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Title: Unofficial Quadriga Cx Thread Post by: freedomno1 on March 10, 2015, 02:19:38 PM Since there is no official thread for this exchange or any forum presence I decided to place one here for discussion of their services.
General Information on the Exchange Quadriga CX is a Canadian Cryptocurrency exchange platform, with offices in Vancouver, BC. Our goal is to provide an easy to use platform to simplify the process of buying and selling Bitcoins. Video: https://www.youtube.com/watch?v=TtGGBNxWX60 Official Links: https://www.quadrigacx.com/ https://www.facebook.com/quadrigacx Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on March 10, 2015, 06:17:30 PM Haven't used them yet, but they set up my account with a $750 deposit limit. ::)
Thankfully I got most of what I wanted through Cavirtex in Dec - Feb. I guess it's better to be cautious, but with the degree of verification required, I would have expected at least 2-3x that to start. Cavirtex was never a problem if deposits were broken into <9k chunks. Of course, they didn't survive, so who knows :P I'd really like to hear some feedback before sending QuadrigaCX my money.... Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on March 10, 2015, 06:39:34 PM I'd really like to hear some feedback before sending QuadrigaCX my money.... Ditto they have growing volumes, a large ad presence, and yet hardly anyone comments on them on the main bitcoin nexus. (Although I never checked reddit) So it's part information gathering as much as user experience that I made this thread for and with cavirtex Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on March 10, 2015, 07:11:17 PM I'd really like to hear some feedback before sending QuadrigaCX my money.... Ditto they have growing volumes, a large ad presence, and yet hardly anyone comments on them on the main bitcoin nexus. (Although I never checked reddit) So it's part information gathering as much as user experience that I made this thread for and with cavirtex gone there is an opportunity for them to acquire the market if they can earn trust that is. Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on March 12, 2015, 12:28:16 AM Can anyone here comment if they have any issues with selling BTC and withdrawing CAD using Interac e-Transfer?
From what I read since you are withdrawing no verification is required. And thanks for finally starting an QuadrigaCX thread Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on March 12, 2015, 07:39:00 AM WOW. Sent some BTC to the exchange, sold it for some loonies and within a few hours had the money in my bank account thanks to the interac e-transfer.
Its faster, better and cheaper than the Cavirtex high-fee prepaid debit card I used all of last year. Hope this exchange doesn't go bankrupt. Title: Re: Unofficial Quadriga Cx Thread Post by: klondike_bar on March 13, 2015, 02:12:11 AM submitted files monday, got a call yesterday. Just got verified today.
hopefully ill move some CAD in soon Title: Re: Unofficial Quadriga Cx Thread Post by: funtotry on March 14, 2015, 11:14:23 PM Thanks for opening this, this is my number one exchange that I use.
Deposits are pretty good, requiring 4 confirmations and show up on the site instantly. Withdraws are OK, its not instant and no withdraws are logged, they just come within an hour. Best feature for me is the withdraw to interac e-transfer, its MUCH better and faster than paypal I haven't tried depositing any fiat If anyone has any questions reply to me, I have used this exchange for many months. Title: Re: Unofficial Quadriga Cx Thread Post by: bittydude on March 21, 2015, 09:48:46 PM I would like to bring something to everyones attention about quadrigacx. I just posted it on reddit so il throw a copy/paste. Im sure others have noticed this aswell. Id like to hear a reasoning to this.
http://www.reddit.com/r/Bitcoin/comments/2zttvt/discrepancies_on_the_quardiga_orderbook/ Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on March 25, 2015, 11:25:47 PM I'd really like to hear some feedback before sending QuadrigaCX my money.... Ditto they have growing volumes, a large ad presence, and yet hardly anyone comments on them on the main bitcoin nexus. (Although I never checked reddit) So it's part information gathering as much as user experience that I made this thread for and with cavirtex gone there is an opportunity for them to acquire the market if they can earn trust that is. So it's not looking very good so far. 6 days ago, I initiated an EFT deposit. There is no indication of the (?) pending transaction on my account, the funds have not been transferred, and I've had no response to my inquiry of nearly 48 hours ago. Either there's nobody home, or they are as ineffectual as virtex. Colour me disappointed. Title: Re: Unofficial Quadriga Cx Thread Post by: gixmo on March 26, 2015, 05:10:12 PM I'd really like to hear some feedback before sending QuadrigaCX my money.... Ditto they have growing volumes, a large ad presence, and yet hardly anyone comments on them on the main bitcoin nexus. (Although I never checked reddit) So it's part information gathering as much as user experience that I made this thread for and with cavirtex gone there is an opportunity for them to acquire the market if they can earn trust that is. So it's not looking very good so far. 6 days ago, I initiated an EFT deposit. There is no indication of the (?) pending transaction on my account, the funds have not been transferred, and I've had no response to my inquiry of nearly 48 hours ago. Either there's nobody home, or they are as ineffectual as virtex. Colour me disappointed. I'm in a similar situation although I did get a reply it seems they have changed their payment processor, and now the max amount will be capped at 2500$ per transaction so if you withdrew more it will likely get split up. They seem honest it's just the delay that's annoying Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on March 26, 2015, 07:46:21 PM I'd really like to hear some feedback before sending QuadrigaCX my money.... Ditto they have growing volumes, a large ad presence, and yet hardly anyone comments on them on the main bitcoin nexus. (Although I never checked reddit) So it's part information gathering as much as user experience that I made this thread for and with cavirtex gone there is an opportunity for them to acquire the market if they can earn trust that is. So it's not looking very good so far. 6 days ago, I initiated an EFT deposit. There is no indication of the (?) pending transaction on my account, the funds have not been transferred, and I've had no response to my inquiry of nearly 48 hours ago. Either there's nobody home, or they are as ineffectual as virtex. Colour me disappointed. I'm in a similar situation although I did get a reply it seems they have changed their payment processor, and now the max amount will be capped at 2500$ per transaction so if you withdrew more it will likely get split up. They seem honest it's just the delay that's annoying Well I haven't run into my immense $750 deposit limit yet. That alone made me a little skeptical, but lacking options, I still thought to give them a try. If i can't even deposit $500 though, I might as well deal overseas. At least bitstamp will take a few thousand per deposit. Title: Re: Unofficial Quadriga Cx Thread Post by: gixmo on March 26, 2015, 08:32:55 PM I'd really like to hear some feedback before sending QuadrigaCX my money.... Ditto they have growing volumes, a large ad presence, and yet hardly anyone comments on them on the main bitcoin nexus. (Although I never checked reddit) So it's part information gathering as much as user experience that I made this thread for and with cavirtex gone there is an opportunity for them to acquire the market if they can earn trust that is. So it's not looking very good so far. 6 days ago, I initiated an EFT deposit. There is no indication of the (?) pending transaction on my account, the funds have not been transferred, and I've had no response to my inquiry of nearly 48 hours ago. Either there's nobody home, or they are as ineffectual as virtex. Colour me disappointed. I'm in a similar situation although I did get a reply it seems they have changed their payment processor, and now the max amount will be capped at 2500$ per transaction so if you withdrew more it will likely get split up. They seem honest it's just the delay that's annoying Well I haven't run into my immense $750 deposit limit yet. That alone made me a little skeptical, but lacking options, I still thought to give them a try. If i can't even deposit $500 though, I might as well deal overseas. At least bitstamp will take a few thousand per deposit. Are you verified ? You can/could deposit withdraw up to 5000$ at once with EFT (might have been reduced to 2500$) Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on March 26, 2015, 08:41:47 PM I'd really like to hear some feedback before sending QuadrigaCX my money.... Ditto they have growing volumes, a large ad presence, and yet hardly anyone comments on them on the main bitcoin nexus. (Although I never checked reddit) So it's part information gathering as much as user experience that I made this thread for and with cavirtex gone there is an opportunity for them to acquire the market if they can earn trust that is. So it's not looking very good so far. 6 days ago, I initiated an EFT deposit. There is no indication of the (?) pending transaction on my account, the funds have not been transferred, and I've had no response to my inquiry of nearly 48 hours ago. Either there's nobody home, or they are as ineffectual as virtex. Colour me disappointed. I'm in a similar situation although I did get a reply it seems they have changed their payment processor, and now the max amount will be capped at 2500$ per transaction so if you withdrew more it will likely get split up. They seem honest it's just the delay that's annoying Well I haven't run into my immense $750 deposit limit yet. That alone made me a little skeptical, but lacking options, I still thought to give them a try. If i can't even deposit $500 though, I might as well deal overseas. At least bitstamp will take a few thousand per deposit. Are you verified ? You can/could deposit withdraw up to 5000$ at once with EFT (might have been reduced to 2500$) Yes, verified. When I talked to them, they asked how big my typical deposit is. I told them that usually $1000-2000, though more or less depending on circumstances. So they said they'd set my limit at 750 to start. Seemed weird to me, but whatever, I did more than my quota of buying in January anyway, and with no deposit fee, it doesn't matter much. So far my first attempt at 500 has been met with... Nothing. Not even a reply to my inquiry. Update: still no response to my inquiry, but 8 days later the money has finally been deducted from my chequing account. No sign of it at QuadrigaCX. Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on March 30, 2015, 09:24:47 PM Truly shades of cavirtex. ..
I think that's 11 days now, still no funds. 3-5 days ha! 3 x 5 days is going to be closer to the mark. If ever... Still no response to my inquiry either. That was supposed to be within 48 hours. Give or take a week maybe? I guess it's a good thing I only have to write off $500 if they just close up shop and run. Either incompetent or fraudulent, not sure what is worse. If nothing happens before Friday I will begin at my bank to reverse the transaction. Why is everyone in the bitcoin sphere a fucking shyster ? Edit: end of day 03/31 still no response, no funds. Title: Re: Unofficial Quadriga Cx Thread Post by: gixmo on April 01, 2015, 03:57:24 PM Truly shades of cavirtex. .. I think that's 11 days now, still no funds. 3-5 days ha! 3 x 5 days is going to be closer to the mark. If ever... Still no response to my inquiry either. That was supposed to be within 48 hours. Give or take a week maybe? I guess it's a good thing I only have to write off $500 if they just close up shop and run. Either incompetent or fraudulent, not sure what is worse. If nothing happens before Friday I will begin at my bank to reverse the transaction. Why is everyone in the bitcoin sphere a fucking shyster ? Edit: end of day 03/31 still no response, no funds. I don't think they're fraudsters, most of 9000 and change $ withdrawal was deposited (I'm still waiting for 2500$). Try giving them a call, called them once got a voice mail, didn't even leave a message and they called back within 15 minutes. Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on April 01, 2015, 05:12:07 PM 13 days later, account is funded. Still no response to inquiry, no comment on the 3-5 days promise. Are we SURE this isn't cavirtex rebranded? ::)
Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on April 01, 2015, 07:42:14 PM Anyone want to try phoning these guys? The listed phone number
604 757 9660 = we're sorry, your call did not go through. Please try your call again. Getting pretty sick of the lack of communication. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on April 03, 2015, 04:18:09 AM 13 days later, account is funded. Still no response to inquiry, no comment on the 3-5 days promise. Are we SURE this isn't cavirtex rebranded? ::) That's what I was wondering about as well Anyways best of luck with your slow ... progress towards getting coins (Mumble if only it was 2013 and a wire transfer away) Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on April 03, 2015, 05:16:40 AM 13 days later, account is funded. Still no response to inquiry, no comment on the 3-5 days promise. Are we SURE this isn't cavirtex rebranded? ::) That's what I was wondering about as well Anyways best of luck with your slow ... progress towards getting coins (Mumble if only it was 2013 and a wire transfer away) I finally got an email yesterday, (in response to my second attempt, that day) stating sorry for the inconvenience, but still no answer to, or about, my first inquiry. Also a comment regarding the disconnected phone, which should be cleared up by now. Anyway, CDN in, BTC out, done deal. Took time on a cavirtex scale, but eventually all complete. I'll do it again some time, but I won't hold my breath for any 3-5 day transfer. Some things just don't change, must be a Canadian thing ::) I hate to imagine the delays during a BTC growth spurt. Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on April 04, 2015, 05:48:05 PM Some of these comments worry me.
If this company goes bankrupt, can they reverse any of the Interac e-Transfers? Maybe I should choose the mailed cheque option instead. After 1 week if its cleared, impossible to reverse the transaction. Title: Re: Unofficial Quadriga Cx Thread Post by: daweller on July 15, 2015, 10:38:43 AM Aw damn, I am nervous now...
I deposited about $1500 in BTC... then sold for CAD... then initiated a bank wire withdrawal to my bank account. It has been 4 business days, and they do say it takes 4-7 business days. ( no money in my fiat bank account yet ) Just bugs me, because when I look at my withdrawal history, it lists the withdrawal as 'completed' Anyone have any withdrawal experiences with Quadriga? Title: Re: Unofficial Quadriga Cx Thread Post by: superawesomeusername on July 16, 2015, 03:21:51 AM Seems for Interac withdrawal transfer to take forever. Say's officially on their site that it takes two business days but I know from experience that they can take up to 5 business days. Come on quadriga get it together!
Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on July 16, 2015, 03:28:07 AM Since they cancelled the EFT deposit option, Bitstamp has enabled it (for Canadians). Guess where I do my buying now instead :P Actual liquidity, and no stupidly low limits. I don't know if it's their own internal issues, or regulatory problems, but they don't seem to be able to compete. Too bad, as I'd rather deal local than not, but business is business. Sink or swim.
Title: Re: Unofficial Quadriga Cx Thread Post by: daweller on July 16, 2015, 06:14:43 AM Seems for Interac withdrawal transfer to take forever. Say's officially on their site that it takes two business days but I know from experience that they can take up to 5 business days. Come on quadriga get it together! Hey SuperAwesome... Did you ever try a wire withdrawal? What do you think, you think my money is gone? Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on July 16, 2015, 06:36:14 AM Since they cancelled the EFT deposit option, Bitstamp has enabled it (for Canadians). Guess where I do my buying now instead :P Actual liquidity, and no stupidly low limits. I don't know if it's their own internal issues, or regulatory problems, but they don't seem to be able to compete. Too bad, as I'd rather deal local than not, but business is business. Sink or swim. It's kind of strange since I opened this thread to look for another option to cavirtex but then they got bought and the chance for Quadriga to attract my business kind of nulled itself for now as virtex is still operating. That said its a bit strange that there still isn't an official thread. Title: Re: Unofficial Quadriga Cx Thread Post by: superawesomeusername on July 16, 2015, 06:15:18 PM Seems for Interac withdrawal transfer to take forever. Say's officially on their site that it takes two business days but I know from experience that they can take up to 5 business days. Come on quadriga get it together! Hey SuperAwesome... Did you ever try a wire withdrawal? What do you think, you think my money is gone? Hey, I'd give it a bit longer before giving up hope. I have had 3 successful withdraws but have never used the wire method yet, so can't speak from experience there. They seem very slow to withdrawal with interac so I'd say a wire will take them a lot longer than they say! On another note there's now a cryptsy.ca, so think I'll try out them next! It bothers me that they take so long, like seriously think they should hire more people over there! Title: Re: Unofficial Quadriga Cx Thread Post by: daweller on July 16, 2015, 10:54:04 PM Thanks
Got my payment today about 5-6 business days, so I can't complain. Seems for Interac withdrawal transfer to take forever. Say's officially on their site that it takes two business days but I know from experience that they can take up to 5 business days. Come on quadriga get it together! Hey SuperAwesome... Did you ever try a wire withdrawal? What do you think, you think my money is gone? Hey, I'd give it a bit longer before giving up hope. I have had 3 successful withdraws but have never used the wire method yet, so can't speak from experience there. They seem very slow to withdrawal with interac so I'd say a wire will take them a lot longer than they say! On another note there's now a cryptsy.ca, so think I'll try out them next! It bothers me that they take so long, like seriously think they should hire more people over there! Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on July 17, 2015, 08:03:56 AM Since they cancelled the EFT deposit option, Bitstamp has enabled it (for Canadians). Guess where I do my buying now instead :P Actual liquidity, and no stupidly low limits. I don't know if it's their own internal issues, or regulatory problems, but they don't seem to be able to compete. Too bad, as I'd rather deal local than not, but business is business. Sink or swim. It's kind of strange since I opened this thread to look for another option to cavirtex but then they got bought and the chance for Quadriga to attract my business kind of nulled itself for now as virtex is still operating. That said its a bit strange that there still isn't an official thread. I haven't used virtex since the change. Same old (or less) volume? how's the ingress/egress speed? Used to be as pathetic as Quadriga is now, and I have to wonder if they have split the meager business available. Once the next boom takes off, it might be good to have more options (remember 2013 Virtex choking like gox?), but right now they might be slitting each other's throats for peanuts. Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on July 30, 2015, 12:42:07 AM Since they cancelled the EFT deposit option, Bitstamp has enabled it (for Canadians). Guess where I do my buying now instead :P Actual liquidity, and no stupidly low limits. I don't know if it's their own internal issues, or regulatory problems, but they don't seem to be able to compete. Too bad, as I'd rather deal local than not, but business is business. Sink or swim. Update on alternative: Sent a EFT deposit to bitstamp on the weekend. Just got (weds afternoon) confirmation of deposit. So 3 working days. Best from virtex or Quadriga has been many times that, 2 weeks or more. Awesome to have a viable option for buying btc again! Other side of the city vs. Other side of the world. Go figure. Title: Re: Unofficial Quadriga Cx Thread Post by: meono on September 20, 2015, 02:12:30 PM DO NOT use quadrigacx, their withdrawals take forever. Very unreliable.
