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QuadrigaCX Mystery Continues: Stored ETH on other exchanges.

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Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

QuadrigaCX story has been storming for the last few months. Especially after the death of the founder of the company, Gerry, new facts are coming related to money laundering. The crypto exchange company is facing a very tough time. In midst of this, another report presented by a consulting platform has stormed the market.

 

QuadrigaCX Mystery Continues:

A new climax was added to the QuadrigaCX story when the researchers found that this cryptocurrency exchange had reportedly stored Ethereum on Kraken, Bitfinex, and Poloniex. This information was made by ZeroNonCense, the crypto consulting platform in collaboration with the CEOs of other related platforms like with Jesse Powell and Taylor Monahan, the CEOs of Kraken and MyCrypto respectively.   

As per the new facts and evidence, this report clarifies that there is a very high possibility that during the operations of QuadrigaCX, around 650,000 Ethereum coins belonging to this cryptocurrency exchange were stored on different other cryptocurrency exchanges like Kraken, Bitfinex and Poloniex. These evidences also claim that they have sufficient proofs to prove that QuadrigaCX had well-established accounts on all the above mentioned exchanges. If we calculate the total value of the digital assets that were sent from QuadrigaCX to other exchange platforms, their total worth at the time they were sent was around $1000 million.

It must be noted that the cryptocurrency exchange QuadrigaCX was reported lost around $150 million ( around CA $190 million) after the sudden death of the founder of the organization Gerry Cotten.

The report also states that after the death of Gerry, all his property went to his affidavit, his wife Jennifer Robertson. But neither Jennifer nor any other closed person to Gerry has the information about where the founder had stored the digital assets. It also predicts that maybe, no person other than Gerry was aware of the storage practices of the storage of these digital assets. However, it also reports that Jennifer said the Jerry might have stored some of the funds of this cryptocurrency exchange on other exchanges. One earlier report presented by  Ernst & Young had stated that the cold wallets of QuadrigaCX have been unused and empty for the last 10 months. This fact can be validated by that the facts from the recent report that maybe the crypto assets are stored on other exchanges.

However, if we believe this report by  ZeroNonCense that the assets of QuadrigaCX are stored on the above-mentioned exchanges, then the retrieval of these funds wouldn’t be so difficult. The retrieval would allow the QuadrigaCX to resume its functionalities once again. Earlier, last month, ZeroNonCense has released another report stating that QuadrigaCX never had any bitcoin assets of $190 millions as there were rumors that the company has lost the mentioned bitcoin assets with the death of the Gerry.

These reports are not a good sign for the QuadrigaCX crypto exchange. It is already in a severe loss and with these facts and information coming up, the banks of Canada have started showing hesitation in investing in QuadrigaCX as they are concerned with the money laundering facts of QuarigaCX coming up frequently.

 

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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