The drama surrounding the crypto exchange Quadriga has taken another twist this week. As Newconomy already reported, it all started when Gerry Cotten, founder and CEO of the said exchange, suddenly passed away at the age of 30.
A couple of days later, the exchange issued a statement responding to claims and rumors about their inability to serve their customers and users. On the same day, the wife of the late Cotten filed a request for court protection from the creditors.
The court filing states that Quadriga owes around $190 million to its customers, while it has access to approximately $30 million in bank drafts.
On top of everything, Mrs. Robertson claims the exchange doesn’t have access to cold wallets where assets are being kept safe.
Now it seems that Mr. Cotten had written a will, just less than two weeks before his death, listing all of his assets to his wife.
The most recent reports on social networks claim that Quadriga’s Litecoin cold wallet addresses have been found, and they show that the funds are being moved out of the cold storage.
As expected, the recent developments have opened another discussion on what the real truth behind the story is, and what may not be true from the statement given by Mrs. Robertson.
Ethan Lou, a senior partner at a cryptocurrency mining firm, is one of the people who went public to say that something in the entire story just doesn’t add up. He is also one of the victims as he had around $2,000 of his own money with Quadriga.
“If what is said is true, the way it was run is abysmally stupid. How can one guy be the entire point of failure for the whole organization? I am definitely not among those with the most money stuck on the platform, I know people with millions. I do think we will never see our money again,” said Lou.
In addition, Takara Small, tech writer and host of Globe and Mail podcast I’ll Go First, notes the recent developments surrounding Quadriga are “unusual”.
“A lot of exchanges have multi-signature systems because it’s a lot safer. Someone walking around with those passwords would be a kidnapper’s dream. It is why the company applied for creditor protection,” adds Small.
One thing is definite here: this is not the last time we will be reading about the Quadriga’s alleged lost assets.Leave a comment