Title: Re: Unofficial Quadriga Cx Thread Post by: kaltar on September 23, 2015, 12:47:33 PM I`m Having HUGE problems with withdrawls, and when contacting them, they just give you the run around about delays etc, it`s been over 2 weeks since i asked for a 2000$ EFT transfers and still waiting, this is the fourth transfer i do, and had problems with 3 of them. i will be looking for an alternative for the future.
Title: Re: Unofficial Quadriga Cx Thread Post by: herbiehasher on October 22, 2015, 01:29:34 PM I`m Having HUGE problems with withdrawls, and when contacting them, they just give you the run around about delays etc, it`s been over 2 weeks since i asked for a 2000$ EFT transfers and still waiting, this is the fourth transfer i do, and had problems with 3 of them. i will be looking for an alternative for the future. Is anyone having trouble getting a 2FA ? I can't get in. Title: Re: Unofficial Quadriga Cx Thread Post by: canuck on January 20, 2017, 01:52:57 AM Just posting in this thread to add relevant information for Googlers and seasoned Bitcoiners alike. My awful experience with Quadriga.
https://www.reddit.com/r/Bitcoin/comments/5p0irt/my_terribly_negative_experience_with_quadrigacx/ Title: Re: Unofficial Quadriga Cx Thread Post by: burliko on November 05, 2017, 04:30:54 AM STAY AWAY FROM THESE UMMATURE CHILDISH people trying to manage an exhange-
Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds- RUN Title: Re: Unofficial Quadriga Cx Thread Post by: pajott on December 28, 2017, 08:52:50 AM How can ETH transactions with more than 100 confirmations on the blockchain show as pending and with 1 confirmation on QuadrigaCX!? It happened before and nobody says anything, no post anywhere to let people know there is a problem and that it is being worked on, etc. Really puzzling...
Title: Re: Unofficial Quadriga Cx Thread Post by: klondike_bar on January 01, 2018, 09:17:57 PM I`m Having HUGE problems with withdrawls, and when contacting them, they just give you the run around about delays etc, it`s been over 2 weeks since i asked for a 2000$ EFT transfers and still waiting, this is the fourth transfer i do, and had problems with 3 of them. i will be looking for an alternative for the future. ive done about a dozen ETF withdrawals, and it does take about 2 week on average - and works every time. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on January 02, 2018, 07:53:58 AM Back in 2018 three year update
I have used Quadriga the exchange seems to work the plus is that it's a lot more functional than Kraken ever is. A user can deposit and not lock the account after a few password attempts and need to open a new support ticket to unlock it again .... when that site lags like heck all the time and people thought cavirtex was a pain Kraken is worse if its not a 520 its a bug then a lock account cause the server is performing so poorly it can't even log you in growing pains plus being cheap on servers means Kraken sucks. Back to Quadrigacx When the limits are reasonable and they did those weird Poland and Hong Kong wires it is a functional exchange, it is usable now at a dripping pace of deposits my experience is limited to only loading onto the exchange and sending crypto away I have not used the deposit to bank account side. Canadian Deposits Interac e-Transfer This option has been temporarily disabled until we can automate the process. We do not have an ETA. In the meantime, please use Electronic Funds transfer or Interac Online. Until that is resolved the exchange is only recommended for small deposits you literally have to drip in 750 CAD every 24 hours on the dot for a month to get a decent sum in which sucks for those who want to buy or purchase coins in a timely manner. Now the minimum wire is $100,000 dollars where it was a reasonable amount before. IMPORTANT: 3rd party fundings are NOT permitted. Funds must be sent from an account where the name matches the verified name within your QuadrigaCX profile. If you are sending from a business account that you didn't complete verification for then you must first open a ticket, attaching your Articles of Incorporation asking us to update your account. The minimum amount for this funding method is $100,000 CAD. If you send less than $100,000 the funds will be retained for up to 30 days and returned minus a 10% administration fee. If you use US banking you can attempt to bypass it haven't tested it however it might be a functional solution. While it is a pain Interac does work promptly at a 1.5% fee and cap of 750 CAD a day it is instant which makes it usable if your patiently building. If you want more than $750 a day you can add in one EFT a week which is processed within 5 Business Days allowing up to 6000 CAD as the upper limit of deposits a week minus fees (78.75+18.75) or 5902.50 CAD Dollars a week. I did do my one test wire in the past and having to send it to Poland was amusing since the local bank branch was like this is sketch and I offered to pay their service charge and they still were not smart enough to do it. After telling the bankers off for not knowing how to do a wire I did it at home took 5 mins with online banking and recieved the funds with ease taking screenshots at every step of the process and then attaching them to the upload and making sure they damn saw those numbers lol. Overall the exchange won't crash every 5 mins only ever saw it peak load once over my use during a LTC rally other than that its a usable if really small pond exchange. (Regarding the Cryptocapital option never used it don't think I want to use it and would need more opinions on that option seems like a trap) Title: Re: Unofficial Quadriga Cx Thread Post by: Portnoy on January 02, 2018, 05:42:17 PM Back in 2018 three year update Thanks for your views. I have had a somewhat different experience. Some of the statements in your post makes it sound like you work there. Maybe they are quotes that you pasted in. In any case I hope someone who does work there reads some of the critical comments in this thread, so that hopefully they can improve. I use both Quad and Kraken. Things do seem to work smoother at Quad, but things have been getting better at Kraken with recent updates, which are still on-going. And a lot of the problems are a result of the recent influx of new sign-ups( which maybe Quad has less of, making it less apt to get bogged down ). Apart from the slow-downs from overloads etc. I would say that technically, in terms of trading options, security features, and other functionality, that Kraken is a better site/organization. Much better than Virtex, which I was a member of since its start. And there is one BIG problem with Quad that Kraken is much much better with: Customer support. Consider this comment from a few posts back. I have heard this from others and have experienced it, to a certain extent, myself: STAY AWAY FROM THESE UMMATURE CHILDISH people trying to manage an exhange- Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds- RUN Kraken, in my dealings with them, has always been professional, responsive and courteous. They seem a lot more aware of how frustrating it can be for users when it comes to problems involving their money. The support staff at Quad seems just the opposite. Words like "childish" are what came to my mind as well. I will continue to be a member of Quad but I find myself using Kraken more often if for no other reason than the peace of mind of knowing that if something does go wrong it will be taken care of as quickly and professionally as possible. I do have criticisms and concerns about Kraken as well but this is a Quadriga thread so this isn't the place for that. I find that I can express those criticisms to Kraken directly without the fear of a petulant vindictive response. Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on January 02, 2018, 07:58:17 PM Back in 2018 three year update Thanks for your views. I have had a somewhat different experience. Some of the statements in your post makes it sound like you work there. Maybe they are quotes that you pasted in. In any case I hope someone who does work there reads some of the critical comments in this thread, so that hopefully they can improve. I use both Quad and Kraken. Things do seem to work smoother at Quad, but things have been getting better at Kraken with recent updates, which are still on-going. And a lot of the problems are a result of the recent influx of new sign-ups( which maybe Quad has less of, making it less apt to get bogged down ). Apart from the slow-downs from overloads etc. I would say that technically, in terms of trading options, security features, and other functionality, that Kraken is a better site/organization. Much better than Virtex, which I was a member of since its start. And there is one BIG problem with Quad that Kraken is much much better with: Customer support. Consider this comment from a few posts back. I have heard this from others and have experienced it, to a certain extent, myself: STAY AWAY FROM THESE UMMATURE CHILDISH people trying to manage an exhange- Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds- RUN Kraken, in my dealings with them, has always been professional, responsive and courteous. They seem a lot more aware of how frustrating it can be for users when it comes to problems involving their money. The support staff at Quad seems just the opposite. Words like "childish" are what came to my mind as well. I will continue to be a member of Quad but I find myself using Kraken more often if for no other reason than the peace of mind of knowing that if something does go wrong it will be taken care of as quickly and professionally as possible. I do have criticisms and concerns about Kraken as well but this is a Quadriga thread so this isn't the place for that. I find that I can express those criticisms to Kraken directly without the fear of a petulant vindictive response. Kraken is unusable. I was unable to log in at all last year, went through many hour long+ sessions of resetting passwords etc and endless captchas at blinding dial-up speeds, all ending in failure. They need a new toaster, plain and simple. Quadriga has always functioned for me in and out, though the funding and withdrawal merry-go-round of banks and options and fees gets old, not to mention the average 2 week transactions. I understand that is Banks, not the exchange, but, fuck it, you know? why bother with the hassle when Bitstamp is faster both ways, cheaper, and has far better liquidity. Let's see what 2018 brings us. Title: Re: Unofficial Quadriga Cx Thread Post by: Portnoy on January 02, 2018, 10:36:17 PM Let's see what 2018 brings us. Yes. I am going to start looking more deeply into decentralized exchanges with increased user control and privacy. Bisq... Hodl Hodl... I hope more are on the way for the new year. Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on January 02, 2018, 11:42:52 PM Anyone ever try coinsquare.io? Another Canadian option...
Haven't heard of them before (or didn't listen) but now I hear they are adding Monero, so I'll have to try them out once it's added. Curious about their OTC deal - sounded like they just execute on exchange on your behalf and charge you 1.5% for the privilege. I'll contact them when the time comes and see what's up, unless someone has experience... Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on January 07, 2018, 01:58:25 AM Anyone ever try coinsquare.io? Another Canadian option... Haven't heard of them before (or didn't listen) but now I hear they are adding Monero, so I'll have to try them out once it's added. Curious about their OTC deal - sounded like they just execute on exchange on your behalf and charge you 1.5% for the privilege. I'll contact them when the time comes and see what's up, unless someone has experience... I had a talk with one of their CEO's the other day explorer and decided they would be a good place to test out, they have a fairly good grasp of the ecosystem and are moving towards ripple and other altcoins being part of their trading portfolios. They sent me a BNN interview from a few days ago to explain their idea of what a Canadian exchange will evolve into overall I was convinced enough to give them a shot although it will take a while to compile all the documents again ah KYC/AML pains. Good morning! Just wanted to share with you the interview our CEO, Cole Diamond, on BNN. He explains exactly who and what Coinsquare is and answers several common questions regarding the digital-currency space. https://www.bnn.ca/video/bitcoin-luring-more-investors-who-don-t-understand-cryptocurrencies-coinsquare-ceo~1294737 Back in 2018 three year update Thanks for your views. I have had a somewhat different experience. Some of the statements in your post makes it sound like you work there. Maybe they are quotes that you pasted in. In any case I hope someone who does work there reads some of the critical comments in this thread, so that hopefully they can improve. I use both Quad and Kraken. Things do seem to work smoother at Quad, but things have been getting better at Kraken with recent updates, which are still on-going. And a lot of the problems are a result of the recent influx of new sign-ups( which maybe Quad has less of, making it less apt to get bogged down ). Apart from the slow-downs from overloads etc. I would say that technically, in terms of trading options, security features, and other functionality, that Kraken is a better site/organization. Much better than Virtex, which I was a member of since its start. And there is one BIG problem with Quad that Kraken is much much better with: Customer support. Kraken, in my dealings with them, has always been professional, responsive and courteous. They seem a lot more aware of how frustrating it can be for users when it comes to problems involving their money. The support staff at Quad seems just the opposite. Words like "childish" are what came to my mind as well. I will continue to be a member of Quad but I find myself using Kraken more often if for no other reason than the peace of mind of knowing that if something does go wrong it will be taken care of as quickly and professionally as possible. I do have criticisms and concerns about Kraken as well but this is a Quadriga thread so this isn't the place for that. I find that I can express those criticisms to Kraken directly without the fear of a petulant vindictive response. I appreciate your points Portnoy when I sent a ticket to Kraken they typically responded within a few days. I have been a bit mean to Kraken however I do get annoyed that a locked account is the result of a few failed password attempts instead of a timed reset since it requires a support ticket and a few e-mails to re-open the account again then you add in lag which is never a good combination. The real issue is if I really want to contact support for those issues as I would rather wait out a timeout instead of having to search why a password doesn't work when it is correct after a few password fails to learn through a few kraken support tickets the account gets locked after a few failed tries. For the fees and breakdown for Quadriga I just looked at the verified page I am sure the limits are the same for most users of the exchange unless they phoned Quadriga complained and did extra KYC verfication to change their limits. They do leave a nice message on your trading screen whenever a deposit fee or limit is changed. I can say for a fact I do not work for any of these exchanges just as user of their interfaces, I did read the Kraken post in December about their growing pains especially in the last month which is the same as other exchanges so hopefully in general they all get their ducks together. When it came to cavirtex vs kraken though my own experience was cavirtex was the superior platform there was rarely downtime or issues the coins were cheaper than other exchanges since miners were in Canada now its Quadriga that has that edge, while the advanced features are great on kraken it seems more like a trade-off for performance once they fix the speed then it will really be the best of both worlds. When they became a US based company and merged to become Kraken then things became more of a pain and they are still in the process of fixing that over time that said I also can't wait until decentralized exchanges are a better option. I tend to bitch at most exchanges though based on user experience the only one that I really liked was Lightbox and Canadian Bitcoins as they tend to be more reliable. Now I just came back to add a note on how Quadirga's interac deposit hits a maximum for daily volumes and needs to be replenished at a certain time in the day so if you say want to deposit at 5PM you may need to wait till 7PM for the wallet to have a new daily limit. Plus they haven't fixed the Interac E-Transfer for months making it still difficult to use HODL lol. Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on January 07, 2018, 05:35:32 AM The real issue is if I really want to contact support for those issues as I would rather wait out a timeout instead of having to search why a password doesn't work when it is correct after a few password fails to learn through a few kraken support tickets the account gets locked after a few failed tries. Is that the deal? They might have said. I had put it down to the captcha that doesn't appear for several minutes, so you just assume its not coming and hit enter. Then it says incorrect password, so you try again. Then you change the pasword 6 times trying to make it work, then a captcha pops up. 10 days later you get a ticket response, with supremely unhelpful words on it. Until they fix their shit, I don't see how I can use their site, as I can't log in. Ever. Its a bullshit system, and has been for so long that it astounds me anyone can still use it. I hope they have someone reading this, but deep down I don't think they give a shit. Its been years, and its worse than ever. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on January 09, 2018, 03:41:27 AM The real issue is if I really want to contact support for those issues as I would rather wait out a timeout instead of having to search why a password doesn't work when it is correct after a few password fails to learn through a few kraken support tickets the account gets locked after a few failed tries. Is that the deal? They might have said. I had put it down to the captcha that doesn't appear for several minutes, so you just assume its not coming and hit enter. Then it says incorrect password, so you try again. Then you change the pasword 6 times trying to make it work, then a captcha pops up. 10 days later you get a ticket response, with supremely unhelpful words on it. Until they fix their shit, I don't see how I can use their site, as I can't log in. Ever. Its a bullshit system, and has been for so long that it astounds me anyone can still use it. I hope they have someone reading this, but deep down I don't think they give a shit. Its been years, and its worse than ever. Yep went to an archive ticket from the support there Your account was locked because of too many failed login attempts. We've reset your login so you can now try again to access your account. You appear to know your 2FA password as your last login would have been successful, so please try this again. If you still need your 2FA to be reset let us know. Here's an article from our support center that might be helpful: https://support.kraken.com/hc/articles/201889308-I-can-t-log-into-my-account- Update on QuadrigaCx it looks like there may be some thread lurkers after all they were able to fix their database problems from yesterday as deposits have been enabled with detailed warnings that if you goof up your going to need to wait quite some time three months for your deposits. With all the new users I don't blame them for that can't cover for being stupid. Interac e-Transfer Min $2,000CAD - Max $5,000CAD $10,000CAD Within 2 Business Days 2% + $5CAD required (Status Enabled) Funding - Interac e-Transfer IMPORTANT NOTE: PLEASE FOLLOW THE INSTRUCTIONS BELOW. FAILURE TO DO SO WILL RESULT IN SIGNIFICANT DELAYS (UP TO 90 DAYS) AND ADDITIONAL FEES! BY PROCEEDING, YOU AGREE TO FOLLOW THE INSTRUCTIONS BELOW AND AGREE TO ANY PRESCRIBED FEES FOR FAILING TO COMPLY WITH THE INSTRUCTIONS. QuadrigaCX Members are now able to fund their account with up to $5,000 CAD per transaction and $10,000 CAD per day via Interac e-Transfer (subject to limits imposed by banks and other financial institutions). To fund your account via Interac e-Transfer please follow these instructions: Within your online banking set up and execute an Interac e-Transfer payment using "BILLERFY LABS INC" as the recipient name and xxxxdepositxxxx@billerfy.com as the email. Please include your QuadrigaCX client ID in the memo field (numbers only). IF YOU INCLUDE ANYTHING OTHER THAN DIGITS, YOUR FUNDING WILL TAKE UP TO 90 DAYS TO PROCESS MANUALLY. FURTHERMORE A FEE OF $100 WILL BE LEVIED This funding option is using Interac's new auto-deposit system, therefore you will not need to provide a security question or answer when setting up the payment. If your bank requires a security question, it means they haven’t updated their systems yet to support the new "auto-deposit" function that Interac has recently introduced. As a result, you will not be able to use this funding method until your bank updates their systems. Known supported banks include RBC, TD, BMO, Scotia, ATB and Affinity Credit Union. The payment MUST come from an account/profile bearing your first and surname. The sending email must match the email address in your QuadrigaCX account. If sending from a business account, your QuadrigaCX account must be a verified business account bearing the same name. AFTER submitting the payment, please complete the form at the bottom of this page. Your funds will be added within 48 hours. Even if you receive an email from your bank stating that it has been received by us, it will still take up to 48 hrs. Minimum and maximum limits are strictly enforced. Submitting transactions lower than the minimum will result in a $100 processing fee. -- Price wise for deposits in Quadrigacx only interac transfer beats that at 1.5% with a 750 limit coinsquare is at par for wealth users. For Kraken someone will need to do the breakdown as haven't seen their funding page in ages finally Canadianbitcoins is 5% can be higher lower based on the stability. So in general a competitive deposit rate at par with their field. Title: Re: Unofficial Quadriga Cx Thread Post by: bluejay666 on January 11, 2018, 02:42:32 AM waited 48 hours for interac e transfer to be credited and then they cancelled and removed it from account funding history. no reply to support ticket. and the money is confirmed received by them and missing from my bank account.
