Quadriga CEO death, Is it new scam in crypto

[r1s2g3]

https://www.investinblockchain.com/is-quadriga-ceo-actually-dead-or-140-million-exit-scam/

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

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[meccaflare0]

That's just the hopium talking. Money is stolen. Guy goes to part of India known for fake death certificates. Does his will weeks before his "death" and transferred 15 properties to his wife before he died. And he left 100k to his fucken dogs. Wife is currently transferring properties to a trust in an attempt to separate them from the creditors (the users)

Also upon further chain analyse it looks like there was tremendous efforts to obfuscate the wallet addresses by dispersing funds and parking.

And to top it off CIBC only froze their account because Jose Reyes transfer over a million into his personal account. CIBC froze the account because they sketched out. And They kept contacting the now "dead" ceo. and he kept ignoring them. Making the account stay frozen longer. This happen months before he "died"

[proTECH77]

This topic has been extensively be dealt with with the topics bellow as i see no reason why such repetitive topics should be raise as new topic again.
 
https://bitcointalk.org/index.php?topic=5106678.0

Read in full https://beincrypto.com/quadrigacx-saga-human-tragedy-or-yet-another-exit-scam/

https://bitcointalk.org/index.php?topic=5106159.0

Source: https://www.theguardian.com/technology/2019/feb/04/quadrigacx-canada-cryptocurrency-exchange-locked-gerald-cotten

Though, there had been accusations that some of the addresses were still fresh regards to their transactions while in some quarters they said maybe he intend to launch another exchange with the customer KYC in another scene they claimed he's DIED.
This may end up in scam but let wait and see the end of the story. 

[AB de Royse777]

~snip~

Yes it has been talked before. Sent you 2 merit on your way to bring it up.

There are talks around that it's an escape plan. The CEO did not die. People needs to learn that it is not safe to trust anyone with your crypto even if it is the best exchange in the world.

[avikz]

https://www.investinblockchain.com/is-quadriga-ceo-actually-dead-or-140-million-exit-scam/

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

It probably is! What raises the suspicion even more is the creation of the will through which he transferred his real estate properties to his wife. All that happened just 15 days before his death! Probably he is going to live with an alternate identity. Remember the movie - The Shawshank Redemption??

[therhslv]

Unfortunately there is still people out there that don't care about others and think only about himself . I don't say the CEO faked death , who knows maybe he really died and somebody did know where the keys was and now trying blame dead CEO . Hopefully investors will get all invested money back or atleast something . Novadays we should be more carefull where we put our money . Currently i think its best to stick with BTC , ETH and other proven coins / tokens .

[dothebeats]

We really don't know what happened in there. though it's quite suspicious that a man entrusted with hundreds of millions in dollars in cold storage would go to India, write and sign his will 2 weeks prior to his 'supposed' death and died. Though this topic is being recursively posted, it never fails to amaze me how one man pulled this off knowing that his family might be the target of lawsuits should his plans be successful. Anyways, sudden death is one of the most used exit scams people have been using for decades, so it's not surprising that the CEO may have done this, too.

One big turning point is if the funds suddenly move out after, say, a couple of years.

[CryptoBry]

I would not speculate whether this CEO really died or not because that can easily be done by looking at the body. What is amazing here is the fact that there is no other person on this Earth that knows the way to get the funds out and that also nobody knows the way to open the CEO's computer files. Whether this is another planned escape and scam that can something that time can only tell. The big lesson here is that control of the account should not be entrusted to just one person and that all exchanges should be issuing statement about how they are keeping information like this in case those people in charge will surprisingly die.

[Sadlife]

No one's even buying that shit even his death was a mystery, suspicious and why would a million dollar exchange trust only one person to hold the password for the money in a safe storage. That's just idiotic, my speculation is that the CEO run with the money. This is one of the examples to never put all your money on an exchange always put partially in it.

[eaLiTy]

I definitely looks like a scam with the reports coming out, the owner is dead and that is a fact but the said hundred of millions stored in the cold wallets is not transparent and there are reports that they have send half a million to those cold wallets recently knowing that it cannot be returned. So it is certain that some kind of foul play is going on regarding the exchange, if not who in the right sense will sent hundreds of bitcoin in the cold wallet which is claimed to be operated by the dead owner. In totality the users who deposited their coins are doomed.

