victims. They have been asked to voluntarily give responses by filling a questionnaire that will help the federal law enforcement agency in carrying out its investigation.

FBI’s Questionnaire Requirements

A closer look at the questionnaire shows requirements such as a victim’s name, contact information, username on QuadrigaCX, the year the last transaction was made on the exchange, approximate account balance as of January 31, 2019, and fiat currency used to make withdrawal requests.

According to the FBI, it is legally mandated to seek out victims in federal crimes it investigates. It is also required to provide victims with information, assistance, and resources because victims are legally entitled to it. Likewise, it may contact those it deems fit to get more information.

QuadrigaCX Claims it’s Unable to Access C$190 Million

QuadrigaCX, on the other hand, is one of the most popular cryptocurrency exchanges in Canada and in February this year, it revealed that its CEO, Gerald Cotten had passed on in December 2018. After it took months for the exchange to announce the CEO’s death, it also claimed that it is unable to access the C$190 million worth of cryptocurrencies that are stored in cold storage wallets.

While the news generated a lot of negative sentiments in the cryptocurrency community, investigations carried out by a number of people revealed that there are really no funds in the said wallets. Specifically, Ernst & Young (EY), the investigator appointed by the court to look into the exchange revealed on March 1, 2018, that the cold storage wallets have been empty since April 2018.

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