what's up? Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on January 12, 2018, 05:45:30 AM waited 48 hours for interac e transfer to be credited and then they cancelled and removed it from account funding history. no reply to support ticket. and the money is confirmed received by them and missing from my bank account. what's up? Could be a variety of things based on the description from non-supported and you never answered the security question to you didn't insert a memo in the notes. I tend to take screenshots throughout the process in case of an issue especially with large sends 2000-5000 looks like they changed it again send them copies of your e-mails from Quadriga confirming the exchange of sending of your balance to the account they provided a copy of that e-mail screenshots of your statement and bank deposit account information, then retry a ticket or bump it. Within your online banking set up and execute an Interac e-Transfer payment using "BILLERFY LABS INC" as the recipient name and xxxxdepositxxxx@billerfy.com as the email. Please include your QuadrigaCX client ID in the memo field (numbers only). If you messed up the memo field ya your boned IMPORTANT NOTE: PLEASE FOLLOW THE INSTRUCTIONS BELOW. FAILURE TO DO SO WILL RESULT IN SIGNIFICANT DELAYS (UP TO 90 DAYS) AND ADDITIONAL FEES! BY PROCEEDING, YOU AGREE TO FOLLOW THE INSTRUCTIONS BELOW AND AGREE TO ANY PRESCRIBED FEES FOR FAILING TO COMPLY WITH THE INSTRUCTIONS. IF YOU INCLUDE ANYTHING OTHER THAN DIGITS, YOUR FUNDING WILL TAKE UP TO 90 DAYS TO PROCESS MANUALLY. FURTHERMORE A FEE OF $100 WILL BE LEVIED That said its broken again ... This option has been temporarily disabled until we can automate the process. We do not have an ETA. In the meantime, please use Electronic Funds transfer or Interac Online. So maybe they opened it but didn't mean to but since your moneys already in solve it manually. -- And e-mail withdrawal is ... no good Title: Re: Unofficial Quadriga Cx Thread Post by: explorer on May 08, 2018, 05:48:18 PM Cash delivery by courier still works for withdrawal... Not the cheapest, but it does bypass some hassles.
Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on January 29, 2019, 06:40:41 PM Bringing this thread up again since the forum rarely mentions QuadrigaCx and trying to do a rundown if you know additional information mention it here.
Went through the reddit and legal proceedings document, and from the looks of it QuadrigaCx has no Directors or Executives whatsoever who can handle the business. Based on the legal document the last director died a month ago and his wife filed a petition to set up a new board of directors on January 22nd, as Urgent business since there was no way to set up a shareholders meeting otherwise. It looks like they have been having issues getting their funds deposited from the CIBC lawsuit, as almost all Canadian banks are hostile to Bitcoin and cryptocurrency and are literally wandering around with a 22 to 28 million dollar bank draft they can't cash in from BMO with no directors. Then there are the issues with billerfly. That and they have no directors so they shut down the exchange. From Reddit https://www.reddit.com/r/QuadrigaCX/comments/ae72gp/update_20190109/ednfwzo/?context=3 - Let me try to explain the situation as it currently stands: - The court released the money to Billerfy as it was where it was locked from - 3 drafts were handed in and subsequently deposited into a BMO branch by Billerfy - There was a holding period but this has just got extended by the BMO compliance department to verify Costodian Business Model due to the size of the drafts We, QuadrigaCX, are just reporting to you what Billerfy is telling us. Our lawyers have been involved to ensure the smooth transaction by providing papers from the court as these funds should have already cleared. Once the money is released to Billerfy, all the queued payments will be sent. - https://www.reddit.com/r/QuadrigaCX/comments/aezjxx/friday_update/ "This isn't the update that everyone wants but we do have both good and bad news though. First the good news, BMO has released the funds. However the bad news is that they have released bank drafts back to us as they refused to accept the funds." -- In other words, shit hit the fan, however it may not be an exit scam this is more of a pain in the arse leading to a trade freeze and asset freeze. Until we get more information on that front I presume the money is not deposited. On the other front, QuadrigaCx may be controlled in the future through the Crypto Consulting Group. (CCG) The wife does not know anything about Cryptocurrency and they do, unless Lovie Horner (11% holder) and the other co-founder decides to take control with the wife's consent. Either way QuadrigaCx will be considered headless with no real person in charge until a board of directors is set up then they can continue with their operations. The document concedes that CCG, Mr Patryn consents to the relief in the application. https://drive.google.com/file/d/1A3ENx8kUgHUSnSkorvG655E70J5JFdx2/view At present CCG technically have shares but the legal title has not been transferred and there is an outstanding cease trade order against QuadrigaCX which is what we are seeing now. https://gowithccg.com/ Looks like their is a turbulent period still ahead. http://bettingresource.com/how-to-get-my-money-or-bitcoin-out-of-quadrigacx.html Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on January 31, 2019, 10:59:07 PM https://twitter.com/francispouliot_/status/1091094664512499712
According to them they 'can't find' their cold storage funds. I presume this means they died with the owner. This is just the professsionalism we've come to expect from our friendly local crypto exchanges. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 01, 2019, 03:17:36 AM Official From QuadrigaCx Website
Message from QuadrigaCX Board of Directors January 31, 2019 Dear Customers, An application for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was filed today in the Nova Scotia Supreme Court to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers. The Court is being asked at a preliminary hearing on Tuesday February 5 to appoint a monitor, Ernst & Young Inc., as an independent third party to oversee these proceedings. For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing. ______________________________________________________________________ https://twitter.com/francispouliot_/status/1091094664512499712 According to them they 'can't find' their cold storage funds. I presume this means they died with the owner. This is just the professsionalism we've come to expect from our friendly local crypto exchanges. Ugh, that's an understatement. The statement they put up today says we can't find the cold storage coins and we can't cash the cheque to the bank. At least they have a Board of No Name Directors What occurred in the Legal Meeting from the documents last week was the creation of a Board of Directors with no names provided of whom is on this board. This is assuming they plan on having Ernst and Young do all communications, it is possible the board plans on separating themselves from the creditors aka users and using them as the communication platform. The only thing we do know that did happen is that their first order of action as a Board was to put the company into the CCAA. The next question is will they start running the company again with Ernst and Young monitoring it and can they use the court to force some bank to cash the 25 million dollar cheque somewhere to continue operations. Until then not much will happen I presume as the preliminary hearing for this is heard on February 5th and it's a question of how long this takes legally, then I guess we go from there. - Speculation Wise: The real question is will the exchange die? Will the exchange go into receivership? Or is this an elaborate exit scam. As we proceed forward this outcome does seems a bit less likely it is an exit scam due to all this legal effort on their side to keep the place operating. This said it is still possible as an outcome we don't have declarative Definitive Proof of Death for the last director in India. We also know that the other individuals don't have access to the cold storage keys apparently. The reason it is elaborate is that it is possible that another director or someone else in Quadriga unknown to the people applying the court proceedings has the keys and is siphoning the funds, since the Cold Wallet Address is not known. The connections that Quadriga has with other defunct exchanges through the Cryptocapital connection may hint that Bitfinex is next on the chopping block and to be careful if it is the Crypto Consulting Group members who are now the new Directors as this could be a red flag and also means the rumor that Tether is insolvent is true, in which case the CIBC may have done QuadrigaCX a favor as it is making it hard for the scammers to escape with these funds. https://cdn-images-1.medium.com/max/1563/0*5XOrPVTvpCVQ0-l8.jpg https://bitcoinexchangeguide.com/cryptocapital-co-may-be-cryptos-black-swan/ One thing i'm sure of was that the dead director wasn't dumb enough to not have a Deadman Switch The Deadman Switch exists, its just a matter of who knows about the Deadman Switch and what they will do with that information once they have it. Right now my own speculation is that it is very possible we may eventually see a possible restoration and reopening of the exchange. QuadrigaCx will freeze the current account balances and then pay the users from fees over time, using the 25 million to keep operating and to fund operations. They may also do a Vircurrex and maybe never pay out the frozen funds and disappear a few years later, although given the information we know I see that as a less likely outcome as they say that Ernst and Young will be monitoring as an independent third party if all goes according to plan and they will be keeping records. May end up more like Binance where they do a buyback. Either way its interesting, Reminds of the good old Asicminer days rip Friedcat. ___________________________________________________________________ For those who do not know what CCAA here is the definition and overview of what it means from Price Water House Coopers https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html What is CCAA? The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company. The CCAA is restricted to larger corporations, as a corporation must have amounts owing to creditors in excess of $5 million to be eligible to use the Act. Corporations that do not reach this $5 million threshold can utilize the Division I Proposal under the Bankruptcy and Insolvency Act. The CCAA also allows a company, if it so chooses, to address its shareholders in addition to its creditors. Typically, when the shareholders of the company are impacted by the Plan of Arrangement, they are often given the opportunity to vote on the Plan. The process begins in the Court system when the company applies to the Court for protection under the CCAA. The Court will issue an Order giving the company 30 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company. Typically, the Court will continue the protection beyond the initial 30-day period if the company can demonstrate that it is likely that it will file a Plan of Arrangement and an extension of the Stay is not prejudicial to the creditors, as a whole. There is no time limit on how long the Stay can be extended. During the Stay period, the company will often continue operating, although it may commence restructuring activities at any time. A Monitor is an independent third party who is appointed by the Court to monitor the company's ongoing operations and assist with the filing and voting on the Plan of Arrangement. The Monitor's duties include monitoring the business, reporting to the Court on any major events that might impact the viability of the company, assisting the company in the preparation of the Plan of Arrangement, notifying the creditors (and shareholders) of any meetings and tabulating the votes at these meetings. The Monitor prepares a report on the Plan of Arrangement that is usually included in the mailing of the Plan. The Plan of Arrangement is the proposal that the company is presenting to its creditors on how it intends to deal with debt it owes at the time of the initial filing with the Court. There are no restrictions on what the Plan can entail. It is not uncommon to see offers to pay a percentage on the dollar of debt, either as a lump sum or over a period of time. Plans can include an offer of shares of the company in exchange for the debt outstanding or a combination of cash and shares. The debtor can identify a particular creditor or group of creditors as "unaffected." Unaffected creditors are included in the Plan and are not to be paid in the normal course. One of the benefits of the CCAA is that it allows for this flexibility when trying to put together a Plan. In order to be able to vote on the Plan and receive any distribution under it, a creditor must file a Proof of Claim with the Monitor. The Proof of Claim sets out what is owed to the creditor and is reviewed by the Monitor and the company. Any discrepancies between the creditor's Proof of Claim and the company's records are investigated by the company. The Plan will outline the procedures for dealing with disputed claims. Ultimately, the company files its Plan of Arrangement and forwards it to the creditors/shareholders. A meeting of the creditors (and shareholders, if applicable) is called to vote on the Plan. For the Plan to be binding on each class of creditors, a majority of the proven creditors in that class, by number, together with 2/3 of the proven creditors in that class, by dollar value, must approve of the Plan presented to them. If a class of creditors approves the Plan, it is binding on all creditors within the class, subject to the Court's approval of the Plan. If all of the classes of creditors (and shareholders, if applicable) approve the Plan, the Court must then approve the Plan as a final step. Upon Court approval, the company continues forward as outlined under the Plan until it has satisfied the requirements under the Plan. If a class of creditors or the Court does not approve the Plan, the company does not automatically go into bankruptcy, but the Stay is lifted. However, once the Stay has been lifted, the pressures that caused the company to initially file for CCAA protection from its creditors will likely return and, accordingly, it is quite likely that the company will be placed into receivership or bankruptcy. Title: Re: Unofficial Quadriga Cx Thread Post by: squatter on February 01, 2019, 08:23:29 AM Official From QuadrigaCx Website Message from QuadrigaCX Board of Directors January 31, 2019 Dear Customers, An application for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was filed today in the Nova Scotia Supreme Court to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers. The Court is being asked at a preliminary hearing on Tuesday February 5 to appoint a monitor, Ernst & Young Inc., as an independent third party to oversee these proceedings. For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing. Whoa, it's much worse than I thought. :o I thought the owner had just misstructured the company so that when he died, the bank accounts were legally in limbo. Instead, it seems like Quadriga was either already a fractional reserve exchange, or the cold storage wallets went to the grave with the owner. Good luck to the victims. Sounds like it could take years to claw a fraction of their money back, like Gox. Title: Re: Unofficial Quadriga Cx Thread Post by: Steamtyme on February 01, 2019, 10:08:10 PM Good on you updating this thread as it unravelled.
I'm fairly unscathed on this, unfortunately i had 1 mining reward go there while I was on vacation. Best case it got there and things roll out smooth. Worst case its gone. It was small so not to big a deal. I must say i'm shocked they didn't send an email to customers. Just a blank webpage... that was lying for the first couple days. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 02, 2019, 02:04:39 AM https://www.coindesk.com/quadriga-creditor-protection-filing
Their liabilities are $190 million according to their latest court filing including 26,500 BTC. I must say I'm shocked somewhere that was so shaky for so long still commanded that much faith from its customers. It also confirms that the 'dead' guy had sole control of the private keys despite this article quoting him as saying he uses multi sig in 2015 - https://www.coindesk.com/canada-bitcoin-exchange-leader-market-turmoil Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 02, 2019, 06:20:29 AM I've used this exchange in the past and basically stopped using it due to the delayed withdraws and also I was worried about their solvency issues when they screwed up one of their ETH contracts and they've sent something like 60K (from what I can remember) to a smart contract and as you know you can't withdraw from a smart contract, so a large amount of ETH is basically locked forever unless the ETH devs fork it to recover the funds which I don't see happening. They claimed to hold enough in reserve to cover these 60K basically from their trading fees but it was still too risky incase everybody panicked and decided to withdraw all their ETH.