[kurian]

Yeah it looks like an exit scam. Now, we all have understood the risk involved in keeping our coins in exchanges. Last year itself we have seen many exit scams like this. Anyway, cryptocurrencies are not supposed to keep in an exchange. If keeping coins in wallet seem to be difficult, Stay away from small and unknown exchanges. I doubt an exchange would leave entire control to a single person. He has probably faked his death.

[rdbase]

There hasnt been much news about it or an update for about a week now. So the heat has come down a bit just like the owner of the site has been waiting to eventually happen.
You could expect more coins from those addresses found by some people to be moving and not just litecoin but the bitcoin and the ethereum moving soon too.

update There seems to be more trouble for the investors of quadtrigacx. Liquid exchange sent alot more bitcoin to the wallet of the dead ceo.
https://www.marketwatch.com/story/embattled-crypto-exchange-accidentally-sent-370000-of-bitcoin-to-dead-owner-2019-02-13

[pixie85]

If the news about them sending 100 BTC to the dead CEO's wallet after his death are true this just has to be an exit scam. Probably his wife has access to the wallets and sho is draining everything she can put her hands on. The worst part is he will probably get away with it in the end because who is going to be tracking him in India?

[boyptc]

And now most of these exchange operators that has some shady ideas will start to think about this incident. I also felt sorry for those people that believed and trusted them their money.

I don't believe he's dead.

If the news about them sending 100 BTC to the dead CEO's wallet after his death are true this just has to be an exit scam.

A big amount sent to the death owner's wallet? sketchy.

[pacman7331]

It looks like a pure dram right now! Because at first, they claimed, without any reason, 190 Million USD vanished from the cold wallets! Sorry to say, I don't believe them in the first place! Then now, a rumor spreading that the Quadriga has died! 190 Million USD enough money to spend a whole life!

And, I definitely agree with you that, our money is not safe in any kind of exchange, even Bittrex or Binance are not safe. When Binance CEO tweeted that Exchanges are safer than wallets, I unfollowed him.

[PuertoLibre]

https://www.investinblockchain.com/is-quadriga-ceo-actually-dead-or-140-million-exit-scam/

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

Shady activities will kill reputation of exchange and lost wallet password is not case her imho. Maybe fake death is planned and we can say they played very well. People are confused with news about lost crypto but everything will be clear after tracking the wallet addresses after clear research by officials.

[pixie85]

And now most of these exchange operators that has some shady ideas will start to think about this incident. I also felt sorry for those people that believed and trusted them their money.

I don't believe he's dead.

If the news about them sending 100 BTC to the dead CEO's wallet after his death are true this just has to be an exit scam.

A big amount sent to the death owner's wallet? sketchy.

Yes, very sketchy. According to the article it happened a week ago. The exchange claimed they don't have access to funds because only the dead CEO had all keys and passwords and they somehow managed to gain access and what did they do with it? They sent money to the dead CEO's address! Why isn't the police there already arresting these fraudsters?
https://www.marketwatch.com/story/embattled-crypto-exchange-accidentally-sent-370000-of-bitcoin-to-dead-owner-2019-02-13

[trader34]

https://www.investinblockchain.com/is-quadriga-ceo-actually-dead-or-140-million-exit-scam/

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

I too feel sorry for what has happened, but the golden rule for investing in cryptos is being the holder of your private keys. If you keep your money in an Exchange, they have your money, not you. This is yet another episode that proves it... Better leave in Exchanges only the money you need for trading.

[Idrisu]

This topic has been extensively be dealt with with the topics bellow as i see no reason why such repetitive topics should be raise as new topic again.
 
https://bitcointalk.org/index.php?topic=5106678.0

Read in full https://beincrypto.com/quadrigacx-saga-human-tragedy-or-yet-another-exit-scam/

https://bitcointalk.org/index.php?topic=5106159.0

Source: https://www.theguardian.com/technology/2019/feb/04/quadrigacx-canada-cryptocurrency-exchange-locked-gerald-cotten

Though, there had been accusations that some of the addresses were still fresh regards to their transactions while in some quarters they said maybe he intend to launch another exchange with the customer KYC in another scene they claimed he's DIED.
This may end up in scam but let wait and see the end of the story. 

