Quadriga CEO death, Is it new scam in crypto

r1s2g3

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I am alive but in hibernation.

Quote from: Mr.Ease on May 06, 2019, 11:00:31 AM

Quote from: ene1980 on May 06, 2019, 10:29:50 AM

Quote from: r1s2g3 on May 06, 2019, 09:29:18 AM

You guys are missing few key points here.
1.Canadian citizen was in visit to India.
2.Dead body was never been back to Canada.
3.Instead they acquired death certificate from one of the state in India.
4. It is not impossible in India to get your death certificate even when you are alive.
5. He did not planned any "backup continuity plan" for the company but he planned everything for his family just couple of months before his alleged death.

He might have faked his death and took a fake death certificate from India, but how about staying in India as he is not a citizen and he needs to get a permit to stay in India and since this has become a big enough case and attained some publicity, i am not sure how he will be able to hide that fact and stay in another country.
Yes there are some activities before his death that will raise suspicion and the company has forwarded coins in the cold wallet even after his death which creates another puzzle.

You don't know Huh

Pretty sure when you have like 100mill... Those problems tend to disappear quite fast. Like permits, certificates, new identity.. yeah, doubt thats much of an issue.

+1, If you can get the fake death certificate then you will get the "legal" citizenship documents. There are millions of poor people from Bangladesh (neighboring country) that have valid citizenship of India. Quite possible , death is faked in India and citizenship is obtained from any of these country or obtained in India with some new name.

Quote from: jak3 on May 06, 2019, 01:09:06 PM

ok, this started to smell fishy, there is no real proof of his death even than death certificate was not shown. sorry, but I know saying anything about someone's death is the worst thing but there is a huge sum of money involved and the problem is not about some private key lockage. it's recoverable so why not they are refunding the funds are giving any note to the users.

Because only CEO knows the private keys and now the CEO is dead, so all you have is lost bitcoins.

btc_angela

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Quote from: DreamStage on May 06, 2019, 09:38:49 PM

It is obviously that is has been a scam since the beginning....
Faking death is one of the indian strategic options to money laundering.
Unfortunatelly clients will not be able to restore their funds again unless some court order appears.

As far as I know the court is really trying hard to liquidate the assets of the wife so that they can pay its account holders. But I don't know if. this is enough though. Just hard to imagine that the CEO will leave nothing because he and the wife live lavishly on other peoples money.

ene1980

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Activity: 2002

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Quote from: Mr.Ease on May 06, 2019, 11:00:31 AM

You don't know Huh

Pretty sure when you have like 100mill... Those problems tend to disappear quite fast. Like permits, certificates, new identity.. yeah, doubt thats much of an issue.

That is the issue, with a hundred million dollars at stake you really cannot hide just like that and you cannot create a story that you are dead and you cannot slip through for a long time, he could have disappeared easily if this was not a high profile case and the FBI and all the authorities are behind the mystery on how to retrieve the user funds and the tools they have to monitor is off the charts.

Quote from: DreamStage on May 06, 2019, 09:38:49 PM

It is obviously that is has been a scam since the beginning....
Faking death is one of the indian strategic options to money laundering.
Unfortunatelly clients will not be able to restore their funds again unless some court order appears.

They could have planned to scam the users but what do you really mean by Indian strategy of faking death to launder money Roll Eyes

. This is not a novel where you are able to do that and with a high profile case like this even if he faked his death, it wont last long.

DreamStage

sr. member

Activity: 625

Merit: 258

It is obviously that is has been a scam since the beginning....
Faking death is one of the indian strategic options to money laundering.
Unfortunatelly clients will not be able to restore their funds again unless some court order appears.

pinoyden

full member

Activity: 756

Merit: 102

Quote from: lyks15 on April 23, 2019, 11:42:04 PM

This is one of the big disadvantage of not decentralized industry . Imagine if there is an KYC all the people here in crypto even investor or people behind crypto activity we will not have experiene like that.