There was also the issues of not knowing their physical office address and how they had the "Quad Bucks" on their ToS instead of actual Canadian dollars. When you login into their website, and you want to sell BTC for CAD, there was no BTC/CAD instead it was XBTCAD and I always found it strange. However they were I think the 2nd canadian Bitcoin exchange ever, after CaVirtex and they were actually pretty good prior to 2017 or so. They had enough liquidity, website didn't have much outages and you "eventually" got your money. They really should of got better management and they would of probably still stayed in business till today. Its very sad that it has lead to this. Since they lost almost $200 Million, I am assuming this is the 2nd largest bitcoin exchange hack/theft/loss ? Title: Re: Unofficial Quadriga Cx Thread Post by: bL4nkcode on February 02, 2019, 07:57:24 AM Since they lost almost $200 Million, I am assuming this is the 2nd largest bitcoin exchange hack/theft/loss ? If the ranking row is based on numbers of $$ I guess coincheck hacked has the second largest lost for 500m$ lost and this hack is the 3rd. Now I can't smell that this issue had cause more trouble on the current price of BTC, yet I think this will cause to spike since that lost BTC will remain lost forever and has an impact to the circulating supply. Title: Re: Unofficial Quadriga Cx Thread Post by: squatter on February 02, 2019, 12:25:51 PM Now I can't smell that this issue had cause more trouble on the current price of BTC, yet I think this will cause to spike since that lost BTC will remain lost forever and has an impact to the circulating supply. Compared to the broader market, QuadrigaCX was quite small. I'm not surprised the bankruptcy didn't affect the price much. As far as lost coins, you're right. Just like Satoshi said, they're a donation to holders because taking coins out of circulation drives prices up. I think all exchange hacks cause the same effect because even if hackers steal coins, they aren't very fungible afterwards. Title: Re: Unofficial Quadriga Cx Thread Post by: DarkStar_ on February 03, 2019, 02:03:35 AM Interesting Tweet from Kraken's CEO:
Quote from: Jesse Powell | @jespow We have thousands of wallet addresses known to belong to @QuadrigaCoinEx and are investigating the bizarre and, frankly, unbelievable story of the founder's death and lost keys. I'm not normally calling for subpoenas but if @rcmpgrcpolice are looking in to this, contact @krakenfx There's also coin movement from Quadriga's supposed LTC cold wallets: https://old.reddit.com/r/QuadrigaCX2/comments/amg266/quadrigacx_litecoin_cold_wallet_address_found_and/ Title: Re: Unofficial Quadriga Cx Thread Post by: joniboini on February 03, 2019, 04:58:33 AM Interesting Tweet from Kraken's CEO: Cryptomeds also said that he have collected txs, wallets and other related information that could be used to find the Quadriga cold/hot wallet address. He also mentions Quadriga connection with Cryptocapital, which also has a connection to Bitfinex (no surprise), CEX.io, and so on. If anybody want to read about Cryptocapital, here's a good start[1]. [1] https://bitcoinexchangeguide.com/cryptocapital-co-may-be-cryptos-black-swan/ Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 03, 2019, 07:24:35 AM There's also coin movement from Quadriga's supposed LTC cold wallets: https://old.reddit.com/r/QuadrigaCX2/comments/amg266/quadrigacx_litecoin_cold_wallet_address_found_and/ I've been following the thread and find it very odd that the LTC is being moved already... I think the person that did the analysis might of made a mistake and assumed it was a cold wallet instead of a hot one or it was the cold wallet to some other exchange like Bitfinex. This might have something to do since they are both affiliated with CryptoCapital actually. I am also surprised that nobody has yet been able to find their BTC or ETH cold storage address since those should be fairly easy to locate since they probably had the most transactions as say LTC. Somebody pointed out that the wife said that QuadrigaCX was keeping some of their coins on other exchanges, this might explain the LTC coins moving. Also the "Giving $100K to 2 dogs" instead of keeping proper cold storage practises has many people upset who lost their life savings thanks to Quadriga. Basically MtGox all over again. Title: Re: Unofficial Quadriga Cx Thread Post by: kenzawak on February 03, 2019, 04:24:56 PM Seriously who dies from Crohn's disease ?
https://timesofindia.indiatimes.com/Want-a-fake-death-certificate/articleshow/3218280.cms And India isn't really the best place for food when you got IBD. ::) The guy is alive or maybe someone (the wife ?) got him killed. Title: Re: Unofficial Quadriga Cx Thread Post by: kenzawak on February 03, 2019, 07:08:30 PM More news :
QuadrigaCX Chain Analysis Report (Pt. 1): Bitcoin Wallets https://medium.com/@zeroresearchproof/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets-19d3a375d389 Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 03, 2019, 07:28:38 PM More news : QuadrigaCX Chain Analysis Report (Pt. 1): Bitcoin Wallets https://medium.com/@zeroresearchproof/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets-19d3a375d389 I've read the article. From what I gather I am assuming they were maybe hacked sometime in the past or the funds were somehow stolen. Since the crypto market took a downturn, they probably had less customers withdrawing crypto. So by waiting for a deposit to process a withdraw it was possible to get away with it for the past year. However I think the collapse was when the fiat withdraws had issues and then it scared most people and they finally saw the huge BTC price spread and decided to take all their cryptos out of the exchange and do basically a bank run. Since there was more withdraws than deposits, it led to this collapse. From what I read this is similar to what happened with one of the MtGox hacks. They got hacked, and kept silent. They decided to start a bear market since they were the major exchange and when price went from like $30 to $2 they bought back all those lost coins and remained in business. Title: Re: Unofficial Quadriga Cx Thread Post by: Steamtyme on February 05, 2019, 12:13:07 AM I just got around to reading that.
I don't think they were subject to a hack of their cold storage. If so why not just own it, it's not like things get better by attempting to whether it and hope no one finds out it happened. Odds are you just get hit with a blackmail own the road from the original perpetrators, the proof would be the transaction ID. So the Blackmail would never end. I do lean more to the falsifying of a cold wallet, especially if at no point in their legal route of registering it was necessary to prove ownership of the coins. This is a pretty big claim and at first glance resembles a Ponzi like scenario. The problem here is that they should have been able to amass a large amount of coins just in the collected trading/deposit/withdrawal fees. This would support the oddly terrifying claim that they hold less than 1000 BTC, which is less than 4% of the claimed amount. All in all it's just a weird scenario. Quadriga was one of the sources I showed the wife when I entered crypto as a way of legitimizing it in her eyes. Don't think she remembers that after telling her about it the other day. Glad I didn't have any large losses to report in that convo. Interesting to see what comes out of this after the 5th. It is cool to see the chain analysts going hard at this. Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 05, 2019, 08:21:38 AM No idea if you guys are frequenting the Reddit of this QuadrigaCX scandal but it seems that QuadrigaCX might of been founded by some fugitive back when it went online in 2014.
According to various posts at https://old.reddit.com/r/QuadrigaCX2/ It seems that some guy named Omar who had an alias Michael Patryn was involved in some identity theft, served some jail time and then later became a fugitive before coming into Canada. He and Cotton opened up the exchange in late 2014. Apparently looking at the timestamps someone documented this over a year ago but it seems nobody listened until now when all this mess started. Title: Re: Unofficial Quadriga Cx Thread Post by: squatter on February 05, 2019, 10:49:55 AM I do lean more to the falsifying of a cold wallet, especially if at no point in their legal route of registering it was necessary to prove ownership of the coins. This is a pretty big claim and at first glance resembles a Ponzi like scenario. The problem here is that they should have been able to amass a large amount of coins just in the collected trading/deposit/withdrawal fees. This would support the oddly terrifying claim that they hold less than 1000 BTC, which is less than 4% of the claimed amount. It's possible we're jumping to conclusions too quickly regarding the wallet analysis that's been doing the rounds. There definitely could have been cold wallet addresses that were never used on the network to spend outputs, and those wouldn't have been included in the WalletExplorer address grouping. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 05, 2019, 02:13:35 PM It's possible we're jumping to conclusions too quickly regarding the wallet analysis that's been doing the rounds. There definitely could have been cold wallet addresses that were never used on the network to spend outputs, and those wouldn't have been included in the WalletExplorer address grouping. Most times out of ten someone's 'blockchain analysis' turns out to be a load of hogwash. I'm interested to see if we hear more from Kraken about this. They're going to definitely know what's what when it comes to Quadrigacx's addresses. Title: Re: Unofficial Quadriga Cx Thread Post by: kenzawak on February 05, 2019, 04:50:56 PM https://cointelegraph.com/news/breaking-lawyers-might-sell-quadrigacx-to-settle-debts
Lawyers Might Sell QuadrigaCX to Settle Debts "Prosecutors will get the encrypted laptop of recently deceased CEO of major Canadian crypto exchange QuadrigaCX Gerald Cotten, Canadian broadcast network CBC reports Tuesday, Feb. 5. According to CBC, the laptop that might provide access to $190 million of QuadrigaCX customer funds will be given to lawyers. Moreover, the lawyers are considering selling the company in order to satisfy the debts." Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 05, 2019, 04:57:45 PM This geezer is live tweeting from the court proceedings - https://twitter.com/JackJulian
They seem to be fully on board with the idea of the cold storage being locked up rather than never having existed in the first place. Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 05, 2019, 05:36:16 PM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 05, 2019, 05:39:29 PM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 06, 2019, 12:05:58 AM Posting a backup of the Death Certificate (Spelling Error? Cottan or Cotten?)
(Did a lookup the name checks out under Cottan and shows up on the Indian Death Registry E-Search not sure on how to download a copy though. http://pehchan.raj.nic.in/ECertificate.aspx?OWEyMGQ3NTQ=OGQ2OGJmNmI1NTBlYWVkZGE2ODEyNTY=) https://static.coindesk.com/wp-content/uploads/2019/02/Cert3-768x999.jpg Sourced: https://www.coindesk.com/indian-death-certificate-crypto-exchange-quadrigacx-death Second Source: https://icoranker.com/wp-content/uploads/2019/02/IMG-20190202-105438-300x261.jpg https://icoranker.com/gerald-cottens-community-comes-to-his-defense-amid-scam-allegations-gerry-wasnt-that-kind-of-guy? This geezer is live tweeting from the court proceedings - https://twitter.com/JackJulian They seem to be fully on board with the idea of the cold storage being locked up rather than never having existed in the first place. Nice find, Jack from the CBC is a lot more close to the case, i'm glad they decided to hear the case imagines if they had to contact 115,000 Quadriga clients before anything could be done .... Some questions were addressed and we learnt a few things. Quick Summary Physical Presence. They filed in the Nova Scotia Supreme Court since they had no actual presence in BC. Laptop Status (Cryptocurrency): Waddell Phillips had the laptop until now (https://waddellphillips.ca/) and an Ex-RCMP Officer tried to access the files and failed. The laptop is now in the hands of the lawyers, since it may have 180 million dollars on it. (No mention of trying to backup and clone the laptop before tinkering with it) Quadriga Plans: Hopes to find the cryptocurrency in 30 days (maybe find the bank safe with the yubikey, look for usb drives, scan the house for paper wallets the whole 9 yards) Quadriga Cash: The 25 million is held by third party groups such as Billerfly and New Brunswick companies. With Quadriga preparing to sell off the exchange and probably go into bankruptcy proceedings. There may be another 11 million more they can find and access. Quadriga Costs: Userdata, the website, getting someone to break into the damn wallet, and accounting. Future Communication: Reddit. (... and not a Globe and Mail Paywall ...) Privacy: To be decided, keeping client list anonymous except to relevant parties for now. Website: Remains Shutdown until further notice by the court Real Public Address to the Cold Wallet: Not Revealed Legal: Submissions to court accepted till February 25th monitor submission March 1st Representative Council will have a hearing on February 14th if Expedited paperwork needs to be submitted by Friday. CCCA Granted the 30 Day Legal Pause Creditor Protection Effective until March 7th. Props to Jack Julian for all the information. Twitter Highlights https://twitter.com/JackJulian/status/1092791879199010828 "Quadriga has no office and no bank account. It exists only on a piece of paper in the business registry in BC." https://twitter.com/JackJulian/status/1092789647934148609 (Apparently lawyers for Quadriga are finding more money all the time. They got word last weekend of a bank that may be holding 11-million in Quadriga funds.) (https://twitter.com/JackJulian/status/1092790197123727367) The laptop was up to now in possession of Quadriga’s lawyers in Toronto. Waddell Phillips. It was being examined by an ex-RCMP computer expert. https://twitter.com/JackJulian/status/1092789403985104897 Lawyers for creditors like the idea of the laptop which purportedly holds the cold wallets with as much as $180-million in crypto will be secured by a court-appointed lawyer. https://twitter.com/JackJulian/status/1092790409162559490 It’s now being transferred to lawyers acting for creditors, to eventually be placed in the hands of a court-appointed monitor lawyer. https://twitter.com/JackJulian/status/1092793208508162049 Five million dollars were held by various New Brunswick companies. Lawyers for Quadriga now control those funds, and will be used to pay for bankruptcy proceedings and negotiate a possible sale of the Quadriga trading platform to satisfy debts. https://twitter.com/JackJulian/status/1092796116511404032 Justice Michael Wood wants to know what Quadriga’s “ongoing expenses” are. The answer... Costs of storing and protecting the data from the website, even though it isn’t live right now. Expenses for experts who will go find the crypto currencies. Flashed the Checks (over a stove cough with a non-explained red candle let's call it ambiance) https://pbs.twimg.com/media/DypusdKV4AAJLFd.jpg:large https://pbs.twimg.com/media/DypvLuBUwAAMJ25.jpg:large https://twitter.com/JackJulian/status/1092808652757626883 Discussion about how to alert potential creditors. Chiasson suggests Globe and Mail. But now they are talking about posting notices on *Reddit* https://twitter.com/JackJulian/status/1092812724483096577 The CCAA order will include posting a notice to creditors in a subreddit. Subreddit TBA. I wonder if they know what a worm can that is... https://twitter.com/JackJulian/status/1092813077362470912 Quadriga’s website will remain shut down until an order from the court. In order to achieve “some stability” https://twitter.com/JackJulian/status/1092847703804002304 Back in session. Deadline for submissions to court Feb 25 about possible extension of stay etc. A report from the Monitor will be submitted on March 1. https://twitter.com/JackJulian/status/1092848965190594561 The judge says the issue of representative council is not urgent enough to rush the timeline. There will be a hearing on that at 0930 on Feb 14, NS Supreme Court. Title: Re: Unofficial Quadriga Cx Thread Post by: rdbase on February 06, 2019, 12:49:25 AM Seriously who dies from Crohn's disease ? This is what I said on the other thread about this exchange but they say you can.https://timesofindia.indiatimes.com/Want-a-fake-death-certificate/articleshow/3218280.cms And India isn't really the best place for food when you got IBD. ::) The guy is alive or maybe someone (the wife ?) got him killed. I can only see it happening if it was tied together with another aliment. But not on its own untreated. Title: Re: Unofficial Quadriga Cx Thread Post by: rdbase on February 06, 2019, 12:53:44 AM More news : 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.QuadrigaCX Chain Analysis Report (Pt. 1): Bitcoin Wallets https://medium.com/@zeroresearchproof/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets-19d3a375d389 Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 06, 2019, 12:59:33 AM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 06, 2019, 01:20:28 AM 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. Tracks QuadrigaCx addresses with Chain Analysis https://www.ccn.com/mycrypto-ceo-quadrigacx-may-not-have-ethereum-cold-wallet-wheres-the-missing-150m On Medium, think they just don't want to pay people for posting on cryptocurrency, I guess their is always steemit as a place where takedown does not apply just downvotes lol. Archive: Site was deleted. Quote from Google Cache: Quote QuadrigaCX Chain Analysis Report (Pt. 1): Bitcoin Wallets Go to the profile of Zerononcense Zerononcense Feb 3 This report provides an in-depth analysis of QuadrigaCX’s Bitcoin holdings. The exposition of this report’s context will be added to the top of this document at a later time in the near future. For the time being, the information provided below will be a collection of all evidence, wallet addresses and other pertinent, relevant facts collected during the investigation of QuadrigaCX’s Bitcoin holdings. Brief Summary of Findings Below are the findings made by the author of this report: It appears that there are no identifiable cold wallet reserves for QuadrigaCX. It appears that QuadrigaCX was using deposits from their customers to pay other customers once they requested their withdrawal. It does not appear that QuadrigaCX has lost access to their Bitcoin holdings. It appears the number of bitcoins in QuadrigaCX’s possession are substantially less than what was reported in Jennifer Robertson’s (wife of allegedly deceased CEO and Owner Gerry Cotten) affidavit, submitted to the Canadian courts on January 31st, 2019. At least some of the delays in delivering crypto withdrawals to customers were due to the fact that QuadrigaCX simply did not have the funds on hand at the time. In some cases, QuadrigaCX was forced to wait for enough customer deposits to be made on the exchange before processing crypto withdrawal requests by their customers. After completing the analysis, it is the author’s opinion that QuadrigaCX has not been truthful with regards to their inability to access the funds needed to honor customer withdrawal requests. In fact, it is almost impossible to believe that this is the case in lieu of the empirical evidence provided by the blockchain. Summary of Investigative Methodology The investigation involved in-depth research into the Bitcoin, and Ethereum wallets of QuadrigaCX. We