Thank you for pointing out this and it is good we should used the search engines to find out if the topic we are trying to create has been created before and that will reduce spamming and overload the forum with nor relevant posts or duplicating posts.

[singlecrytpo]

I wonder if cyber security firms like CipherTrace would be able to trace these sorts of events before they happen... or prove that it was a scam and not just death

[Yakamoto]

That's just the hopium talking. Money is stolen. Guy goes to part of India known for fake death certificates. Does his will weeks before his "death" and transferred 15 properties to his wife before he died. And he left 100k to his fucken dogs. Wife is currently transferring properties to a trust in an attempt to separate them from the creditors (the users)

Also upon further chain analyse it looks like there was tremendous efforts to obfuscate the wallet addresses by dispersing funds and parking.

And to top it off CIBC only froze their account because Jose Reyes transfer over a million into his personal account. CIBC froze the account because they sketched out. And They kept contacting the now "dead" ceo. and he kept ignoring them. Making the account stay frozen longer. This happen months before he "died"

I never heard about all of this other stuff happening, that's pretty indicative of some top-tier bullshit. If anything, I'm more impressed that he had so much money behind him, or at least enough for 15 properties, because if I remember correctly Quadriga was based out of Vancouver, or at least had some office there. Their website shows Nova Scotia being involved, though, so I don't know. 15 properties in NS wouldn't be as surprising as 15 in Vancouver.

Ah well, it was one of the few decent exchanges in Canada while it lasted. Now, I don't know who's actually a decent exchange and I'd rather stay away from localbitcoins, at least as long as I can. Maybe Kraken will be the solution, but I'll have to dive deeper into it to find out. Not surprised this happened, I had a feeling the good times were going on for too long.

[rdbase]

Thank you for pointing out this and it is good we should used the search engines to find out if the topic we are trying to create has been created before and that will reduce spamming and overload the forum with nor relevant posts or duplicating posts.

Sure there are but both those thread were basically not active any longer because no recent news came out from the last post for each of them since about a month ago march 21st and 29th. So nobody really wants to post anymore on those since this one clearly says the death of the ceo in relation to the exit scam. Which makes it more of a mystery then just another exchange going bankrupt or stealing all the customers funds and running.

That's just the hopium talking. Money is stolen. Guy goes to part of India known for fake death certificates. Does his will weeks before his "death" and transferred 15 properties to his wife before he died. And he left 100k to his fucken dogs. Wife is currently transferring properties to a trust in an attempt to separate them from the creditors (the users)

Also upon further chain analyse it looks like there was tremendous efforts to obfuscate the wallet addresses by dispersing funds and parking.

And to top it off CIBC only froze their account because Jose Reyes transfer over a million into his personal account. CIBC froze the account because they sketched out. And They kept contacting the now "dead" ceo. and he kept ignoring them. Making the account stay frozen longer. This happen months before he "died"

I never heard about all of this other stuff happening, that's pretty indicative of some top-tier bullshit. If anything, I'm more impressed that he had so much money behind him, or at least enough for 15 properties, because if I remember correctly Quadriga was based out of Vancouver, or at least had some office there. Their website shows Nova Scotia being involved, though, so I don't know. 15 properties in NS wouldn't be as surprising as 15 in Vancouver.

Ah well, it was one of the few decent exchanges in Canada while it lasted. Now, I don't know who's actually a decent exchange and I'd rather stay away from localbitcoins, at least as long as I can. Maybe Kraken will be the solution, but I'll have to dive deeper into it to find out. Not surprised this happened, I had a feeling the good times were going on for too long.

It is funny you mention about them based in another location then where the website shows them having been.
After watching a news clip of the owners partner of another project they had before this exchange existed it was said he was from nova scotia as well. But he moved to another place once his company became more successful and to gather more customer recognition after relocating.
I'll have to find this news report and post it here once I do because right after they broadcasted it I did a search but could not find it.

[lyks15]

There is a big possibility that it is clearly scam. And the CEO are having a fake death news so he can have lot of money or crypto investment without any liability. This is one of the big disadvantage of not decentralized industry . Imagine if there is an KYC all the people here in crypto even investor or people behind crypto activity we will not have experiene like that.

