Crypto Exchange Sent $370K (Bitcoin) to Dead Owner

dothebeats

legendary

Activity: 3542

Merit: 1352

Quote from: bitfocus on February 14, 2019, 06:51:34 AM

a very simple question, how would exchange know the user or the owner of an address is dead or alive? - the answer is, not possible unless the family makes a contact and bring proof of their inheritance - I don't see any fault of the exchange here.

They won't, but the address in question is actually the dead founder's address, so there really is something fishy going on in here. They know quite well that the funds cannot be retrieved once they sent it to the address in question, so why the hell would they continue sending it then? This only gets exciting day by day, and gets even more simpler since the perpetrators seem to be getting themselves caught with their own web of lies. One thing's for sure though: I'll never leave substantial amount of money in an exchange ever again. Grin

bitfocus

member

Activity: 532

Merit: 15

a very simple question, how would exchange know the user or the owner of an address is dead or alive? - the answer is, not possible unless the family makes a contact and bring proof of their inheritance - I don't see any fault of the exchange here.

Steamtyme

legendary

Activity: 1568

Merit: 2037

Here is a Quadriga thread where it has been discussed and is updated with factual reports.

https://bitcointalksearch.org/topic/m.49729233

Quote from: chacha4twenty on February 13, 2019, 04:29:35 PM

An crypto exchange sent out huge amount $370,000 in btc to dead owner, what do you think ?

You mean they sent it to a cold wallet apparently. Which is supposed to mean it is another one of these cold storage wallets that they apparently couldn't find.

Quote

this is good for Bitcoin.

How could it not be ? What a shit question. This will obviously have a negative impact on new users thinking about entering the market. It won't hurt as much as Mt. Gox though, it's just hard for people to embrace something when they hear the horror stories they can relate to. Bitcoin itself doesn't really care, I called it.

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Exchange owner will send again money to real owner? Or exchange users lost money forever!

All of Quadriga's accounts and potential wallets are supposed to be in the hands of a court appointed "Monitor". So whatever is found, after legal fees, would be distributed to the Quadriga customers. This will in all likelihood be pennies on the dollar.

sunsilk

hero member

Activity: 3038

Merit: 634

How can it be? I think that the sender knows who's the exact person who's holding that wallet. Why would he just burn 103 bitcoins? it's a lot of money, I'm not buying the story anymore of this exchange. They are acting weird to be honest.

I'm going to wait for someone who's been under QuadrigaCX's management to answer this incident. But if no one will answer that question, I really don't think and believe that wallet is lost forever.

pixie85

hero member

Activity: 2184

Merit: 531

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According to court documents, it is unknown who undertook the transfer of the bitcoins.

WTF? Does this mean everybody in this bloody exchange have access to wallets? How can they not know who did it. In every single institution I've dealt with you have your private login and password that you have to enter to access your company account even if you only want to check your schedule or read notes. There should be detailed logs of active employee accounts at the time of the transfer.

leonair

sr. member

Activity: 1442

Merit: 421

It seems that too much security is bad after all, this is one aspect of Bitcoin that's good and bad at the same time, it's sad that it'll be useless forever not unless someone breach to that dead man's wallet.

Let's hope that the wife or any other trusted relatives will find a way in retrieving those password, how I wish it was given to less fortunate than sleep forever.

nelson4lov

hero member

Activity: 2212

Merit: 805

🌀 Cosmic Casino

The QuadrigaCX Exchange saga never seems to end. Its still lingering on. I'm eager to see QuadrigaCX's defense to the latest report or their "mistake". I'm beginning to believe that QuadrigaCX late CEO might not be late after all. Because I see no reason why an exchange that is under fire by angry users whose funds are now lost will take this news. I won't be surprised if lawsuits starts flowing in Wink

chacha4twenty

newbie

Activity: 232

Merit: 0

An crypto exchange sent out huge amount $370,000 in btc to dead owner, what do you think ? this is good for Bitcoin.
Exchange owner will send again money to real owner? Or exchange users lost money forever!
Link: https://www.marketwatch.com/story/embattled-crypto-exchange-accidentally-sent-370000-of-bitcoin-to-dead-owner-2019-02-13

Topic: Crypto Exchange Sent $370K (Bitcoin) to Dead Owner (Read 148 times)