will begin with Bitcoin. Most of the transaction information from customers at QuadrigaCX was aggregated from the following Reddit thread (created by the author): There is a possibility that there may be fraudulent representations of the author of this research in order to obfuscate/skew information and distort the narrative. To verify and validate the author’s identity — consult these sources: Twitter, Telegram, and Reddit. Any information or posts that are not reflected through one of these sources should be seen as illegitimate. Identifying QuadrigaCX’s Bitcoin Wallet Addresses Since the wallet addresses for QuadrigaCX were widely unknown, deposit information from customers was aggregated from the Reddit thread posted above as well as information shared through direct message. At the onset of this endeavor, only 100% verified transactions with the exchange were consulted in order to ascertain more information about QuadrigaCX’s holdings. These initial addresses were verified using personal identifying information from a few select sources that served as volunteers. The original sources also provided substantial proof that they were indeed customers at QuadrigaCX and had initiated deposits with the exchange. Using this information, the author was then able to ascertain a few known locations that QuadrigaCX had used to either store or send Bitcoin. Once these initial addresses that QuadrigaCX used were verified, they were then used as a baseline to validate all additional information being submitted by the community at large. All identities of those that contributed information to this endeavor are omitted from this report with respect to their anonymity. In the process of aggregating information, the following Bitcoin wallet addresses are a small sample of all those that were confirmed to belong to QuadrigaCX: 36aenge8ZXwjRxHvtbt3HkvJRzxPNnMfeY 3Hz4NRi2fMZkUrfJXUbYygi5zoo86QXGg6 3FtVrDgvnhfAiGNHKazmjNwC7kBbT9fktX 3L4QYoGJfocATAHQz5SXB+FHWbNbMhQjEdA 358ugsYE2hKDr8Bcyob5TUXgc5n5FHxtjj 3HVkrkZj7YNscV6KrtaSpWPSGVqVum6RAR 3FYCpaMxvZ5dX8VCyUwcTkuCvteAUgys3c 3Bei6hrKrsbE2NTg9gNXwRP6EVPmYcZ7Zx 3LZfJoPiZGUt5cDAsFwibVFLyjMbq1H2Us 33x4GqFGJi4fu3WEKNk7qQ6bF3uzyATqS8 39b59sQb4azPuUdoEXtUL7K2QQLQzC9knT 3Q8KJEBP58wVK4RDgeuPAKgi5vZQHcUAYu 3HyNBSg8HjbxUuycfiJ8cU4dfNTYeSrGpA 3J1ywusNW48i9qAWGeXwh4CURii7ieoZUv 3NAWo2VV2XSmxckfG8xinrtJ46queEp1w7 35gtPDp3nvACjLPFg2PC1mXsgfaoYYjFSX 35r88wsFESp4CXmwKRnXPykTARwWnVH1sq 3JEasHVpmkn9Vivf1KEhJEXJjrGF1KejpJ 3MNaurs8trMJmJwZewSB1gY7dmDgCziris 335hbW2xXygr7rrmoddchYjchzykiYtELw 3LGgMA2uw6VWyCQ8U2dM6GAaNAKzRr9Wrr 34hoZWYmv4WnoUDzV4BQvvFAcwUbL54G5X 36qBVXUpZB8ByHo1cqEyTSRa9V3bSrLdXa 3PssBQxdXoq2HLrD8W56QZNi7eH2vko4mB 3KYEyqY2av6PzbAKwJvLsT4wKRPrnsV8Mu 35pnEcngU5SnRViZNHiAFRqUuXAWJtVBhD 3FWxEN9ebgnbCvZqLK6mbmZ5f8PAtT4nEJ 35k2kwnn1Uhk55ZCVUzRpWKrdGeNobYsHm 3MVfvS31Si4oiK8sTn5TuHt59bQyZUoebM 34jprabSiFXPiFuDBmzzVwf2B19MiUU6Ld 3L5t5tzjsgqRbdWVdgBNTQJM48LhhSMf7o These above addresses (among several others) were saved into an excel spreadsheet. The Google Drive link to this spreadsheet will be spread in the very near future (see note at the bottom of this piece about expediting the release of information for the benefit of customers at QuadrigaCX). ‘WalletExplorer’ (the site) Served as This Report’s Research Basis The benefit of WalletExplorer is that the original creators were knowledgeable about the Hierchical Deterministic (HD) wallet structure of many of the most popular wallet providers for the Bitcoin protocol. In fact, WalletExplorer was created and is still ran by Chainalysis. It does not contain the exact same suite of tools, unfortunately, but the same analysis can be performed — it just requires a bit more manual labor. What are HD Wallets? HD wallets are built by wallet providers and they come with the added feature of producing/creating millions of different wallet addresses. The purpose of these wallets is to help enhance user security by providing a different, unique wallet address for each transaction that the user makes. Source: https://coinsutra.com/hd-wallets-deterministic-wallet/ Given the fact that it is more than likely true that QuadrigaCX used such wallets for the management of client funds on their exchange, tracking each wallet on a one-by-one basis would be a futile and infeasible effort. However, the website, walletexplorer.com, is able to prevent this time expenditure. How So? Walletexplorer.com is able to associate wallet addresses with related transactions via a process called ‘address clustering’. For more information about how address clustering, the following source should prove sufficient: QuadrigaCX’s Bitcoin Wallet (Clustered Address) QuadrigaCX’s main ‘hot’ clustered wallet address was determined to be: Wallet 000009200775868e [WalletExplorer.com] Want to trace bitcoins with even better tool? Check Chainalysis.com. It has even better detection of wallets, more… www.walletexplorer.com This finding was further reinforced and validated by using the transaction information from dozens of customers that had provided over 100 Bitcoin transaction IDs, deposit and withdrawal wallet addresses altogether. Each one of the wallets listed above were either directly sent to the cluster address or had at least part of the deposited funds sent to the cluster address at some point in time. Revelations From Analyzing Customer Deposit Information None of the withdrawal addresses provided by customers led to a wallet that could be considered anything comparable to a ‘reserve’ wallet. The beginning number of the wallet addresses (‘3’) denotes that the wallets used by QuadrigaCX all had multi-signature capability. Whether this security feature was deployed or not, however, is unknown. After analyzing the cluster address, there is no indication that QuadrigaCX ever held a substantial amount of capital (>100 $BTC) in their possession. The key takeaway from the deposit information provided by customers is that QuadrigaCX more than likely never held enough $BTC to account for the customer funds. In the next section, the customer withdrawal information related to $BTC transactions on the exchange reflect that QuadrigaCX was clearly re-routing payments from customers to satisfy withdrawal requests from other customers on their exchange, effectively operating a shell exchange or a ponzi. Again, more screenshots and walkthroughs of the actual addresses will be provided shortly. For time’s sake and in hopes of providing strong leads for the rest of the community, the aggregated deposit address information from QuadrigaCX customers as well as the discovered ‘hot’ cluster wallet address for QuadrigaCX has been listed so that readers may independently verify this information in the meantime. Customer Withdrawals from QuadrigaCX After verifying the cluster address, an attempt was made to locate the existence of a potential cold wallet address. In order to do so, the author of this study also extracted significant information from customers regarding their withdrawals at QuadrigaCX. In specific, this section will analyze that withdrawal information and examine conclusions (if any) can be made from it. Let’s start with a batch of withdrawal transaction ID’s submitted by QuadrigaCX customers. Again, this information was verified independently via chain analysis by checking time stamps, reported amounts, and the flow of transactions from and to known wallet addresses on the Bitcoin protocol, specifically those positively identified as belonging to QuadrigaCX. List of Withdrawal Transaction IDs (Sample of Verified Transactions; Not the Entire List of Transactions Received and Cross Referenced) 2e31256d6e5c6b549f4a1a3640e591fd07782115cd5d7037689a24c2cfba4812 ce754512ae789f630399524477e7cfab8059dcb81130fd9d95fee898118d9d4a 20c3a34539964e5e13116ec48520f7835ca7c49fe1693f1c2e17abcf96a54f35 43764980ce045528e4c3297b737c97368925ecb67efda7514a09362899bdec68 fed9ab175eefe90aa3635c8986c45f50063459050c003c34061d98312ac6feb3 d3b8c635bd070211df6d9129af5aeb6cc2b46220b68c27b362aae84d8df6130d 18504732321d6478acd3c91f01096eac6bd327528ab54f4fca6ed162fa7e22e9 cbe6ab34a527b8a90a227f2ccab84e98c6ed1438f8c5e02db069c8ff0dc66d13 88f92e37b564c6f7a172b87cb5e5c377334a189722886d0f4a5fb24782af59fd 6bf41d5ebbc927ded85d202ddd0d1bd837e944868eee8c24e5a10c0d8e3858c2 The above ten transaction IDs were selected from a host of several dozen verified transaction IDs sent by former clients at QuadrigaCX’s exchange and they have been verified independently as well. Analyzing the Withdrawal Transaction IDs (Bitcoin) To get a better idea of the methodology that QuadrigaCX employed to send customers requested withdrawal amount of bitcoins, we’ll look at the first transaction ID provided above (2e31256d6e5c6b549f4a1a3640e591fd07782115cd5d7037689a24c2cfba4812) If we visit https://walletexplorer.com and input this transaction ID, we should see the following screen: https://www.walletexplorer.com/wallet/72714eea7af9c022 The customer requesting a withdrawal requested the .32737521 $BTC amount in the transaction above. This is annotated in the screenshot below for convenience: What is particularly noteworthy in the screenshot above is that the funds were sent from a cluster address that was created no more than 4 hours beforehand. The first amount shown in the transaction log of this cluster address [72714eea7af9c022] is negligible (0.00679 $BTC). However, the second (1.20771943 $BTC) was not. Therefore, that cluster wallet was pursued. The following chain of links were followed: https://www.walletexplorer.com/wallet/05e981e66fadc1f0 ; This was yet another cluster address with a relatively small number of bitcoins (1.20811207 $BTC) in it before they were all sent. The last in-flow of currency into the wallet was made on September 28th, 2018. https://www.walletexplorer.com/wallet/f69188b0061ce118 ; This cluster address contained only 0.37663 $BTC in it, which was transacted into the cluster address on February 23rd, 2018. https://www.walletexplorer.com/wallet/1e0b3ff0013f2b2b ; This link was derived by following the only incoming transaction into the cluster address found in #2. #3 was most interesting, because it does not appear to be a personal wallet from a customer. . This is indicated by the numerous cluster wallets that have been positively identified as belong to other exchanges via research and verified wallet identifications. https://www.walletexplorer.com/wallet/1e0b3ff0013f2b2b Further analysis of the cluster wallet addresses show that it was receiving money from personal wallet addresses belonging to clients or from client accounts on different exchanges. This conclusion was made by analyzing the cluster addresses that had sent funds to the cluster address depicted above. The pattern of transactions in those wallets largely matched those of confirmed customer wallet addresses. The above analysis led to the conclusion that the overarching cluster wallet that granted the customer their withdrawal request (72714eea7af9c022) was only able to do so after aggregating funds from other customers that had deposited on to the exchange. More specifically, it appears that the exchange had attempted to create individual cluster wallets for customers at one point in time, yet found itself in a situation (more toward the end of 2018), where customer funds that had originally been apportioned for others were eventually redirected to compensate new customers requesting their withdrawals. This is evidenced by the fact that the specific TX that was analyzed in this case (2e31256d6e5c6b549f4a1a3640e591fd07782115cd5d7037689a24c2cfba4812) that serves as the base point for examining how a customer received their funds from the QuadrigaCX exchange reflects the following: QuadrigaCX did not have a designated hot or cold wallet to send the customer their funds. In specific, they were forced to aggregate funds from disparate, disorganized locations in order to ensure that the withdrawal was successful. Since the funds came from various, unrelated customer deposits located in disparate cluster wallet addresses, it is more than likely that bitcoins which were originally apportioned for specific customers had to be redirected in order to satisfy customer withdrawals. It is worth noting that there is no guarantee that the above analysis represents a factual truth for QuadrigaCX. However, when comparing their withdrawal practices to that of other known solvent exchanges (Coinbase, Bittrex, Bitstamp, Binance, etc.), the movement of bitcoins to satisfy customer demand is highly unorthodox and extremely inefficient for any legitimate exchange. It is also worth noting that this withdrawal transaction occurred in November 2018, which is within a period of time when the exchange’s financial and functional troubles were at their height. Customer Complaints Corroborate This Theory While there are a number of customer complaints with regards to the exchange’s failure to complete fiat withdrawal requests, further research into the exchange’s numerous crypto withdrawal delays seems to corroborate the theory posited above. The following Reddit posts serves as cogent examples: The last Reddit thread shown above, specifically, shows responses from several customers that were forced to wait a significant amount of time before receiving their bitcoins (up to a day at times). The Death of Gerry Cotten (CEO and Owner of QuadrigaCX) Has Not Prevented the Exchange from Accessing its Bitcoin Reserves After QuadrigaCX shuttered the metaphorical doors on its website on January 28th, 2019, it posted a statement (which is still on the website currently) approximately three days later that stated that the team was looking for its ‘reserve keys’, and that its failure to find said keys has resulted in their inability to fulfill customer crypto withdrawal requests. Read below: Source: https://www.quadrigacx.com The statement above does not attribute the failure to locate the alleged existence of QuadrigaCX’s reserve wallets to Gerry Cotten’s passing, but this is stated in an affidavit from Gerry Cotten’s widow, Jennifer Robertson, later the same day. Why This Claim Should be Met With Intense Scrutiny As stated toward the beginning of this analysis, a definitive ID of QuadrigaCX’s main cluster wallet address has already been made via chain analysis and further confirmed through the analysis of hundreds of transactions going to and from the exchange to its customers: Wallet 000009200775868e [WalletExplorer.com] Want to trace bitcoins with even better tool? Check Chainalysis.com. It has even better detection of wallets, more… www.walletexplorer.com Again, for posterity purposes, below is the link to Bitfury’s research explaining how Hierchical Deterministic (HD) wallets work on the Bitcoin protocol and what features of Bitcoin transactions and wallet addresses make address clustering an extremely reliable method of aggregating addresses belonging to one entity. Given the above information, it is worth noting that there are several outgoing transactions that have been made since the alleged date of Gerald Cotten’s passing (December 9th, 2018). Below are numerous examples: https://www.walletexplorer.com/wallet/000009200775868e?page=2 https://www.walletexplorer.com/wallet/000009200775868e?page=3 https://www.walletexplorer.com/wallet/000009200775868e?page=3 https://www.walletexplorer.com/wallet/000009200775868e?page=3 As one can see in the screenshots above, QuadrigaCX transferred approximately 3.53 $BTC from its platform (approximately $12,381 USD worth) from the evening of January 24th through the 25th. This movement strongly contradicts the idea that there are no funds that QuadrigaCX has access to. Of course, the natural counter to this argument would be that the cluster address does not contain the hot wallet. However, it is worth noting that this cluster address contains over 200,000 wallet addresses that have been used by QuadrigaCX: https://www.walletexplorer.com/wallet/000009200775868e/addresses Mt. Gox Connections and Shifty Bitcoin Movements One cluster address that deserves a significant amount of scrutiny can be found here: Wallet 006daa655b240256 [WalletExplorer.com] Want to trace bitcoins with even better tool? Check Chainalysis.com. It has even better detection of wallets, more… www.walletexplorer.com It is unknown what the purpose of this wallet is, but it has received significant deposit amounts from QuadrigaCX’s main hot wallet cluster address. From November 8th to December 8th, this wallet received 760 bitcoins from the QuadrigaCX main wallet address. It is unknown what happened to these bitcoins or why they were moved, but they are no longer in the cluster wallet address. The cluster wallet was created on May 25th, 2018 and since its inception, QuadrigaCX has sent 3,363 bitcoins to this location. When calculating the USD value of these transfers (using the estimated value of transaction by multiplying by Bitcoin’s strike price at the time of transacting), it appears QuadrigaCX sent approximately $12.7 million worth of bitcoins to this address over the last 7 months. Mt. Gox Transfers If one examines the link provided above underneath the subheading for this section, it is more than likely that the following will be noticeably apparent: In total, 2,241 bitcoins have come from this cluster address. It is unknown whether the specific wallets that have sent Bitcoin funds into the address have a direct relationship with Mt. Gox, however, this seems to be yet another observation worth noting as well. QuadrigaCX Has Stated Multiple Times That it Possesses Cold Wallets One of the more prevalent claims made by QuadrigaCX through their website, interviews/articles, social media, and court filings is that there exists a vast ‘cold’ reserve where a significant number of bitcoins are stored (as well as cold wallets for Ethereum, Litecoin, and the other crypto assets sold on their exchange). QuadrigaCX Claims on its Website that Cold/Reserve Wallets Do Exist On their support page, which is still up for the time being, QuadrigaCX posted a message on January 9th, 2018, explaining why there may be delays in receiving Bitcoin transactions. The message is posted below: Link to the Support Article: https://support.quadrigacx.com/support/solutions/articles/9000139532-where-is-my-bitcoin-withdrawal- Archived Link (in case of deletion/removal): http://archive.is/TKwBu In specific, the statement, “If you have successfully entered your Transaction PIN and Email Confirmation Code to confirm the Bitcoin (XBT) withdrawal from your account, then it will be sent within 10 minutes unless for some reason the hot wallet balance is low and needs to be topped up” implicitly suggests that there is a cold wallet reserve or a more extensive funding source that the exchange would pull from in the instance that its ‘hot wallet’ was bereft of funds. Gerry Cotten (former CEO & Owner of QuadrigaCX) States on Record That QuadrigaCX Utilized Cold Wallet Reserves In a now widely shared CoinDesk article, Gerry Cotten, the exchange’s former CEO and Owner that allegedly passed away in India nearly two months ago, stated in an interview with the publication that the exchange engaged in “extensive security measures”. The excerpt from this CoinDesk article is posted below: Source: https://www.coindesk.com/canada-bitcoin-exchange-leader-market-turmoil As highlighted above, the key sentence to focus on in the CoinDesk article is the one where it states, “Cotten, in turn, spoke to Quadriga’s security strengths, noting that the exchange uses multi-signature cold storage to secure bitcoin holdings.” In specific, many have focused on the ‘multi-signature’ part of the phrase in recent days to make the argument that speculation about Gerry Cotten’s death is a moot point because the multi-signature nature of the wallets would enable QuadrigaCX to still access their funds. The