Experts have told the WSJ that the supposedly missing funds at QuadrigaCX crypto exchange could not be stuck, but missing.
The $145 million in digital assets that are reportedly stuck in encrypted cold wallet storage of QuadrigaCX crypto exchange could actually be missing, according to analysts cited by the Wall Street Journal (WSJ) on Feb. 6.
In December 2018, the founder of major Canadian cryptocurrency exchange QuadrigaCX, Gerald Cotten, passed suddenly. Cotten was reportedly the sole executive with access to the exchange’s cold wallets. As such, customers have been unable to withdraw funds owed to them, and the exchange has sought creditor protection in Canadian court.
A filing from Ernst & Young states, “Quadriga was unable to access the cold wallets and/or discovered that the cold wallets contained minimal cryptocurrency units.” ‘Big Four’ auditing firm Ernst & Young was appointed an independent…
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