Exit exchanges or true story

[bitcoinsc]

We may not know if the 26,000 bitcoins are lost due to the Canadian exchange CEO passing away. But if they are doing an exit scam how can we calculate the Bitcoin scarcity. We really can't. One the CEO holds 26k Bitcoin n they r lost forever. Or the exit scam says the Bitcoins still exist. And is being exchange for cash. On another note Bitcoin is gonna have a slight crash due to the CEO story? Hodler will sell on the news because of fud

[dothebeats]

Idk whether the CEO's death is legitimate or not, but as far as I can tell, the turn of events doesn't seem to be doing any justice to what has happened to the funds. This could be another exit strategy but also a daring one if you'd ask me. At the first few days of the incident, short dumps may occur, but like any other hacks/funds disappearance on exchanges, this will be forgotten, too.

As for bitcoin's scarcity, it just adds up to the lost coins, but we'll never know how much is really lost as there are no definite ways of finding it.

[rdbase]

There are two threads about it since it was announced late last month about the possibility of an exit scam by the exchange.
https://bitcointalk.org/index.php?topic=5105266 & https://bitcointalk.org/index.php?topic=984498.0

From the details already uncovered the story is becoming less believable everyday.
There might be a mastermind behind it from another exchange.

[pooya87]

But if they are doing an exit scam how can we calculate the Bitcoin scarcity.

bitcoin doesn't become scarce because someone lost some bitcoins they were holding. it is scarce because it has a low supply that is also capped. these losses will make it more scarce but they are not that big to even be considered. 26k is lost in 21 million.

On another note Bitcoin is gonna have a slight crash due to the CEO story? Hodler will sell on the news because of fud

the news has been around for a while now, if anybody wanted to panic sell they would have done it already. news and FUD are doing their job immediately not with a long delay!

[marcbitcoins]

I believe this is an exit scam as any president or CEO of a certain company has their own secretaries that could keep any records of the company for safe keeping. It is not a nuclear lunch that only the commander that could press the button. I suggest that the members should be vigilant that if possible they could be able to track the transaction records of the company wallets.

[Jating]

As other professional crypto and even crypto enthusiast digs deeper to the so called death of the owner and there's no one he trusted the supposedly key in the cold wallet, it seems to be unrealistic and majority believed that the owner is trying to hide by faking his own death.

This news is been what more than 2 weeks already and so far we didn't see any significant effect on the market price, so we can say that it has no negative effect after all.

[mirakal]

It's big and will have a negative effect on the price but it does not affect the market a lot.

The death could be true or it's an exit scam but let's leave this for the investigators to do their job, I believe sooner or later
their exchange will stop to operate since their reputation is at stake in this bad news and people will loss their trust on such exchange.

[joniboini]

Hodler will sell on the news because of fud

I don't really see why we should sell because of this. Even though I understand sometimes anything labeled bad can make people went nuts and panic sell.

This Quadriga saga is becoming interesting each day, with many stories and theories popping out. But little did people know that Cryptocapital, the one who 'work' for Quadriga is also operating for Bitfinex. Will Bitfinex become the next exit scam? Who knows.

[killat]

We may not know if the 26,000 bitcoins are lost due to the Canadian exchange CEO passing away. But if they are doing an exit scam how can we calculate the Bitcoin scarcity. We really can't. One the CEO holds 26k Bitcoin n they r lost forever. Or the exit scam says the Bitcoins still exist. And is being exchange for cash. On another note Bitcoin is gonna have a slight crash due to the CEO story? Hodler will sell on the news because of fud

I'm wondering how a guy with Crohn's Disease came to the decision that going on vacation in India would be a good idea?

Like someone with severe asthma going on vacation in Kaifeng, China. Doesn't add up.

[tippytoes]

We may not know if the 26,000 bitcoins are lost due to the Canadian exchange CEO passing away. But if they are doing an exit scam how can we calculate the Bitcoin scarcity. We really can't. One the CEO holds 26k Bitcoin n they r lost forever. Or the exit scam says the Bitcoins still exist. And is being exchange for cash. On another note Bitcoin is gonna have a slight crash due to the CEO story? Hodler will sell on the news because of fud

I'm wondering how a guy with Crohn's Disease came to the decision that going on vacation in India would be a good idea?

Like someone with severe asthma going on vacation in Kaifeng, China. Doesn't add up.

This is a good read about this Quadriga's CEO - https://www.coindesk.com/quadrigacx-explainer
If his death is really true, there's no reason not to pick-up their phone and confirm it.

"Angel House, an organization which builds orphanages in India and has been affiliated with Cotten in the past, did not pick up when called."

Also, if you are not a selfish owner of a multi-million dollar crypto exchange, you should have contingencies laid out to your team, if something goes wrong.

[VitKoyn]

We may not know if the 26,000 bitcoins are lost due to the Canadian exchange CEO passing away. But if they are doing an exit scam how can we calculate the Bitcoin scarcity. We really can't. One the CEO holds 26k Bitcoin n they r lost forever. Or the exit scam says the Bitcoins still exist. And is being exchange for cash. On another note Bitcoin is gonna have a slight crash due to the CEO story? Hodler will sell on the news because of fud

Well we don't know either if Gerald Cotten (Quadriga CEO) is really passed away, But exit scam is remain an allegation if there will be no evidence that they really did it. If the news are true that he's really dead and if it is true that he's the only person that has an access to the Bitcoins stored in a cold storage then it will be locked forever. But I doubt that a huge cryptocurrency exchange don't have any plans to prevent this kind of situations from happening. But personally I don't think that this will affect the market price to crash, it doesn't always mean that when there is a bad news that came out, people will sell and the price will go down.

[kingpin4321]

I read this news the other day about an exchange CEO passing away with the password to numerous bitcoin but it sounds false to me and impossible.
As an exchange there should be other means to store password like that

[piebeyb]

the news was interesting to read about the death of a CEO in Canada with 26.000 BTC, I just wanted to read it did not believe that the whole news was true because it could be done to deceive the public and make panic, so I would not be easily provoked just by reading a articles and news

[kelz1]

What is shocking is that his public wallet address has not been published anywhere so we can't tell if it really is a scam. Someone in the company must know what it is unless they were paid off as well

[NeuroticFish]

Also, if you are not a selfish owner of a multi-million dollar crypto exchange, you should have contingencies laid out to your team, if something goes wrong.

Well, according to what Coindesk was writing in 2015, Quadriga had multi-sig wallet, at least for Bitcoin.
So either Quadriga's owner was lying in 2015, either his partners do that now.

[boyptc]

I guess many aren't buying the death story of Quadriga's CEO.

There are investigators that have been working to look for valid proofs and details if the death was for real or just a fake one for the exit scam.

[raul89]

It seems to me that this is a fraud. Another proof that using an account to place funds is very risky. For this reason, I use only those services where there is no registration for transactions. Changenow for example, but this is just my preference. I'll follow this story, I think we are waiting for a lot of interesting news.

[NeuroticFish]

It seems to me that this is a fraud. Another proof that using an account to place funds is very risky. For this reason, I use only those services where there is no registration for transactions. Changenow for example, but this is just my preference. I'll follow this story, I think we are waiting for a lot of interesting news.

It's known that the main point of crypto is to be "your own bank" i.e. to keep your money in your own wallet for which you own the private keys (or seed).
But many find the exchanges convenient for storing and many try to speculate on the price, hence putting their funds at risk.