speculation about why QuadrigaCX may or may not be able to access their crypto funds began because QuadrigaCX has claimed in recent days that they are unable to honor customer withdrawal requests due to the fact that they no longer have access to their reserve wallets. As a side point, it is worth noting that the highlighted statement in the CoinDesk article only contained a claim made by Gerry Cotten that there was a Bitcoin cold/reserve-wallet, rather than a cold/reserve wallet for all cryptocurrencies offered to traders on QuadrigaCX. QuadrigaCX’s Recent Court Filings Speculate About the Existence of Cold/Reserve Wallets as Well Specifically, information about the alleged cold reserves of QuadrigaCX can be found in Jennifer Robertson’s (wife of reportedly deceased CEO, Gerald Cotten) sworn affidavit, which was submitted to the Supreme Court of Nova Scotia (Canada) on January 31st, 2019 in furtherance of QuadrigaCX’s petition for Creditor Protection from the courts. The full affidavit has been posted on Scribd, and can be accessed below: Source: https://www.scribd.com/document/398721572/Jennifer-Robertson-Affidavit#from_embed?campaign=SkimbitLtd&ad_group=100652X1574425X640a8d8f2590c81acce9575c8078b8fc&keyword=660149026&source=hp_affiliate&medium=affiliate Specifically, the following statements (located on page 5 of the affidavit), are of relevance to this section: “Any coins credited to a user on the platform were stored by Quadriga, either in a hot wallet or a cold wallet. Coins withdrawn by a user would be stored in a wallet controlled by that user.” “Quadriga keeps only a minimal amount of coins on the server (in a hot wallet). The normal procedure was that Gerry would move the majority of the coins to cold storage as a way to protect the coins from hacking or other virtual theft.” “The amount of coin kept on the server versus in cold storage was originally set at a fixed amount. Transfers could happen automatically or manually. The threshold requirement for Quadriga’s hot wallet was removed some time ago and, after that, Gerry manually controlled the flow of coins between the hot and cold wallets of the coins credited on the Quadriga platform.” “Transfers from the cold wallet to the hot wallet would occur when the hot wallet was running low and withdrawals were being sent to users. The transfer of coins from the cold wallet to the hot wallet was performed manually by Gerry.” “There is no defined standard in the cryptocurrency industry for how coins are stored, but the normal practice for any exchange or person dealing in cryptocurrency is to keep the coins in a cold wallet for security purposes.” “The database would keep track of useres, and there are currently approximately 363,000 registered users in the Quadriga database. As at the date of filing this affidavit, approximately 115,000 users (the “Affected Users”) of the Quadriga website held balances in their personal accounts, representing obligations payable by Quadriga to the Affected users in the form of: (i) cash obligations; or (ii) obligations to hold cryptocurrency units on their behalf. Quadriga currently owes its Affected Users $70 million, plus cryptocurrency, cumulatively valued (based on cryptocurrency market pricing as of December 17, 2018) at approximately $180 million. Total obligations due to the Affected Users approximate $250 million as of December 17, 2018.” “As of January 18, 2019, the following cryptocurrency balances were recorded — Bitcoin: 26,488.59834, Bitcoin Cash: 11,378.79082, Bitcoin Cash SV: 11,149.74262, Bitcoin Gold: 35,230.42779, Litecoin: 199,888.408, and Ethereum: 429,966.0131” Statements By QuadrigaCX That Have Been Shown to be False (Currently) Through Chain Analysis In order to protect the author of this study (legally) from any potential legal ramifications, it must be stated that the following statements are not being asserted as empirical truths, but rather observations from the author based on the analysis that they have conducted independently. These statements are not intended as libel, but rather to serve as an accurate representation of fact, to the author’s knowledge, at this point in time. Potential Falsehood #1 — There is a cold wallet(s) for QuadrigaCX’s Bitcoin Holdings Based on the analysis of dozens of aggregated wallet addresses and transaction IDs for bitcoin withdrawals and deposits on the exchange, there is no evidence that a cold wallet for QuadrigaCX is currently in existence. No withdrawal transaction has been sourced to a significant pool of bitcoins (i.e., cluster address) that were not positively identified (objectively) as belonging to another exchange. In addition, thorough analysis of QuadrigaCX’s main hot wallet cluster address has failed to provide evidence that there has been any movement of bitcoins to an outside wallet address (or cluster address) that contains any significant holding of bitcoins. Potential Falsehood #2 — QuadrigaCX Has 26,488 Bitcoins in its Possession Again, via thorough inspection of several dozen verified Bitcoin withdrawals and deposits, the estimated aggregated total number of bitcoins in QuadrigaCX’s possession is south of 1,000 $BTC, with 1,000 being a very generous estimate at this point in time. Chain analysis shows that the vast majority of holdings in the wallets and addresses that QuadrigaCX owns have already been liquidated or moved to an exchange. Conclusion Due to the time sensitive nature of this issue (QuadrigaCX plans on appearing in court Feb. 5th to submit their appeal for creditor protection), this report is being published slightly premature. There is a lot of additional information from the analysis that the author will include throughout the day (February 3rd, 2019), and in the next few days. All edits will be annotated at the bottom of the article and announced via all social media platforms owned by the report’s author. Please feel free to reach out on any of those platforms if you have any additional information or questions about the report. Crowdsourcing reliable information and attempting to make the findings contained within as solid as possible is in the interest of the greater crypto community. If you’re interested in donating/contributing to the author (this was all done pro bono), feel free to submit a $BTC tip here: 1BxwKqfKFQhq2pyvbbcxfagN2bTK3cBqBs BitcoinCryptoCryptocurrencyExchangesHacks Go to the profile of Zerononcense Zerononcense Twitter = ProofofResearch ; Telegram = @MerkleTrader ; Reddit = u/Randomshortdude | Delivering Information About Crypto Go to the profile of Zerononcense Never miss a story from Zerononcense, when you sign up for Medium. Learn more Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 06, 2019, 06:44:53 AM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: rdbase on February 06, 2019, 06:22:11 PM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 06, 2019, 08:26:50 PM 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 (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 (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 quadriga.monitor@ca.ey.com 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 Title: Re: Unofficial Quadriga Cx Thread Post by: rdbase on February 06, 2019, 11:06:19 PM 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 Title: Re: Unofficial Quadriga Cx Thread Post by: kenzawak on February 07, 2019, 03:25:49 PM 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." Title: Re: Unofficial Quadriga Cx Thread Post by: GrosWesh on February 08, 2019, 08:36:49 AM 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/. ::)
'research found that people wanting to run away from debts or personal responsibilities have gone to the lengths of faking their deaths.' Title: Re: Unofficial Quadriga Cx Thread Post by: Steamtyme on February 10, 2019, 06:20:14 AM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 10, 2019, 01:30:47 PM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 10, 2019, 11:02:42 PM 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 :D (cough or lawsuit those chihuahuas lol) Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 11, 2019, 07:08:48 AM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 11, 2019, 08:07:48 PM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 12, 2019, 07:50:17 AM 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? Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 12, 2019, 03:53:23 PM 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.
Title: Re: Unofficial Quadriga Cx Thread Post by: adaseb on February 12, 2019, 11:44:20 PM 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. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 12, 2019, 11:45:12 PM 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 Title: Re: Unofficial Quadriga Cx Thread Post by: stomachgrowls on February 13, 2019, 01:39:11 AM 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] 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. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 13, 2019, 02:42:23 AM 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] 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 $25.2 million. However, Ernst and Young confirmed it has yet to receive any funds from those businesses. “It may be necessary for the applicants (QuadrigaCX) and monitor to return to the court for additional assistance in … securing the return of funds from third party payment processors,” the report says https://business.financialpost.com/pmn/business-pmn/more-than-400000-in-quadrigacx-cryptocurrency-disappears-into-cold-wallet (Hopefully reverse a wire ...) Title: Re: Unofficial Quadriga Cx Thread Post by: Steamtyme on February 13, 2019, 10:03:44 PM I'm still confused how they had access to or the chance to transfer any BTC at that time.
Was the 5th not the date they were to hand everything over?? It looks more and more like a Mickey Mouse operation every time. What did they have passwords saved on their company laptop, with form filled address data... oopsie I slipped and punched in 103 and "enter". I can't think of any valid reason they should have been moving funds anyways, operations ceased what 10 days prior... well longer with the website down. In regards to Mr. Zou. Who the fuck waits 4 months to begin demanding your cash?? I had a withdrawal get delayed in November, got on there case and it showed up a few days later. My December withdrawal I quashed and re bought BTC as I needed it for a purchase. This was when I got lucky, even though it was about 250$ 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. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 13, 2019, 10:56:13 PM 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. He likely didn't know better which is even worse, I mean if he thought their office was in Vancouver and moved there only to find it did not exist to complain then a few months later due to this court realized that the real operations was in Nova Scotia I would be pretty screwed over to. I agree hopefully he gets some back, I saw some Canadian exchanges on Linkedin want to get in touch with him, not sure why though maybe a job offer given his skillset. Title: Re: Unofficial Quadriga Cx Thread Post by: squatter on February 14, 2019, 01:00:33 AM 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?? I'm not sure how that was supposed to work. Was Ernst and Young really supposed to take custody of the cryptocurrency wallets? A law firm holding bank accounts in trust/escrow is one thing. Holding bitcoin wallets is another. Those were the hot wallet coins, so given that the site is indefinitely shut down and no customers will be withdrawing anytime soon, it made sense to move them to cold storage. Cold storage that could actually be accessed, that is. ::) Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 14, 2019, 06:00:54 PM Court Case Today
It will be Interesting to see court reactions to we lost another $500,000 in legal sense. https://globalnews.ca/news/4960203/case-of-cryptocurrency-firm-quadrigacx-to-return-to-a-halifax-courtroom/ https://www.cbc.ca/news/business/quadrigacx-1.5019176 On a sidenote Gofundme was made for the guy https://www.gofundme.com/f/tong-zhou-relief-fund Title: Re: Unofficial Quadriga Cx Thread Post by: Steamtyme on February 14, 2019, 06:16:45 PM Was Ernst and Young really supposed to take custody of the cryptocurrency wallets? A law firm holding bank accounts in trust/escrow is one thing. Holding bitcoin wallets is another. Those were the hot wallet coins, so given that the site is indefinitely shut down and no customers will be withdrawing anytime soon, it made sense to move them to cold storage. Cold storage that could actually be accessed, that is. ::) Yeah I'm not sure on the specifics of it all. I personally would have expected all control of known private keys/passwords, for any wallet associated to Quadriga to have been handed over. I don't see it as any different than bank accounts or physical assets. I assume that Ernst and Young had been selected for this role hopefully to having a high level of understanding of the crypto world in general. So no one from Quadriga should have had the opportunity or the means to move any coins around. Who knows though assumptions do have a way of failing me at times. On a sidenote Gofundme was made for the guy https://www.gofundme.com/f/tong-zhou-relief-fund Hopefully this isn't the next gofundme scam... man I'm getting cynical. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 14, 2019, 08:50:12 PM On a sidenote Gofundme was made for the guy https://www.gofundme.com/f/tong-zhou-relief-fund If it's true then that is one of the dimmest courses of action I've read about in recent years in relation to cryptoland. I sure as hell would not subsidise such utter stupidity. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 16, 2019, 09:35:04 AM On a sidenote Gofundme was made for the guy https://www.gofundme.com/f/tong-zhou-relief-fund If it's true then that is one of the dimmest courses of action I've read about in recent years in relation to cryptoland. I sure as hell would not subsidise such utter stupidity. The one who made the Gofundme page is Matthew Whitcomb, who has worked at both Coinsquare and the Romanian BTR Exchange funded on Bnktothefuture They both serve Canadian clients I'll verify a real human behind this campaign. On the part about subsidizing via gofundme true that. I feel the orphanage in India needs it, the story of a lucrative crypto exchange owner going to a foreign country to fund an orphanage, spending ridiculous amounts of money on themselves and leaving behind an orphanage in crippling debt, feels like something that deserves sympathy. https://bnktothefuture.com/pitches/bitcoin-romania From Jack Jillian The Game of Thrones Lawyers Edition is on standby until February 22nd https://twitter.com/JackJulian - The Globe and Mail went to investigate the orphanage Cotten sponsored and his death, the story verified he died. Unless he went and faked his symptoms tricking doctors, then replaced himself with a body double it all adds up he died of natural causes, the evidence presented to deem his death is non-suspect. GlobeandMail Article (Paywall) https://www.theglobeandmail.com/world/article-how-did-gerald-cotten-die-a-quadriga-mystery-from-india-to-canada/ Same Article No Paywall Link https://outline.com/MS67gd Excerpt: The couple only planned to spend two hours of a weeks-long honeymoon at the orphanage they had paid to build – though their donation was insufficient to equip the home with doors, even to its bathroom, and leaves the man caring for the orphans in crippling debt. The Globe’s reporting reveals a man with an appetite for luxury, who, together with his new wife, spent as if money was no object. “The guy had more money than he knew what to do with,” said Eric Schletz, who got to know Mr. Cotten at a small flying club in Nova Scotia. “I’ve seen Gerry walk through an airport with $50,000 in cash. That’s the scale of money the guy had. He was a very reasonable person. But if he was going to spend the money, he was going to buy something nice.” In India, that included stays at some of the finest accommodations, on a tour that would be the envy of most travellers. Documents gathered by The Globe show that the couple arrived in New Delhi on Nov. 30, entering the country on tourist visas. An image posted to Instagram shows the couple beaming at the Taj Mahal in Agra, one of the country’s best-known attractions. They also spent time in Varanasi, the ancient city on the banks of the Ganges that is one of Hinduism’s holiest sites. On Dec. 8, they landed in Jaipur. They planned to spend four nights in the city, according to their booking with the Oberoi, which sent an Audi Q7 to the airport to pick them up, according to e-mails obtained by The Globe. A hotel built as a modern-day palace, the Oberoi was ranked the second-best resort hotel in the country last year by Travel + Leisure, outranking even the city’s actual palace, the Rambagh, where Jacqueline Kennedy once stayed. Ms. Robertson had booked a deluxe room at $923 a night (the Oberoi does not accept bitcoin for payment). Asked by the hotel to specify if they were travelling for a special occasion, she wrote: “Our honeymoon.” ... But Mr. Cotten’s involvement here has been a mixed blessing. Mr. Cherukupalli is a Christian pastor who began to care for local orphans two years ago, buying a tract of land and erecting a temporary shelter. “My wife and I both had the same dream – to do something for orphans and give our lives in service,” he said. He took on debt to build the small orphanage, but the monthly payments were manageable. Then, through another pastor, he was asked if he would be interested in becoming involved with Angel House, which promised a concrete structure that wouldn’t leak when it rained. He accepted. Unknown to him, the Angel House donation came from a Canadian cryptocurrency entrepreneur. Mr. Cotten’s money, however, did not buy an orphanage. It bought materials, but Mr. Cherukupalli had to arrange the construction himself. And the materials were insufficient – there was enough for walls and furnishings, but not enough to complete the roof, equip the kitchen or install interior doors. Mr. Cherukupalli began to accumulate more debt as he secured labour and additional materials. The orphanage is still missing seven doors – including one to its bathroom – because he does not have the money. He now owes almost $11,000, equivalent to seven years of average income. The monthly payments have gotten so high that he has quit trying. Mr. Cotten’s donation “provided materials. That’s a good thing, and it’s good for the kids,” Mr. Cherukupalli said. “But financially, I have gone under. And I’m suffering.” He has also yet to receive the stuffed bears that Ms. Robertson had brought for the grand opening. She left them at the Oberoi with instructions that they be shipped to the orphanage. Still, for Ms. Robertson, the existence of Jennifer Robertson & Gerald Cotten House seems to have provided some solace. In mid-January, she sent an e-mail to Angel House, saying she hoped she could still visit the orphanage one day and acknowledging receipt of some pictures from Venkatapuram. They “are lovely,” she wrote. “It helps me feel better knowing my husband helped these children before he died.” Title: Re: Unofficial Quadriga Cx Thread Post by: GrosWesh on February 16, 2019, 10:48:47 PM Pretty interesting article ;)
https://blog.zerononcense.com/2019/02/16/report-shows-quadrigacx-cold-wallets-actively-involved-in-significant-criminal-activity-ties-to-silk-road-hacked-funds-identity-theft-and-drug-human-trafficking Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 22, 2019, 10:52:51 AM Brian Armstrong of Coinbase weighs in with their best guesses after a bit of analysis.
