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Topic: Unofficial Quadriga Cx Thread - page 3. (Read 24347 times)

legendary
Activity: 1554
Merit: 2037
February 13, 2019, 05:03:44 PM
#94
I'm still confused how they had access to or the chance to transfer any BTC at that time.

Was the 5th not the date they were to hand everything over??

It looks more and more like a Mickey Mouse operation every time. What did they have passwords saved on their company laptop, with form filled address data... oopsie I slipped and punched in 103 and "enter". I can't think of any valid reason they should have been moving funds anyways, operations ceased what 10 days prior... well longer with the website down.



In regards to Mr. Zou.

Who the fuck waits 4 months to begin demanding your cash?? I had a withdrawal get delayed in November, got on there case and it showed up a few days later. My December withdrawal I quashed and re bought BTC as I needed it for a purchase. This was when I got lucky, even though it was about 250$ I'd have hated to lose it. That one I chalked up to Christmas delays. If I were this guy there would have been lawyers involved within on the 15th business day. This would have at least happened before the CEO died.

Hopefully he at least gets some back, just a shitty way to learn that lesson.
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
February 12, 2019, 09:42:23 PM
#93

The monitor's report says QuadrigaCX "inadvertently" transferred 103 bitcoins valued at $468,675 to what are known as cold wallets, which the company is now unable to access.[/b]

This is why this QuadrigaCX issue is always been suspicious with those transfers alone you can already make such conclusion that all of these things

are bullsh*t drama.They are trying to wash their hands now as if they wont be questioned on all possible angles had been found.I wont really even believe

than someone didnt able to get those keys.



If QuadrigaCX is telling the truth they need to prove the cold wallet address.
If there are funds in there then we can track a real cold wallet since it still hasn't been documented.

On the Cash Side (Need to track those cheques asap)

-
According to Robertson, one of those processors has five bank drafts worth $25.2 million.

However, Ernst and Young confirmed it has yet to receive any funds from those businesses.

“It may be necessary for the applicants (QuadrigaCX) and monitor to return to the court for additional assistance in … securing the return of funds from third party payment processors,” the report says

https://business.financialpost.com/pmn/business-pmn/more-than-400000-in-quadrigacx-cryptocurrency-disappears-into-cold-wallet

(Hopefully reverse a wire ...)
hero member
Activity: 3010
Merit: 794
February 12, 2019, 08:39:11 PM
#92

The monitor's report says QuadrigaCX "inadvertently" transferred 103 bitcoins valued at $468,675 to what are known as cold wallets, which the company is now unable to access.[/b]

This is why this QuadrigaCX issue is always been suspicious with those transfers alone you can already make such conclusion that all of these things

are bullsh*t drama.They are trying to wash their hands now as if they wont be questioned on all possible angles had been found.I wont really even believe

than someone didnt able to get those keys.

legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
February 12, 2019, 06:45:12 PM
#91
https://www.cbc.ca/news/business/quadrigacx-cryptocurrency-1.5016684 (Idiots)

More than $400,000 in QuadrigaCX cryptocurrency disappears into 'cold wallet'
Ernst and Young says QuadrigaCX 'inadvertently' transferred 103 bitcoins to encrypted offline storage devices

--
The court-appointed monitor overseeing the search for the $260 million owed to clients of the QuadrigaCX cryptocurrency exchange says it recently found more than $900,000 in digital assets — only to see more than half of it escape its grasp.

The bizarre turn of events was revealed Tuesday in the first court report from Ernst and Young, which was appointed as monitor on Feb. 5, when the Nova Scotia Supreme Court granted the insolvent company protection from its creditors.

The report says Ernst and Young learned last week that QuadrigaCX was holding $902,743 in bitcoin, litecoin and ether cryptocurrencies in so-called hot wallets — but something went wrong on Feb. 6.

The monitor's report says QuadrigaCX "inadvertently" transferred 103 bitcoins valued at $468,675 to what are known as cold wallets, which the company is now unable to access.



(Also forgot to add Gerald Cotten's Last Will and Testament) Tried to find a source for the will and couldn't anymore it went dark the docdroid in this thread.
Interested parties backup and download if needed.

Document: Last Will and Testament of Gerald Cotten November 27, 2018
https://www.docdroid.net/wYxaOnX/gerald-cotten-will.pdf
legendary
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February 12, 2019, 06:44:20 PM
#90
You can be a software engineer and still be gullible and shit with money. I don't see what's in it for him to make it up but it looks bizarre from all angles.

I don't think he made up losing the money, but I don't think its his entire life savings. He most likely made the interview so if there is some rehabitation period he might be one of the first few to get his money back or he did it for fame.