kyc dont have the power to totally stop the frauds and scams i the crypto world . infact , there are now lots of kyc services these days that can be found online in which someone can do a fake kyc for you . imagine if all of us will be using these fake kyc services , i think all illegal acts and criminal acts online will still be continued .

rmilly

jr. member

Activity: 312

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Ciphertrace claimed that it was indeed a exit scam in their latest report https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

TimeBits

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Quote from: r1s2g3 on February 13, 2019, 12:50:35 AM

https://www.investinblockchain.com/is-quadriga-ceo-actually-dead-or-140-million-exit-scam/

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

just saying this has the governments and bankers finger prints all over it. also p2p trading is here ^_^ try it

jak3

legendary

Activity: 1274

Merit: 1004

ok, this started to smell fishy, there is no real proof of his death even than death certificate was not shown. sorry, but I know saying anything about someone's death is the worst thing but there is a huge sum of money involved and the problem is not about some private key lockage. it's recoverable so why not they are refunding the funds are giving any note to the users.

Mr.Ease

hero member

Activity: 1596

Merit: 534

Quote from: ene1980 on May 06, 2019, 10:29:50 AM

Quote from: r1s2g3 on May 06, 2019, 09:29:18 AM

You guys are missing few key points here.
1.Canadian citizen was in visit to India.
2.Dead body was never been back to Canada.
3.Instead they acquired death certificate from one of the state in India.
4. It is not impossible in India to get your death certificate even when you are alive.
5. He did not planned any "backup continuity plan" for the company but he planned everything for his family just couple of months before his alleged death.

He might have faked his death and took a fake death certificate from India, but how about staying in India as he is not a citizen and he needs to get a permit to stay in India and since this has become a big enough case and attained some publicity, i am not sure how he will be able to hide that fact and stay in another country.
Yes there are some activities before his death that will raise suspicion and the company has forwarded coins in the cold wallet even after his death which creates another puzzle.

You don't know Huh

Pretty sure when you have like 100mill... Those problems tend to disappear quite fast. Like permits, certificates, new identity.. yeah, doubt thats much of an issue.

ene1980

hero member

Activity: 2002

Merit: 535

Quote from: r1s2g3 on May 06, 2019, 09:29:18 AM

You guys are missing few key points here.
1.Canadian citizen was in visit to India.
2.Dead body was never been back to Canada.
3.Instead they acquired death certificate from one of the state in India.
4. It is not impossible in India to get your death certificate even when you are alive.
5. He did not planned any "backup continuity plan" for the company but he planned everything for his family just couple of months before his alleged death.

He might have faked his death and took a fake death certificate from India, but how about staying in India as he is not a citizen and he needs to get a permit to stay in India and since this has become a big enough case and attained some publicity, i am not sure how he will be able to hide that fact and stay in another country.
Yes there are some activities before his death that will raise suspicion and the company has forwarded coins in the cold wallet even after his death which creates another puzzle.

r1s2g3

sr. member

Activity: 742

Merit: 395

I am alive but in hibernation.

Quote from: Mpamaegbu on May 06, 2019, 08:33:34 AM

Quote from: r1s2g3 on February 13, 2019, 12:50:35 AM

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

Why would someone want to fake their own death in a world of great technological advancement? I doubt this is likely because the CEO will be sniffed out if that were the case. However, what this has come to confirm (after we witnessed the death of another exchange CEO last year) is that exchanges aren't the best of places to keep one's Cryptos. Own your cryptos yourself by keeping them in wallets you control the Private Keys. Imagine if this happens to the CEO of Binance?

You guys are missing few key points here.

1.Canadian citizen was in visit to India.
2.Dead body was never been back to Canada.
3.Instead they acquired death certificate from one of the state in India.
4. It is not impossible in India to get your death certificate even when you are alive.
5. He did not planned any "backup continuity plan" for the company but he planned everything for his family just couple of months before his alleged death.

RapTarX

hero member

Activity: 1358

Merit: 851

I doubt his death is fake. I have read some of the news on it. However, although it is a mysterious case, some says there's no death certificate found, I guess he has died. It will not be a huge hassle to trace the fund in future. So, he would barely do that.

