Crypto Exchange

Revelation about crypto moving out deepens the QuadrigaCX scandal

QuadrigaCX, the Canada based crypto currency exchange is not able to clear its name from the wall of scandals. Odd sentence? Well, it goes well with the crypto currency, because the events that has lead to it being called a “scandal” are odd in the first place.

Unless you have been living under a rock, or not affected by mainstream media’s apathetic treatment of domain-specific news, you have read about QuadrigaCX. At Koinalert, we have been extensively covering it through our Twitter handle.

Just for a recap though, Gerald Cotten, the Founder and Chief Executive Officer of the Canada based crypto currency exchange QuadrigaCX died in India. The circumstances of his death was odd enough to draw attention of the crypto community.

But a bigger problem was unravelling, something which was unheard of. About $190 million Canadian dollar ($145 million United States Dollar) worth of crypto currency is in lock. Furthemore, this was the result of there being no password to retrieve that gave access to the account.

The Scandal that is Unravelling Now

A bigger scandal is unfolding as revelation of moving crypto currency from the crypto currency exchange to other crypto currency exchange is out. Coindesk revealed from an extensive report that about 9000 Ether (ETH) which is equivalent to about $1 million is moving out of the crypto currency exchange. Moreover, it turns out that it is going to crypto currency exchanges like Binance, Kraken and Bitfinex.

Furthermore, the astonishing revelation about the news is the fact that this happened in December before Cotten died in India. The crypto got traced from their Internet connected hot wallet, used last time in June of 2017. It held 1100 Ether (ETH), and was gradually sent to Bitfinex.

The revelation is that about 4500+ Ether (ETH) went to a Binance linked wallet. Furthermore, about 4500+ more Ether (ETH) sent to wallets of other crypto currency exchange. The company is yet to make a statement.

Recent Posts

Tomarket App – A Guide to $TOMATO Airdrop, Farming and Web 3.0 Drop Event

Tomarket, Telegram's mini-app hits 20+ million all-time users and 8.8+ million daily active users. Tomarket…

2 months ago

Binance Lists Decentralized and Open L1 Blockchain Toncoin (TON) on its Platform

Cryptocurrency exchange Binance, today announces the listing of Toncoin on its platform. Toncoin is a…

3 months ago

iGaming Platform BC.GAME Signs $40 Million Deal to Become Principal Partner of Leicester City

The iGaming platform BC.GAME has signed a landmark $40 million deal to become the "Official…

4 months ago

Coinbase faces new lawsuit that claims SOL, MATIC, NEAR, MANA, ALGO, UNI, XTZ and XLM are securities

Coinbase crypto exchange and its CEO, Brian Armstrong, faces a new lawsuit that claims Solana,…

6 months ago

Service Beyond Gaming: The Support Experience at HugeWin

In the world of online gambling, the quality of customer service can make or break…

7 months ago

Bitcoin (BTC) Cycle: Aiming for $155,000 Peak by August 2025

Since its launch in 2009 Bitcoin has experienced several cycles characterized by bull and bear…

7 months ago

This website uses cookies.