QuadrigaCX Getting Back in Action
After being dormant for years, five wallets linked to the first Canadian cryptocurrency exchange QuadrigaCX were recently seen exchanging nearly $1.7 million worth of Bitcoin.
QuadrigaCX Is Coming Back After Several Years of Inactivity
Gerald Cotten, the company’s founder and CEO, who was responsible for confidential information only about the exchange portfolio, died in December 2018. QuadrigaCX, formerly the largest cryptocurrency exchange in Canada, filed for bankruptcy in April 2019.
At the time of the bankruptcy, approximately 155,000 exchange customers had approximately $200 million in cryptocurrency.
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Relationships And Management
According to the analysis of Ernst & Young, one of the Big Four accounting firms responsible for stock exchanges, QuadrigaCX unknowingly moved about 103 bitcoins to a cold wallet on February 6, 2019, which only Cotten dead can access.
This amount is almost identical to Bitcoin which has changed hands recently. The company said at the time that it would work with management to remove cryptocurrency from wallets.