https://twitter.com/brian_armstrong/status/1098656491609849856 TLDR - they were a fractional reserve for quite some time, the bear market stopped the plates from spinning, they used the owner's death as an out. Title: Re: Unofficial Quadriga Cx Thread Post by: squatter on February 22, 2019, 10:55:40 PM Brian Armstrong of Coinbase weighs in with their best guesses after a bit of analysis. https://twitter.com/brian_armstrong/status/1098656491609849856 TLDR - they were a fractional reserve for quite some time, the bear market stopped the plates from spinning, they used the owner's death as an out. That sounds about right to me. I was hoping there would be some good blockchain analysis that might back up the fractional reserve theory. The circumstantial evidence -- especially when you consider the losses from the ETH smart contract bug and the ongoing delays in paying customers -- was already pretty strong. I wonder if the owner really died or not. If so, I wonder why the other managers/directors thought they could hide the insolvency this way. Title: Re: Unofficial Quadriga Cx Thread Post by: rdbase on February 24, 2019, 02:44:04 AM Brian Armstrong of Coinbase weighs in with their best guesses after a bit of analysis. This makes sense to what is going on with quadrigacx and this coming from one who owns one being coinbase pro.https://twitter.com/brian_armstrong/status/1098656491609849856 TLDR - they were a fractional reserve for quite some time, the bear market stopped the plates from spinning, they used the owner's death as an out. So getting an observation from this viewpoint is exactly what the people who are still looking for answers to what happened and what is potentially going to happen to their funds and crypto they have locked up in this failed exchange. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on February 28, 2019, 09:07:26 PM https://www.youtube.com/watch?v=GZvXqg5KyJM
Kraken have released this podcast series that covers their analysis of Quadrigacx. My connection is so hopeless here I can't get it to work. Maybe it'll enlighten someone. Title: Re: Unofficial Quadriga Cx Thread Post by: digit on February 28, 2019, 10:35:42 PM $100k reward offered by Kraken to find the money ..........go go go :D
https://qcxtips.com/ Quote from: https://qcxtips.com/ QuadrigaCX Case Tips for Law Enforcement Investigation This survey is run by Kraken and is not in any way affiliated with QuadrigaCX. Submissions will be passed on to the RCMP, FBI and other interested law enforcement agencies. Thank you for your assistance in solving this case and recovering the missing coins for Quadriga's creditors. Background and $100K reward for information About a month ago, on January 26, QuadrigaCX (a Canadian crypto exchange with clients around the world) suspended operations. Seven weeks prior, their CEO passed away suddenly and unexpectedly, leaving the business without a continuity plan. Supposedly, he was the only person who knew the location of and/or could access the client funds (fiat and crypto) totaling approximately $190 million US dollars (belonging to 115,000 clients). Some say the events and circumstances surrounding this case are too suspicious to be believed. Kraken wants to bring awareness and attention to this case, in hopes that we can help discover some or all of the missing client funds. Listen and/or watch our podcast to hear the many facts of the case so you can help us solve this mystery. We reveal our own analysis and subjective assessment of the most plausible explanations or theories based on our experience as exchange operators. EP 3: Chasing the Conspiracy (what we may know) EP 4: Solving the Conspiracy (what we think happened) Both found here: https://www.kraken.com/en-us/learn/podcast After reviewing the episodes, do you know where the missing client funds are? Do you know who may know something that can help law enforcement locate the funds? Kraken is offering up to a $100,000 USD reward for information leading to a significant break in the case or recovery of the missing client funds. It is up to Kraken's sole discretion which tips warrant a reward, if any. The total of all rewards will not exceed $100,000 USD. Kraken may end this reward program at any point in time. All leads collected by Kraken will be provided to the RCMP, FBI or other law enforcement authorities, who have an active interest in this case. More about Kraken at https://www.kraken.com Title: Re: Unofficial Quadriga Cx Thread Post by: bL4nkcode on March 01, 2019, 02:56:51 AM Here some updates related to QuadrigaCX
[Breaking!] Over 600k+ Ethereum Belonging to QuadrigaCX Has Been Found! https://www.reddit.com/r/CryptoCurrency/comments/avwzce/breaking_over_600k_ethereum_belonging_to/ Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on March 01, 2019, 08:42:49 PM Here some updates related to QuadrigaCX [Breaking!] Over 600k+ Ethereum Belonging to QuadrigaCX Has Been Found! https://www.reddit.com/r/CryptoCurrency/comments/avwzce/breaking_over_600k_ethereum_belonging_to/ 'The manner in which they were sent is consistent with the theory posited in Jennifer Robertson’s affidavit that they were sent to these exchanges as a means of storage.' So first he was boasting of his multi sig. Then he was paper wallet only. Then it was all under his sole control. And then this reveals he was using exchanges as a 'safe' place to store coins? Was his mind slowly dying before his body did? Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on March 02, 2019, 06:07:57 PM https://www.bloomberg.com/news/articles/2019-03-01/quadriga-has-6-cold-wallets-but-they-don-t-hold-any-crypto?srnd=cryptocurrencies
More oddness. The much vaunted cold wallets appear to have been empty for quite some time. I guess this backs up Coinbase's theory that they'd been insolvent for quite some time and finally ran out of road. Title: Re: Unofficial Quadriga Cx Thread Post by: rdbase on March 02, 2019, 07:57:21 PM https://www.bloomberg.com/news/articles/2019-03-01/quadriga-has-6-cold-wallets-but-they-don-t-hold-any-crypto?srnd=cryptocurrencies That is the strangest thing I have seen in this case too.More oddness. The much vaunted cold wallets appear to have been empty for quite some time. I guess this backs up Coinbase's theory that they'd been insolvent for quite some time and finally ran out of road. https://ambcrypto.com/quadrigacxs-cold-wallets-are-untouched-since-april-2018-says-ey-report/ No funds were sent to these wallets? Then where were the funds for the customers sent to? This case of quadrigacx just gets weirder and weirder with everything they come across. Next thing they will find out Cottens whereabouts with him sun tanning in the bahamas. ::) Title: Re: Unofficial Quadriga Cx Thread Post by: Lanatsa on March 02, 2019, 11:10:59 PM https://www.bloomberg.com/news/articles/2019-03-01/quadriga-has-6-cold-wallets-but-they-don-t-hold-any-crypto?srnd=cryptocurrencies Dang! Their shady activities is gradually being bust up and all is on negative side.If the wallet is already empty since last year then most likely this incident is really being planned.More oddness. The much vaunted cold wallets appear to have been empty for quite some time. I guess this backs up Coinbase's theory that they'd been insolvent for quite some time and finally ran out of road. Title: Re: Unofficial Quadriga Cx Thread Post by: Itskok on March 08, 2019, 11:22:48 AM Here is our update about the QuadrigaCX case, also published on our twitter account:
https://twitter.com/whitestream5/status/1103091778100576256 Since EY lately discovered some of QuadrigaCX cold wallet addresses, we managed to analyze some of them. Together with insights that we already extract from QuadrigaCX hot wallets, we can shed some light on QuadrigaCX Bitcoin transactions from the last six month. The time period we checked was since July 2018 to February 2019, the average Bitcoin price at this time frame is around $5,700. We saw that both QuadrigaCX cold and hot wallets sent around 5,571 BTC to a suspicious intermediary wallet at this time period. We suspect that this wallet belongs to QuadrigaCX too. QuadrigaCX hot wallet sent to the suspicious intermediary wallet 3,432 BTC, which is around $19,500,000 US. QuadrigaCX hot wallet: https://www.walletexplorer.com/wallet/000009200775868e/addresses QuadrigaCX cold wallet sent to the suspicious intermediary wallet 2,139 BTC, which is around $12,200,000 US. QuadrigaCX cold wallet: https://www.blockchain.com/btc/address/1JZJaDDC44DCKLnezDsbW43Zf8LspCKBYP The suspicious intermediary wallet: https://www.walletexplorer.com/wallet/006daa655b240256/addresses The suspicious wallet has interactions with more Bitcoin exchanges and not just from QuadrigaCX, but most of his incomes are from QuadrigaCX. The suspicious wallet sent most of his funds to two Chinese exchanges, Huobi and Binance. Around 1,176 BTC were sent to Binance, which is $6,700,000 US. Around 5,263 BTC were sent to Huobi, which is $30,000,000 US. Huobi wallet: https://www.walletexplorer.com/wallet/Huobi.com-2 Binance wallet: https://www.walletexplorer.com/wallet/0000011bd9c73aab/addresses Thank you. whitestream - Blockchain Intelligence https://whitestream.io Title: Re: Unofficial Quadriga Cx Thread Post by: rdbase on March 09, 2019, 04:01:45 PM Seems that the co-founder |who is still alive! :-\| was using investors of the exchanges funds to use on bitmex. https://www.theblockcrypto.com/2019/03/07/quadrigacx-co-founder-michael-patryn-allegedly-traded-large-positions-on-bitmex So he was essentially gambling with customers funds by leveraging on this trading platform and then losing them? >:( Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on April 29, 2019, 03:12:23 AM Few days to meeting
Update to Affected Users: The purpose of this communication is to update Affected Users on the ongoing bankruptcy proceedings. Please note that we have received notice from Ernst & Young Inc. that the Applicants’ bankruptcy proceedings under the Bankruptcy and Insolvency Act have commenced. A copy of the Order of the Court terminating the CCAA proceedings and authorizing the transition into bankruptcy can be found here (the “Bankruptcy Transition Order”). Below are a few key highlights of the Bankruptcy Transition Order: Although the bankruptcy proceedings have commenced, the CCAA proceedings will be formally terminated when the Monitor files with the Court a discharge certificate. Certain expenses need to be paid and the Monitor’s and its counsel’s and Representative Counsel’s fees need to be approved by the Court within the CCAA proceedings. Ernst & Young Inc. will transition its role from Court-appointed Monitor to Trustee in Bankruptcy. Grant Thornton Limited, as Chief Restructuring Officer, will be discharged as CRO once the Monitor files the discharge certificate. The Representative Counsel Appointment Order, the Official Committee Appointment Order and certain other orders granted within the CCAA proceedings will continue to have effect in the bankruptcy proceedings. At the first meeting of creditors in the bankruptcy proceedings, Representative Counsel will file an omnibus proof of claim on behalf of Affected Users for purposes of voting on the matters at the first meeting. The first meeting of creditors is tentatively scheduled for May 2, 2019 at 10:00 a.m. (Halifax time). Representative Counsel will continue to keep Affected Users apprised of relevant developments. For answers to commonly asked questions, please refer to our FAQ and updated FAQ sheets. Further information can be found about the proceedings at our website here. Affected Users are encouraged to voice their concerns by tweeting to the Official Committee. Affected Users’ questions and comments will be forwarded by the Official Committee to Representative Counsel for compilation and answer via updated FAQs. The Official Committee’s twitter account (@QCXCommittee) can be found here https://twitter.com/QCXCommittee Title: Re: Unofficial Quadriga Cx Thread Post by: CoinCodex on June 05, 2019, 12:42:34 PM FBI is investigating the failed QuadrigaCX exchange, read more:
https://coincodex.com/article/3757/the-fbi-is-investigating-the-failed-quadrigacx-exchange-asks-victims-for-information/ Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on June 20, 2019, 12:32:13 PM https://twitter.com/evanmthomas/status/1141501872467001344
According to the latest report issued Quadriga was a flat out bucket shop and our corpse friend was siphoning off funds to do failed margin trading for many years. Presumably more will emerge about the name changing non corpse. Title: Re: Unofficial Quadriga Cx Thread Post by: fr4nkthetank on June 20, 2019, 09:44:12 PM > Mr. Cotten created Identified Accounts under aliases where it appears that Unsupported Deposits were deposited and used to trade within the Platform resulting in inflated revenue figures, artificial trades with Users and ultimately the withdrawal of Cryptocurrency deposited by Users; and
- 8 - (h)Substantial Funds were transferred to Mr. Cotten personally and other related parties. The Monitor has not located any support justifying these transfers. Simple enough (╯°□°)╯︵ ┻━┻ Title: Re: Unofficial Quadriga Cx Thread Post by: Steamtyme on June 21, 2019, 06:51:28 AM Yeah I was reading the story last night. I knew it was a bad scenario, but never quite imagined it was this bad. Might have picked up a few tricks from his founding partner with all the identity games he was playing to trade with client funds. I do feel I got off lucky with them considering the amounts of times I was holding balances there to set up a purchase or sell some off.
Quote Cotten also created various user accounts within the Quadriga platform, including under the aliases Chris Markay, Aretwo Deetwo and Seethree Peaohh. https://www.msn.com/en-ca/money/topstories/founder-of-crypto-exchange-quadriga-moved-users-funds-to-personal-accounts-ernst-and-young/ar-AADb1zM?li=AAggNb9I knew they had Bots, but droids. hmmmm "These are not the funds you're looking for" Had a good laugh at that part. Then there was more about not filing personal tax returns, and when they were filed not claiming income from Quadriga. This guy was all over the map. I was amazed at how they apparently didn't file corporate taxes either. One reason being one of their methods of KYC was done through Canada Post. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on June 23, 2019, 11:27:22 AM Had a good laugh at that part. Then there was more about not filing personal tax returns, and when they were filed not claiming income from Quadriga. This guy was all over the map. I was amazed at how they apparently didn't file corporate taxes either. One reason being one of their methods of KYC was done through Canada Post. And this is why if some total stranger is going to take charge of my money I'm not going to do it unless there's some significant regulation they have to satisfy before they're permitted to. I support regulation if it means it creates the inability of the stupid and/or dishonest to reach the market in the first place. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on July 03, 2019, 09:42:16 PM Info about the liquidation here and a balance checker for those who have claims. If you have a claim to make then you need to do it by August 31st.
https://documentcentre.eycan.com/Pages/Main.aspx?SID=1445 https://userbalance.quadrigacxtrustee.com/ Title: Re: Unofficial Quadriga Cx Thread Post by: Steamtyme on December 14, 2019, 01:29:07 PM Well the next step in the QuadrigaCX saga starts getting creepy. Looks like they are trying to exhume the body to confirm that he is in fact dead. I have no idea how often these requests actually get through but there must be enough of a reason to move forward with even requesting this. I saw it in the latest email, but here is a story
https://www.msn.com/en-ca/news/canada/lawyers-for-quadrigacx-customers-ask-rcmp-to-exhume-body-of-gerald-cotten/ar-AAK6InL?li=AAggNb9 Title: Re: Unofficial Quadriga Cx Thread Post by: squatter on December 14, 2019, 09:30:33 PM Well the next step in the QuadrigaCX saga starts getting creepy. Looks like they are trying to exhume the body to confirm that he is in fact dead. I have no idea how often these requests actually get through but there must be enough of a reason to move forward with even requesting this. I saw it in the latest email, but here is a story https://www.msn.com/en-ca/news/canada/lawyers-for-quadrigacx-customers-ask-rcmp-to-exhume-body-of-gerald-cotten/ar-AAK6InL?li=AAggNb9 It's creepy but perhaps not unreasonable. India is infamous for its fake birth/death/marriage certificate racquets, and the circumstances of his death are extremely suspicious. Gets married, sets up a will, then up and goes to India to open an orphanage while suffering from Crohn’s? He has the foresight to plan for his personal affairs after death, but does nothing to secure the exchange's funds? Quadriga's clients are out $200 million. They don't believe this story, and who could blame them? Confirming that he's actually dead seems like an easy way to nip this issue in the bud. Title: Re: Unofficial Quadriga Cx Thread Post by: drlukacs on December 15, 2019, 12:41:06 AM Well the next step in the QuadrigaCX saga starts getting creepy. Looks like they are trying to exhume the body to confirm that he is in fact dead. I have no idea how often these requests actually get through but there must be enough of a reason to move forward with even requesting this. I saw it in the latest email, but here is a story This is weird. The CEO of Quadriga Cx died suddenly and many people were suspicious of him faking to scam speculators who sent money into the exchange. I think this makes sense, lately there have been too many large exchanges that cheated people's money by fleeing or failing to resolve withdrawals for customers, ... if this is true I also want to be able to accurately confirm the cause of death and the image of this CEO. If everything is unclear then people will sue this business for tricks to cheat.https://www.msn.com/en-ca/news/canada/lawyers-for-quadrigacx-customers-ask-rcmp-to-exhume-body-of-gerald-cotten/ar-AAK6InL?li=AAggNb9 Title: Re: Unofficial Quadriga Cx Thread Post by: yefi on December 15, 2019, 07:56:00 PM Well the next step in the QuadrigaCX saga starts getting creepy. Looks like they are trying to exhume the body to confirm that he is in fact dead. I have no idea how often these requests actually get through but there must be enough of a reason to move forward with even requesting this. I saw it in the latest email, but here is a story If it does turn out to be him, at least his victims can berate his skeleton and toss it in the Tiber. Title: Re: Unofficial Quadriga Cx Thread Post by: gentlemand on December 16, 2019, 01:41:20 AM If it does turn out to be him, at least his victims can berate his skeleton and toss it in the Tiber. I cannae believe someone isn't taking bets on whether the body turns out to be real or not. You could win back the property of yours that he burnt if you guessed it right. Title: Re: Unofficial Quadriga Cx Thread Post by: Steamtyme on December 16, 2019, 02:52:40 AM It's creepy but perhaps not unreasonable. India is infamous for its fake birth/death/marriage certificate racquets, and the circumstances of his death are extremely suspicious. Gets married, sets up a will, then up and goes to India to open an orphanage while suffering from Crohn’s? He has the foresight to plan for his personal affairs after death, but does nothing to secure the exchange's funds? Yeah I remember a lot of talk of this when he first died, but I guess I figured they would have verified the corpse as it arrived in Canada. Just seems like something you do regardless when a dead body comes back in the country before just being like "okay he gone." either way I guess you might as well grasp at straws because there doesn't seem to be much left to be found, and I doubt they will be able to win the argument for all of the wife's inheritance/wealth. Quadriga's clients are out $200 million. They don't believe this story, and who could blame them? Confirming that he's actually dead seems like an easy way to nip this issue in the bud. I cannae believe someone isn't taking bets on whether the body turns out to be real or not. You could win back the property of yours that he burnt if you guessed it right. Might just not be looking hard enough lol. Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on February 09, 2021, 11:52:54 AM This thread has not been updated for years felt like reviving it as we have a few legal precedents being argued as of Jan 19 2021