Because it doesn't make sense to put all your savings in something that can be lost in essentially a virus or forgetting a private key. Maybe if he was going to save 10-20% in bank fees then I would understand but not worth taking this risk just for 1% savings.

Also he could of just sent it in parts, sold it, withdrew, and when he got confirmation of the deposit in his bank account, he could of done the next batch.

legendary
Activity: 2590
Merit: 3014
Welt Am Draht
February 12, 2019, 10:53:23 AM
#89
You can be a software engineer and still be gullible and shit with money. I don't see what's in it for him to make it up but it looks bizarre from all angles.
legendary
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February 12, 2019, 02:50:17 AM
#88
https://www.bloomberg.com/news/articles/2019-02-09/software-engineer-loses-life-savings-in-quadriga-imbroglio?utm

Here's a face to put to it all. I feel bad for him, but at the same time... holy sheeyit. Especially since it's had such long standing problems before this latest madness.



I feel bad for him too but I see a few holes in his story.

He was basically a Canadian but he got a job somewhere in the USA. He has been saving up the entire time. So instead of just writing himself a check for his USD savings depositted into a Canadian account, he wanted to save the 2% forex fee so he decided to buy BTC with all his USD savings, sent it to Quadriga, sold it for Canadian dollars and made a withdraw?

Sure he can save maybe 1.5% or so after trading fees and withdraw fees and such, however BTC is very volatile and could easily gain or drop 5-10% in value very fast. Why risk it to save 1.5%?

He is also a software engineer and most software developers are usually very careful and don't take risks like this especially over something as volatile as BTC.

I Think he lost the funds on his QuadrigaCX account but its most likely not all his savings but a part of them. Because why would you put 100% of all your savings into an exchange?
legendary
Activity: 2590
Merit: 3014
Welt Am Draht
February 11, 2019, 03:07:48 PM
#87
https://www.bloomberg.com/news/articles/2019-02-09/software-engineer-loses-life-savings-in-quadriga-imbroglio?utm

Here's a face to put to it all. I feel bad for him, but at the same time... holy sheeyit. Especially since it's had such long standing problems before this latest madness.

legendary
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February 11, 2019, 02:08:48 AM
#86
The issue I find with the cold storage wallets is this. Say we are talking about BTC.

The CEO could of used something such as Electrum for cold storage and with a single seed been able to generate thousands of BTC addresses. And every few hours he could of sent random amounts of BTC to each and every address in his wallet. He could of also made some addresses have more than 1 transaction, and these addresses could all contain less than <10 BTC each.

This is not hard to do but seems tedious and unless in one transaction he combines all his addresses into a single transaction, its impossible to tell they are linked because its very possible that many customers made withdraws from Quadriga into their cold storage and left it there sitting.

If so, he could be spending these BTC for the next 50 years and it would be very difficult to prove.
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
February 10, 2019, 06:02:42 PM
#85
My real issue with the theory is why would it take so long. Barring whoever would receive this message just exit-scamming, why would it take this long after the death to deliver the message. This isn't like someones private wallet, this is a business handling massive amounts of investment.

'But Heartline has faith. He said Cotten will send a password posthumously.

He believes Cotten had a plan.'

Why would a professional operation need to resort to 'thoughts and prayers' and hoping the stupid slut had a wonderful surprise in place?

The article emphasises his long time commitment to crypto and how he was 'not like the others'. He's been quoted in the past as saying they operated with multi sig. I don't see how you can be in crypto that long and choose to roll back your security practices, a million times more so when it's not your money anyway.


Well if it is an exit scam, this is their first one, could have just walked away and had it be a hunting mission to find them in India lol.

That said if he did have a posthumous deadman switch, it would raise a good question of how long the delay is before it sends a backup wallet password, and due to the liquidity issues prior to the collapse, and will being made 10 days before death how much is really in the exchange as it could well be a fractional reserve.

On a lighter note.
(His pet chihuahuas — Nitro and Gully — would get a $100,000 trust fund for lifelong care.) Really ... I would adopt those chihuahuas and take good care of them for that fund Cheesy

(cough or lawsuit those chihuahuas lol)


legendary
Activity: 2590
Merit: 3014
Welt Am Draht
February 10, 2019, 08:30:47 AM
#84
My real issue with the theory is why would it take so long. Barring whoever would receive this message just exit-scamming, why would it take this long after the death to deliver the message. This isn't like someones private wallet, this is a business handling massive amounts of investment.

'But Heartline has faith. He said Cotten will send a password posthumously.

He believes Cotten had a plan.'

