QuadrigaCX Update

QuadrigaCX Update

The failed Canadian cryptocurrency exchange, QuadrigaCX, has sent the majority of its Bitcoin and Ether reserves to its court-appointed monitor, Ernst & Young (EY). According to documents from THE SUPREME COURT OF NOVA SCOTIA, EY confirmed that it had taken control of the funds by transferring the cryptocurrency from QuadrigaCX’s accounts to Ernst & Young service firm’s own cold wallet.

According to EY;

“On February 14, 2019, after testing the transfer arrangements, the Applicants successfully transferred the following cryptocurrency to the Monitor.”

As of right now, the exchange transferred 51 Bitcoin, 33 Bitcoin Cash, 2,000 Bitcoin Gold, 822 Litecoin and 951 Ether. EY will hold the cryptocurrency in cold
storage until further notice from the court. Before making all these transactions, the company ran some test transactions that answer the question to the unsolved mystery. The accidental transfer of 104 BTC was due to one of these tests.

Also according to EY;

“[This] Occurred due to a platform setting error by the Applicants that resulted in bitcoin being automatically transferred to the Quadriga cold wallets.”

No one has the private key to the wallet the BTC was sent to, therefore making it “inaccessible”. Hopefully, now that we’ve ruled out the “errors”, the currency is in safe hands. A for users of the exchange, hang tight because there may be hope!

Happy Trading!

-Annalese Abreu

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