From Bad to Worse! QuadrigaCX Cold Wallet Storage Were Empty!?!

The nightmare continues. Crypto exchange QuadricaCX, whos founder Gerald Cotten had died in India in Dec 2018, was the only person who had the encrypted keys to its account holders crypto currency. Since then an investigation, conducted by Ernst and Young, has reviled details about the cold wallets that store Bitcoin (BTC) and other cryptocurrencies. Reported by Bloomberg, in a Ernst and Young report, it has been found that five out of six cold wallets that QuadricaCX used to store users crypto currency had been empty since April 2018. Ernst and Young have also detailed the following points:

  • The sixth wallet was used to retrieve Bitcoin (BTC) from other exchanges for a hot wallet
  • From April 2014 – 2018, the number of Bitcoin (BTC) stored on the cold wallets ranged from 0 to 2776
  • 14 Accounts that had been used for trading were created in a different process

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