Supplementary Report of the Trustee - 19 Jan 2021 - 7675 KB https://documentcentre.ey.com/api/Document/download?docId=32800&language=EN TLDR: The settlement of losses must share a common date, individual loss dates would add a significant burden to legal settlement times to the extent of 17000 individual claim valuations. QuadrigaCx acted as a securities or derivatives firm due to the way custody was held. Summary of Legal Case: The debate was whether the claim should be based on the date of CCCA receivership or the Date of Bankruptcy and on how to value Cryptocurrency. The legal argument for the CCCA date was that it would have been equitable as this was the date where funds were frozen and unable to be taken out of the exchange, meaning that users were not able to mitigate their losses at this time. Ernst and Young argued that the claim should be enacted on the date of bankruptcy. BlockCAT has made a claim of 4 million Canadian dollars (US$3.14 million). Seeking to maximize its payout, it has brought a motion arguing the date for valuing cryptocurrency claims of other users should commence from the exchange’s initial court order with respect to the Companies’ Creditors Arrangement Act (CCAA). The issue at hand pits Quadriga’s former users who had predominantly cryptocurrency claims against creditors who predominantly have claims for fiat currency. In total, Quadriga users have made 17,053 claims with a value of either CAD$224 million or CAD$291 million, depending on the date used for asset valuation. The trustee has to pay out claims made for cryptocurrency and U.S. dollars in Canadian dollars, meaning the court must decide on a date for valuation before it can proceed with disbursement. https://static.coindesk.com/wp-content/uploads/2021/01/Screen-Shot-2021-01-20-at-11.47.54-am-775x336.png The result of the court case will set a novel precedent in Canadian Law No bankruptcy court in Canada has previously been asked to determine as to what date claims made in cryptocurrency should be valued in Canadian dollars. -- What occurred Trustee disagreed with BlockCAT's claim for two key reasons (a) First, the Cryptocurrency Claims are liquidated claims and not contingent or unliquidated claims as submitted by BlockCAT; (b) Second, if BlockCAT’s argument is accepted, that the Cryptocurrency Claims are unliquidated claims and mitigation obligations are relevant, then the logical conclusion would be that the date for valuation of each of the Cryptocurrency Claims may not be the CCAA Date but different dates unique to each individual Affected User’s claim scenario. - The trustee then broke down the facts that Quadriga was intended to operate like a traditional securities brokerage institution in so much as Affected Users could view their individual account holdings but their funds and cryptocurrency were maintained in the custody of Quadriga in general pooled accounts pending further Affected User transactions. However, Quadriga did not segregate Affected Users’ funds and Quadriga funds, and Affected Users’ funds were used for various purposes beyond funding withdrawals to Affected Users, including funding operating expenses and payments to related parties. All fiat currency and cryptocurrency were provided to Quadriga on the basis that it would be traded using the Quadriga platform. These funds were commingled with all of Quadriga’s available reserves and in many instances either disbursed to an Affected User with a queued withdraw request or transferred to entities not controlled by Quadriga or directly to Mr. Cotten. In such circumstances, the commingled assets available for distribution are not traceable to any particular Affected User As a result In their assessment, this custody model—whereby Quadriga retained custody, control and possession of its clients’ crypto assets and only delivered assets to clients following a withdrawal request—meant that clients’ entitlements to the crypto assets held by Quadriga constituted securities or derivatives. They then went into a breakdown and rebuff of BlockCAT's arguments and how using various dates would cause issues as different users would have different claim dates, with various ones used as examples. The Quadriga platform, for example, was plagued with liquidity concerns and withdrawal issues long before the CCAA Date. Accordingly, the date of breach for some Affected Users may be much earlier than February 5, 2019 if they tried and failed to withdraw funds prior to that date, which some Affected Users did indeed try to do. Reasonable alternative dates of breach include the date of an individual Affected Users’ failed withdrawal request; the date of Mr. Cotten’s death; the date when the Quadriga platform was shut down; the CCAA Date; the Date of Bankruptcy; and the date of the Monitor’s Fifth Report, which first outlined Quadriga’s potential misconduct and concluded that the “missing” cryptocurrency may never have actually existed. BlockCAT suggests that the date of assessment for the Cryptocurrency Claims should also incorporate a reasonable mitigation period. If BlockCAT is correct, then each Cryptocurrency Claim will have its own corresponding and unique reasonable mitigation period, just as each Cryptocurrency Claim has a unique date of breach. Questions such as “When did each Affected User become aware of the breach?”, “Were they in a financial position to mitigate their loss by purchasing replacement cryptocurrency?”, and “What is reasonable mitigation?” would have to be considered. The burden in establishing the mitigation obligation would rest with the Trustee If Cryptocurrency Claims are to be assessed as of the date of breach, and a relevant mitigation period, as suggested by BlockCAT, then it follows that each Cryptocurrency Claim may have its own unique date of breach and mitigation period depending on the facts specific to that Cryptocurrency Claim. Therefore, there may be potentially hundreds of unique dates to assess each of the Cryptocurrency Claims. Should this Court ultimately find that the Cryptocurrency Claims should be assessed as unliquidated claims and the Date of Bankruptcy is not the appropriate date for valuing these claims, then the Trustee submits that a single date should still be selected for valuing all Cryptocurrency Claims. This conclusion would be more in line with the principles of efficiency and economy applicable to bankruptcy claims administration than would be the case if the Trustee was required to incur the time and expense to carry out 17,000 individual claim valuations. As stated above, the Trustee is of the view that the applicable provisions of the BIA, as well as the principles of efficiency and economy underlying determination of claims under the BIA, dictate that the Date of Bankruptcy should be chosen as the date to assess the Cryptocurrency Claims. The logical conclusion of valuing the Cryptocurrency Claims using the principles outlined by BlockCAT could be a near-administrative impossibility and would significantly erode recoveries to the Affected Users. -- Bonus detail was reading up on Tether and a question came to mind who are Crypto Capital https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/ https://amycastor.com/2021/02/14/news-tether-now-prints-1b-at-a-time-tesla-buys-bitcoin-roubini-calls-saylor-a-cokehead-scammers-hijack-quadrigacx-website/ She may not be a crypto user however her research is top notch Title: Re: Unofficial Quadriga Cx Thread Post by: dkbit98 on March 24, 2021, 09:18:41 AM ... Interesting. Is there any information about all the addresses associated with Quadriga exchange and if any coins have been moved or not? It's not easy to know all the details about this case and mystery around Quadriga exchange and CEO Gerald Cotten but maybe new documentary movie called Dead Man's Switch (https://www.deadmansfilm.com/). Movie should be finished this month. Title: Re: Unofficial Quadriga Cx Thread Post by: TryNinja on January 27, 2022, 09:06:06 AM Necrobumping this, but looks like Michael Patryn (a.k.a Quadriga's co-founder) is back, now as "0xSifu" the CFO of a huge DeFi project called Wonderland ($TIME). He had around $400 million worth on his public wallet (https://debank.com/profile/0x5dd596c901987a2b28c38a9c1dfbf86fffc15d77) this morning.
Twitter thread about this: https://twitter.com/zachxbt/status/1486591682728673282 The founder of the project, Daniele Sesta, also founded another project called Abracadabra which is responsible for the crypto-backed stablecoin Magic Internet Money (MIM), with a supply of $4.6 billion. Both projects were planned to merge through a proposal. The interesting thing is that one of the guys responsible for Abracadabra is called 0xM3rlin (https://twitter.com/0xM3rlin), very similar to "Merlin", the codinome of Giancarlo Devasini, Tether's CFO. Daniele Sesta is also a big friend of the Tether's guys and I've seen him defending them a lot (https://twitter.com/search?q=from%3Adanielesesta%20tether&src=typed_query) on Twitter. MIM was recently listed on Bitfinex. Coincidence or big conspiracy? Title: Re: Unofficial Quadriga Cx Thread Post by: Becassine on December 25, 2022, 09:33:56 PM Here is our update about the QuadrigaCX case, also published on our twitter account: https://twitter.com/whitestream5/status/1103091778100576256 Since EY lately discovered some of QuadrigaCX cold wallet addresses, we managed to analyze some of them. Together with insights that we already extract from QuadrigaCX hot wallets, we can shed some light on QuadrigaCX Bitcoin transactions from the last six month. The time period we checked was since July 2018 to February 2019, the average Bitcoin price at this time frame is around $5,700. We saw that both QuadrigaCX cold and hot wallets sent around 5,571 BTC to a suspicious intermediary wallet at this time period. We suspect that this wallet belongs to QuadrigaCX too. QuadrigaCX hot wallet sent to the suspicious intermediary wallet 3,432 BTC, which is around $19,500,000 US. QuadrigaCX hot wallet: https://www.walletexplorer.com/wallet/000009200775868e/addresses QuadrigaCX cold wallet sent to the suspicious intermediary wallet 2,139 BTC, which is around $12,200,000 US. QuadrigaCX cold wallet: https://www.blockchain.com/btc/address/1JZJaDDC44DCKLnezDsbW43Zf8LspCKBYP The suspicious intermediary wallet: https://www.walletexplorer.com/wallet/006daa655b240256/addresses The suspicious wallet has interactions with more Bitcoin exchanges and not just from QuadrigaCX, but most of his incomes are from QuadrigaCX. The suspicious wallet sent most of his funds to two Chinese exchanges, Huobi and Binance. Around 1,176 BTC were sent to Binance, which is $6,700,000 US. Around 5,263 BTC were sent to Huobi, which is $30,000,000 US. Huobi wallet: https://www.walletexplorer.com/wallet/Huobi.com-2 Binance wallet: https://www.walletexplorer.com/wallet/0000011bd9c73aab/addresses Thank you. whitestream - Blockchain Intelligence https://whitestream.io Are you still following the case ? Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on December 27, 2022, 01:38:15 AM NecroBump EY Statement on Coin movement
EY Statement https://documentcentre.ey.com/api/Document/download?docId=36635&language=EN NOTICE TO AFFECTED USERS UNAUTHORIZED TRANSFER OF QUADRIGA BITCOIN In the matter of the Bankruptcy of Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd. D/B/A Quadriga CX and Quadriga Coin Exchange (collectively the “Estate”). The Trustee and Representative Counsel have become aware of an unauthorized movement of bitcoin from certain cold wallets held by Quadriga. The cold wallets, listed below, were previously noted in the First, Second and Third Reports of the Monitor in the CCAA Proceedings. As previously reported, on February 6, 2019, the day after the Initial Order was granted in the CCAA proceedings, Quadriga inadvertently transferred certain cryptocurrency into cold wallets that the Applicants were unable to access. Ernst & Young Inc. acting in its capacity as court appointed Monitor and subsequently as Trustee in Bankruptcy worked with management and others to recover the bitcoin transferred to these wallets. However, the private keys associated with the cold wallets have not been located despite the detailed review. The locked bitcoin remained within the Quadriga cold wallets until December 16, 2022, prior to the unauthorized transfers being initiated. The Trustee confirms that it did not initiate the transfers. The Trustee and Representative Counsel are actively investigating the unauthorized transfers for the benefit of the Estate. The addresses of the Quadriga cold wallets are as follows: (a) 1MhgmGaHwLAvvKVyFvy6zy9pRQFXaxw; (b) 1JPtxSGoekZfLQeYAWkbhBhkr2VEDAD; (c) 1ECUQLuioJbFZAQchcZq9pggd4Ewcpu; (d) 1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLX; (e) 1HyYMMCdCcHnfjwMW2jE4cv9qVkVDFU; and (f) 1JZJaDDC44DCKLnezDsbW43Zf8LspCKBYP Dated at Halifax, Nova Scotia, this 20th day of December 2022. ERNST & YOUNG INC. Licensed Insolvency Trustee Trustee of the Estate of Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd. - Articles and Speculation is Cotten back, did he move the funds since he lost in FTX or Genesis etc and needed that BTC munching popcorn. https://www.yahoo.com/entertainment/ey-did-not-initiate-transfers-110426750.html Accountancy firm Ernst & Young has denied moving funds mistakenly transferred three years ago to inaccessible cold wallets associated with QuadrigaCX, the infamous Canadian crypto exchange that lost $190 million in user funds before its CEO died under mysterious circumstances. On December 19, researcher ZachXBT flagged the movement of 104 Bitcoin ($1.7 million) split across five cold wallets, much of it to the privacy wallet Wasabi. This Bitcoin had been dormant for over three years since employees at the collapsed exchange had “inadvertently” sent the Bitcoin to these wallets under the auspices of EY. An alleged accomplice of Cotten, Michael Patryn, who reemerged in February 2022 under the pseudonym 0xSifu as part of the DeFi project Wonderland, said in response to ZachXBT’s findings this week that the funds had been transferred by a QuadrigaCX employee, “Alex,” acting under instructions from EY. “They claimed to have accidentally lost the funds by sending to defunct wallets. Now it's suddenly moving again,” Patryn said. “Wen competence.” ZachXBT · Dec 19, 2022 @zachxbt · Follow Five wallets attributed to QuadrigaCX unexpectedly moved ~104 BTC on Dec 17 for the first time in years. 1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe 1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R 1MhgmGaHwLAvvKVyFvy6zy9pRQFXaxwE9M 1HyYMMCdCcHnfjwMW2jE4cv9qVkVDFUzVa 1JPtxSGoekZfLQeYAWkbhBhkr2VEDADHZB 0xsifu @0xSifu · Follow So... Alex, the dev at Quadriga, was instructed to send these coins while the company was under the control of Ernst & Young, three years ago. They claimed to have accidentally lost the funds by sending to defunct wallets. Now it's suddenly moving again. Wen competence. https://twitter.com/0xSifu/status/1605005443847188480?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1605005443847188480%7Ctwgr%5Ef516e824f870515f35cfa5a72d61fb917214b0a3%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F117716%2Fey-did-not-initiate-transfers-1-7m-bitcoin-linked-defunct-quadrigacx https://www.theglobeandmail.com/investing/article-quadrigacx-ftx-money-gone/ Some time last year, I stopped getting regular e-mail updates from Miller Thomson, even when updates were posted on its website. It appeared that I was taken off the list for some reason. I raised this with the law firm and was told: “We will ensure our database is updated.” I’m still waiting. It feels as if we are no closer to getting our money back than we were when QuadrigaCX first collapsed. And now, with the recent revelation that more than 100 bitcoins previously held in inaccessible virtual wallets have been transferred, it feels as if we are even further away from recovering our funds. In 2019, coins had been essentially misplaced under the watch of EY, when they were transferred to a digital wallet over which it had no control – the very trustee that was supposed to help the users. Now, neither EY nor Miller Thomson has any information on what happened. This does not exactly inspire confidence. There is also the matter of the taxman wanting to wet his beak on the spoils. One of the reasons cited by Miller Thomson for why the Quadriga bankruptcy is dragging on this long is that the Canada Revenue Agency wants to conduct an audit to determine taxes owed by Quadriga. Of the little money that remains in Quadriga, after paying off lawyers and the taxman, how much of it will trickle down to the users? I can’t say, but let me direct you to an even older such event. In 2014, Tokyo-based cryptocurrency exchange Mt. Gox imploded and a New York private firm was going around trying to buy users’ claims for 10 cents on the dollar. Yet even now, no Mt. Gox user has seen a cent, as the case meanders through the Japanese bankruptcy process. For those who used FTX as your exchange of choice, no doubt, your experiences will be similar to mine. Treat your money as already gone. It will be less heartache. May be worth starting a class action in light of EY sending it directly to Cotten mismanagement of funds under management. https://www.reddit.com/r/QuadrigaCX/comments/zrsb4g/class_action_lawsuit_against_ey/ ... Interesting. Is there any information about all the addresses associated with Quadriga exchange and if any coins have been moved or not? Title: Re: Unofficial Quadriga Cx Thread Post by: Becassine on December 27, 2022, 02:38:54 AM Bitcoins are going there : https://twitter.com/whitestream5/status/1607328536985059328
Title: Re: Unofficial Quadriga Cx Thread Post by: bblank on January 27, 2023, 10:16:50 PM Per this forum, the laptop seems to have been with lawyers this whole time claiming that they didn't have the passwords to login. There are companies that specialize in getting into private encrypted devices. The FBI has previously worked with an Isreali company Cellebrite for cases like this. I suggest the laptop should be handed over to a digital forensic crime team and let them work their magic. If you are going to recover anything, my guess is the laptop will be the key.
Title: Re: Unofficial Quadriga Cx Thread Post by: freedomno1 on May 16, 2023, 12:38:21 AM Can finally say the settlement is here 13.094156% on assets
87% of the Total Distributed in Lump Sum 13% held for a final distribution for any debated claims Taxes paid may need to update your losses If your claim was disputed check and follow up to get a payout everyone who was approved no action required unless you need to update your address it's been a while Check Claim ID at EY Bankruptcy -> Notice to Cred. 300pg pdf update. Getting 13% of $ back. All claims posted (no names, just userID) https://documentcentre.ey.com/api/Document/download?docId=37250&language=EN https://documentcentre.ey.com/#/detail-engmt?eid=342 Highlight's Pursuant to section 148(1) of the BIA, the Trustee, with approval of the Inspectors, has declared an interim dividend for distribution to creditors with proven claims. Each creditor with a proven claim will receive 13.094156% of their proven claim less the levy amount payable to the Office of the Superintendent of Bankruptcy pursuant to the BIA. The interim dividend provides for a distribution of approximately 87.0% of the funds the Trustee is currently holding. The remaining funds will be held as a reserve for future disbursements related to the administration of the bankruptcy. A final distribution will be made at a later date. Additionally, since the First Interim Status Report, the Trustee provided various information and documents in the Trustee’s possession to the Canada Revenue Agency (“CRA”) in respect of its audit of Quadriga pursuant to subsection 231.2(1) of the Income Tax Act. Following the audit, the CRA determined that Quadriga had not reported income during its 2016 – 2018 fiscal periods and as a result certain taxes were owing. The Trustee subsequently responded to CRA requesting that certain losses of Quadriga be considered in the CRA’s analysis, which the Trustee believed should reduce the amount of unreported income. The Trustee’s submissions were partially accepted by the CRA. As result, the CRA has filed a revised claim in the amount of $11,787,528.17. The Trustee, in consultation with the Inspectors, has accepted this proof of claim filed by CRA. Table of Claim Rates locked in The rates for conversion as at the conversion date established by the Court are set out below: Denomination Rate Bitcoin Cdn $6,739.08 / 1.00 Bitcoin Bitcoin Cash SV Cdn$78.84 / 1.00 Bitcoin Cash SV Bitcoin Cash Cdn $419.37 / 1.00 Bitcoin Cash Bitcoin Gold Cdn $22.14 / 1.00 Bitcoin Gold Litecoin Cdn$104.84 / 1.00 Litecoin Ethereum Cdn$223.45 / 1.00 Ether U.S. Dollars Cdn$1.34 / US$1.00 |
