QuadrigaCX lost $145 million – how is it possible?

With the situation playing out around a Canadian Bitcoin (BTC) exchange, QuadrigaCX, AirdropAlert keeps on reporting about mysteries in the crypto world.

This time the mystery includes all the elements needed to create a crime drama movie: a sudden death of the QuadrigaCX founder in India, reportedly missing $145 million in digital assets and platform’s customers strapped for funds.

Intrigued? Dive deep into the story!

The guilty-looking atmosphere around QuadrigaCX started to fog in January 2018

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First, the Canadian Imperial Bank of Commerce (CIBC) froze five accounts associated with the exchange, in the total amount of nearly $30 million.

The institution claimed, they couldn’t determine who legally had possession of the funds.

As a result, the Ontario Superior Court of Justice was about to decide between several parties.

The parties included the exchange itself, the QuadrigaCX payment processor and 388 consumers who reportedly deposited fiat contained in those frozen accounts.

As of writing this article, the legal battle between the exchange and major Canadian banks is still going on.

Consequently, hundreds of users are not being able to withdraw their funds.

If the exchange will repay the debts, at this point remains unknown.

Since the founder of QuadrigaCX Gerry Cotten suddenly died in India Dec. 9, the authorized persons have not been able to locate or access a total of $145 million in digital assets

India

QuadrigaCX was reported to keep most of the funds in cold wallets. And Gerry Cotten was the only person responsible for storing corresponding private keys.

After this sudden death, some users began to question Cotten’s passing. As a result, the certificate of death issued in India popped up.

But Jesse Powell, the Kraken chief, brought the sudden death of Gerry Cotten into question, which led to even more speculations.

In the meanwhile, Cotten’s wife, Jennifer Robertson, reportedly states that she hadn’t been able to find the keys written down anywhere, despite diligent searches and hate mail she keeps receiving on a daily basis.

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If you enjoyed this story, please click the ? button and keep on reading the series on crypto mysteries!

Thousands of Bitcoins stuck in limbo – what happened? ← N E X T

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