Earlier this year, the CEO of QuadrigaCX passed away and left behind a lot of issues for the exchange and its customers. 6 months later, the Canadian crypto exchange is now defunct, but users are still requesting information about the recent loss of 103 bitcoins.
Back in February, QuadrigaCX appointed Ernst & Young (EY) to act as an independent third party to monitor all the proceedings in the creditor protection case.
A short time after EY’s appointment, the company announced that Quadriga inadvertently transferred 103 bitcoins to cold (offline) wallets belonging to the exchange. At the time, the 103 bitcoins were valued at approximately $468K and were inaccessible by anyone at the company.
Today, ex-Quadriga clients are wondering what happened with the 103 bitcoins. With bitcoin’s current price, the Quadriga cold wallets are now containing just a little over $1 million.
No sign of the 103 bitcoins
6 months after the tragic accident, EY still hasn’t provided any reliable information on how and why the bitcoins were transferred to the effectively locked cold wallets. The only information available is back from February a little after the accident occurred and it states that the transfer occurred due to a “platform setting error”.
In the crypto world, expensive errors have been known to happen. Most of them however, are usually backed up by a reasonable explanation.
A lot of the creditors are now seeking a different legal company because they believe EY will not offer them a reasonable explanation on what happened with their own funds.
Reportedly, EY has managed to recover about $25 million, with $1.6 million being awarded by a judge in fees and costs to all the companies involved in the accident. EY also claims to raise another $9 million by selling QuadrigaCX’s remaining assets.
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