Mpamaegbu

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Activity: 2716

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Once a man, twice a child!

Quote from: r1s2g3 on February 13, 2019, 12:50:35 AM

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

Why would someone want to fake their own death in a world of great technological advancement? I doubt this is likely because the CEO will be sniffed out if that were the case. However, what this has come to confirm (after we witnessed the death of another exchange CEO last year) is that exchanges aren't the best of places to keep one's Cryptos. Own your cryptos yourself by keeping them in wallets you control the Private Keys. Imagine if this happens to the CEO of Binance?

romero121

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Vave.com - Crypto Casino

Anything happening associative with cryptocurrency will be seen with an eagle eye. In such a way is the issue with Quadriga exchange, different people have come up with different thought process on the death of the CEO. If this issue wasn't relative to cryptocurrency then it could have never been this big because with bitcoins scams were common and people try as many ways to scam others. When the fund that's been lost is big, this will be viewed considering more factors.

teddyelwyn

member

Activity: 268

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Did you read the ciphertrace q1 report that was circling the internet last week? It's wild to see what else they caught https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

Harris Stevens

newbie

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Unfortunately these type of people exploit the faith the in people of buying bitcoins and other cryptocurrencies and it seems to be a legitimate fraud as death certificate in india can be bought.

CryptoBry

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Quote from: lyks15 on April 23, 2019, 11:42:04 PM

There is a big possibility that it is clearly scam. And the CEO are having a fake death news so he can have lot of money or crypto investment without any liability. This is one of the big disadvantage of not decentralized industry . Imagine if there is an KYC all the people here in crypto even investor or people behind crypto activity we will not have experiene like that.

This is also showing us that maybe the laws covering this industry can easily be played around so that anybody can fake his death and continue have access to the wallets where the crypto-funds are located. Since the transactions are public, they can easily be traced and be known (a big advantage with the public blockchain). Maybe we need stricter laws on this aside from the advantages of using decentralized exchanges. There must be insurance in placed that customers of exchanges can avail in case of fraud or bankruptcy and all exchanges should have one available to their members even on voluntary basis (as additional protection).

Herbert2020

legendary

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Quote from: Moiyah on April 25, 2019, 12:01:05 AM

Actually, there are many gossips that Quadriga isn't really dead and that they are just looking for a way to escape withe the money. It may be possible of a new way to scam people. But whatever it is, users can not take a back their funds and that's the sorrowful and downcast part of it.

unlike in the movies, in real life it is not easy to "fake" your death specially when the authorities are involved and you would be breaking the law which is a punishable act. besides, this news is already too old and in this case we are talking about bitcoin and similar cryptocurrencies which have transparent blockchains which means if the coins move it will become obvious that they had access to the keys and were lying about it. that has not happened yet.

Moiyah

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Actually, there are many gossips that Quadriga isn't really dead and that they are just looking for a way to escape withe the money. It may be possible of a new way to scam people. But whatever it is, users can not take a back their funds and that's the sorrowful and downcast part of it.

pushups44

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Quote from: meccaflare0 on February 13, 2019, 01:01:00 AM

That's just the hopium talking. Money is stolen. Guy goes to part of India known for fake death certificates. Does his will weeks before his "death" and transferred 15 properties to his wife before he died. And he left 100k to his fucken dogs. Wife is currently transferring properties to a trust in an attempt to separate them from the creditors (the users)

Also upon further chain analyse it looks like there was tremendous efforts to obfuscate the wallet addresses by dispersing funds and parking.

And to top it off CIBC only froze their account because Jose Reyes transfer over a million into his personal account. CIBC froze the account because they sketched out. And They kept contacting the now "dead" ceo. and he kept ignoring them. Making the account stay frozen longer. This happen months before he "died"

Wow. I am going to have to look deeper into this. If all of the above is true, this can be turned into a documentary. This would be quite an elaborate scam - faking one's death to steal customer funds. It would seem that going into hiding for the rest of your life would be more trouble than it's worth.

Topic: Quadriga CEO death, Is it new scam in crypto (Read 592 times)