Ernst and Young (EY) Reveals $500,000 More Lost in Bitcoin by QuadrigaCX Exchange

QuadrigaCX is entrenched in a major scandal. The Canadian crypto exchange which owes customers $250 million CAD ($190 million USD), is out another $500,000 CAD due to a mistake.

On Tuesday, a preliminary report was released concerning the platform’s progress since filing creditor protection in January. Ernst and Young had been appointed by the court to monitor the issue. During its monitoring, EY reported that 100 bitcoins has been moved by the platform to an inaccessible cold storage wallet. The report stated, “On February 6, 2019, QuadrigaCX inadvertently transferred 103 bitcoins valued at approximately $468,675 [CAD] to QuadrigaCX cold wallets which the Company is currently unable to access. The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.”

The platform reported that the cold storage wallets were inaccessible because the only one who knew the private keys’ locations was CEO Gerald Cotton, who passed away last December while traveling to India. The remaining hot wallet fund will be controlled by EY. This wallet includes 51 bitcoin, 0.014 bitcoin cash SV, 2,000 bitcoin gold, 800 litecoin, 33 bitcoin cash, and 950 ether.

Several devices have been impounded as well. According to EY,

“various QuadrigaCX electronic devices reportedly owned or used by Gotten within the Quadriga operations”

have been taken control of. This includes devices such as cell phones, laptops, and three USB keys that have been encrypted. The devices are being stored by EY as its forensic team determines how the devices can be accessed.

In addition, EY is cooperating with third-party payment processors to access Quadriga’s fiat balances. No progress has been identified yet. According to previous court filings, QuadrigaCX owes customers $180 million CAD in crypto.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today