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QuadrigaCX Mystery Continues: Stored ETH on other exchanges.

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A new climax was added to the QuadrigaCX story when the researchers found that they had reportedly stored Ethereum on Kraken, Bitfinex, and Poloniex.

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.

 

#Exchange

Vietnam launching a regulated cryptocurrency exchange

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Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and licensing for a crypto exchange.

Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and obtaining licensing for a cryptocurrency exchange.

Partnership for the cryptocurrency exchange:

According to an article published by PRNewswire, Linh Thanh Group, which is the biggest distributor in the country is partnering with Kronn Ventures AG, a blockchain company located in Switzerland for the development of the cryptocurrency exchange.

Recently, Kronn Ventures AG created an association with the financial committees around Asia which included countries like Bangladesh, Sri Lanka, Cambodia as well as Vietnam. The motive of the association is to use blockchain technology to create a worldwide wiring system that suits the environment of the Asian continent.

According to the report, Linh Thanh Group has officially stated that partnering with the Kronn Ventures AG will help both the companies in creating a cryptocurrency exchange that is world class. Kronn Ventures is quite famous for their work in the field of blockchain in Switzerland.

 

Regulation in Vietnam:

The government of Vietnam had earlier seized the domain name of the biggest BTC exchange in the country as the company was accused of allowing e-commerce services without seeking regulations from the authorities.

Also at the end of last year, Vietnam’s ministry of justice had proposed various methods which could help in regulating cryptocurrencies in Vietnam. The regulatory authorities had also explored the pros and cons of cryptocurrency regulations in the country.

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Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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Alert: Bancor Hackers move 25433 Ethereum

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Three days ago, Bancor Exchange hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange.

The whole crypto community was in shock when Bancor was hacked on 10th July last year with more than $23 million worth of Ethereum being stolen. Almost eight months after the incident, the hackers have allegedly made transactions from the wallet where the stolen Ethereum were kept.

bancor hack address

Three days ago, the hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange. It cannot be determined yet whether the funds can still be tracked or not.

It might be the situation where the hackers are trying to bewilder people so that the funds can be cashed out later from the new address as the older address was already in the view of people and even etherscan displays a cautionary sign above the previous address “Warning! There are reports that this address was used in a (Bancor) hack. Please exercise caution when interacting with this address”.

The Bancor Hack:

Bancor decentralized exchange was hacked last year where the private key was stolen in an uncertain manner by a hacker that still remains mysterious.

Around 25,544 Ethereum, 230 million Pundi X tokens and 3.2 million Bancor Tokens were stolen during the hack. According to Bancor, the hack was due to the compromisation of a wallet that was kept for smart contract upgradation.

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