Why would a professional operation need to resort to 'thoughts and prayers' and hoping the stupid slut had a wonderful surprise in place?

The article emphasises his long time commitment to crypto and how he was 'not like the others'. He's been quoted in the past as saying they operated with multi sig. I don't see how you can be in crypto that long and choose to roll back your security practices, a million times more so when it's not your money anyway.
legendary
Activity: 1554
Merit: 2037
February 10, 2019, 01:20:14 AM
#83
I've been reading any story that comes out and seems to at least have something new to offer.

https://www.cbc.ca/news/canada/british-columbia/quadriga-gerald-cotton-friends-react-to-his-death-in-india-michael-patryn-canada-cryptocurrency-creditors-1.5009625

This one has an interview with his former Quadriga business partner Michael Patryn - He also addresses the claims about him being that other dude a little. What I found to be interesting was his certainty that it would alll be sorted out by a posthumously sent message. I'm not positive the best way to arrange something like that securely with their apparent 1 person controls it all business model - as in who/what do you trust to hold this in the first place.

My real issue with the theory is why would it take so long. Barring whoever would receive this message just exit-scamming, why would it take this long after the death to deliver the message. This isn't like someones private wallet, this is a business handling massive amounts of investment.

legendary
Activity: 2408
Merit: 1442
February 08, 2019, 03:36:49 AM
#82
According to following article, region where Ceo died is known for its 'fake death' mafia : https://www.newsbtc.com/2019/02/06/ceo-who-held-150m-in-crypto-died-in-a-region-known-for-having-a-fake-death-mafia/Roll Eyes

'research found that people wanting to run away from debts or personal responsibilities have gone to the lengths of faking their deaths.'
hero member
Activity: 658
Merit: 851
February 07, 2019, 10:25:49 AM
#81
https://coingape.com/quadrigacx-update-jaipur-hospital-shared-death-reports-shared-demise/

"The hospital has released the details on the demise of CEO – as the death of a man sends QuadrigaCX exchange into chaos. According to the details shared by Hospital, he was admitted to Fortis Private hospital on Dec 08, 2018 at 9:45 p.m. IST and died at around 7:26 p.m. IST the next day on Dec 09, 2018 due to cardiac arrest. Eventually, the exchange CEO lasted less than a day in Fortis Hospital. Reportedly, he was also suffering from Crohn’s Disease. Doctors also diagnosed septic shock, peritonitis, perforation, and intestinal obstruction."
legendary
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February 06, 2019, 06:06:19 PM
#80
There is a theory he ran another exchange called Midas gold back in 2008 with a guy by the name of Omar Dhalini.
I think they planned this setup and exit all along. Could be Gerald was the fall guy and Omar is the one who has control of the funds by multi-sig wallets. And is just waiting until the heat is off the bitcoin but is moving small amounts of litecoin as others have followed those transactions.
This theory is explained in this video by coinspice.
https://www.youtube.com/watch?v=tiy1K6-mf4s
legendary
Activity: 1806
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Learning the troll avoidance button :)
February 06, 2019, 03:26:50 PM
#79
Official From QuadrigaCx Website

Message from QuadrigaCX
February 5, 2019

Dear Customers,

Today an order for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was issued to allow us the opportunity to resolve outstanding financial issues that have affected our ability to serve our customers.

We did not enter into this decision lightly. For the past weeks, we have worked extensively to address our liquidity issues, which include locating our very significant cryptocurrency reserves held in cold wallets required to satisfy customer cryptocurrency balances on deposit and sourcing a financial institution to accept the bank drafts being transferred to us. Unfortunately, these efforts have not been successful. Since we were unable to resolve these issues in a timely fashion, we did not want trading to continue on our platform. We filed for creditor protection to help resolve these matters and preserve the interests of our customers.

With this filing, the Court has appointed a monitor, Ernst & Young Inc., an independent third party to oversee these proceedings as we make every effort to address our customer obligations. Filing for creditor protection allows us to work diligently through the process, and to try ensure the viability of our company.

We are sure you have many questions. We are in the early stages of a long process and we do not have all the answers right now. What we can tell you is that the CCAA process will allow QuadrigaCX to keep all options open to attempt to maximize the funds available for the company's stakeholders. We will provide further updates to the extent possible.

Included below is a Q&A, which we hope will address some of the questions you may have at this time.

QuadrigaCX values and appreciates all of its customers and its employees. We thank you for your support and understanding during this challenging time.

A copy of the Order issued by the Supreme Court of Nova Scotia on February 5, 2019 may be found here
https://www.quadrigacx.com/assets/Quadriga_Order.pdf

A motion for the appointment of representative counsel for the affected users of QuadrigaCX will be heard in the Supreme Court of Nova Scotia at 9:30 on Thursday, February 14th. A copy of the Notice of Motion may be found here
https://www.quadrigacx.com/assets/20190206090122682.pdf

Q&A
Q: What does it mean to file for creditor protection?

A: Filing for creditor protection occurs when a business needs time to figure out how it will meet its debt obligations.

Q: Why are you filing for creditor protection?

A: Once it was apparent that we could not access the significant cryptocurrency reserves held in the cold wallets required to satisfy customer cryptocurrency balances on deposit, nor obtain the funds to settle customer currency withdrawal requests, we made the tough but necessary decision to file for creditor protection.

Q: Is there a chance that a solution can be reached to settle customer withdrawals?

A: Over the past weeks we have worked extensively to address our liquidity issues. As such, we are operating under the assumption that a solution will not be reached in the near term, which is why we have filed for creditor protection.

Q: How long will the protection remain in place?

A: Creditor protection is in place for 30-days, with the option to extend.

Q: Why can't you access the coins in the cold wallets?

A: Cold wallets, by their nature, are highly encrypted and were kept off the QuadrigaCX server for security reasons. Gerry took sole responsibility for the handling of funds for QuadrigaCX and as such no one other than him can access the coins in the cold wallets

Q: What steps have you taken to access the coins in the cold wallets?

A: We have hired outside consultants to access these cold wallets. To date, we have accessed a few coins, but not many. Work on that front is ongoing.

Q: Will you opt to extend creditor protection?

A: Our focus right now is the initial 30-days and determining a plan for how to deal with our customer obligations.

Q: Why go through this process when you can just file for bankruptcy?

A: Creditor protection was necessary to protect the interests of our customers. We are exploring a number of options to settle our customer obligations.

Q: Will the website ever be back online?

A: We have taken the website offline while QuadrigaCX is in the CCAA process. It is expected that all account balances on the platform existing as of the date of filing will be dealt with through the CCAA process. Together with the Monitor, the company will determine if it is feasible to restart the website and will seek the court's authorization to do so if appropriate at a later date.

Q: Can I still access my trading history and account information even though the website is inactive?

A: Each customer's trade history will be preserved.

Q: Who can I contact with regards to the status of QuadrigaCX's CCAA process or make a comment?

A: Ernst & Young is appointed by the Court as an independent third party to monitor the proceedings and can be contacted at [email protected]

Q: Will you provide a further update?

A: We will provide updates to the extent possible. Public materials filed in relation to our CCAA administration will be available via the Monitor's website at www.ey.com/ca/quadriga
legendary
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February 06, 2019, 01:22:11 PM
#78
It was ruled in court that quadrigacx will be covered under the creditors protect act.
Meaning their customers can not sue them for losing their assets in cryptocurrency and money.
legendary
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February 06, 2019, 01:44:53 AM
#77
No idea if this is a coincidence or not but if you go to:
https://coinfarm.online/position/

And put in "Patryn" in the Search User for the Bitmex positions, you will see he is a big bear at -6,300,000 position @ $3838.

I wonder if its a different type of Patryn or if Patryn is a common first/last name in the American language.

Maybe he is opening these positions using QuadrigaCX funds but a 6 figure derivatives position is not that large and you would only need around $63,000 in margin at least to open it.

I have never heard of another Patryn in my entire life and it's not his real name anyway. It's Omar Dhanani, a fraudster with a long track record.

He's this guy - https://www.reddit.com/user/MikeXBT/

Who regularly popped up on r/bitcoinmarkets talking about his large positions. Looks like a yes to me.

I've been following that guy on Reddit for the last year on BitcoinMarkets and besides having the same first name Mike vs. Michael, and him commenting on the Quadriga and BitcoinCA reddit from time to time. I don't think its enough evidence to prove it is him.

I guess the fact that he personally knew Gerald Cotton might be a red flag but they could of met at some Bitcoin Conference.

MikeXBT seems like a trader, he made some good calls on stock trades and stock options in the past. No idea if he was trading demo or not but he doesn't seem like the Patryn guy.

legendary
Activity: 1806
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Learning the troll avoidance button :)
February 05, 2019, 08:20:28 PM
#76
legendary
Activity: 2590
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Welt Am Draht
February 05, 2019, 07:59:33 PM
#75
It seems they have taken this article down for some reason. I think medium censors their content and it was something in which they think will be evidence in court to what they published.

Or it was rubbish? I've no idea.

Medium have been getting way, way more on top with crypto related stuff and are removing things all over the place. It seems fucking ridiculous to me. It's just some writing on a white bit of screen.
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