[rdbase]

His friend and partner for one of their projects did an interview for their local news broadcast.
Adam o'brien says he is most likely dead and there were no foul play involved but the customer funds are more then likely non retrievable even if they have the laptop where the private keys are located.
https://globalnews.ca/news/5184346/quadrigacx-friend-cryptocurrency-mystery
He was located in nova scotia but moved to alberta and started a company called bitsolutions according to the news report.

[okala]

This is truly another exit scam how can he be the only holder of the wallet private keys is there no other team member working with the exchange, I don't have any further information about the case but I can be bold to say that this another exit scam from the crypto exchange CEO.

[pushups44]

That's just the hopium talking. Money is stolen. Guy goes to part of India known for fake death certificates. Does his will weeks before his "death" and transferred 15 properties to his wife before he died. And he left 100k to his fucken dogs. Wife is currently transferring properties to a trust in an attempt to separate them from the creditors (the users)

Also upon further chain analyse it looks like there was tremendous efforts to obfuscate the wallet addresses by dispersing funds and parking.

And to top it off CIBC only froze their account because Jose Reyes transfer over a million into his personal account. CIBC froze the account because they sketched out. And They kept contacting the now "dead" ceo. and he kept ignoring them. Making the account stay frozen longer. This happen months before he "died"

Wow. I am going to have to look deeper into this. If all of the above is true, this can be turned into a documentary. This would be quite an elaborate scam - faking one's death to steal customer funds. It would seem that going into hiding for the rest of your life would be more trouble than it's worth.

[Moiyah]

Actually, there are many  gossips that Quadriga isn't really dead and that they are just looking for a way to escape withe the money. It may be possible of a new way to scam people. But whatever it is, users can not take a back their funds and that's the sorrowful and downcast part of it.

[Herbert2020]

Actually, there are many  gossips that Quadriga isn't really dead and that they are just looking for a way to escape withe the money. It may be possible of a new way to scam people. But whatever it is, users can not take a back their funds and that's the sorrowful and downcast part of it.

unlike in the movies, in real life it is not easy to "fake" your death specially when the authorities are involved and you would be breaking the law which is a punishable act. besides, this news is already too old and in this case we are talking about bitcoin and similar cryptocurrencies which have transparent blockchains which means if the coins move it will become obvious that they had access to the keys and were lying about it. that has not happened yet.

[CryptoBry]

There is a big possibility that it is clearly scam. And the CEO are having a fake death news so he can have lot of money or crypto investment without any liability. This is one of the big disadvantage of not decentralized industry . Imagine if there is an KYC all the people here in crypto even investor or people behind crypto activity we will not have experiene like that.

This is also showing us that maybe the laws covering this industry can easily be played around so that anybody can fake his death and continue have access to the wallets where the crypto-funds are located. Since the transactions are public, they can easily be traced and be known (a big advantage with the public blockchain). Maybe we need stricter laws on this aside from the advantages of using decentralized exchanges. There must be insurance in placed that customers of exchanges can avail in case of fraud or bankruptcy and all exchanges should have one available to their members even on voluntary basis (as additional protection).

[Harris Stevens]

Unfortunately these type of people exploit the faith the in people of buying bitcoins and other cryptocurrencies and it seems to be a legitimate fraud as death certificate in india can be bought.

[teddyelwyn]

Did you read the ciphertrace q1 report that was circling the internet last week? It's wild to see what else they caught https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

[romero121]

Anything happening associative with cryptocurrency will be seen with an eagle eye. In such a way is the issue with Quadriga exchange, different people have come up with different thought process on the death of the CEO. If this issue wasn't relative to cryptocurrency then it could have never been this big because with bitcoins scams were common and people try as many ways to scam others. When the fund that's been lost is big, this will be viewed considering more factors.

[Mpamaegbu]

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

Why would someone want to fake their own death in a world of great technological advancement? I doubt this is likely because the CEO will be sniffed out if that were the case. However, what this has come to confirm (after we witnessed the death of another exchange CEO last year) is that exchanges aren't the best of places to keep one's Cryptos. Own your cryptos yourself by keeping them in wallets you control the Private Keys. Imagine if this happens to the CEO of Binance?

[RapTarX]

I doubt his death is fake. I have read some of the news on it. However, although it is a mysterious case, some says there's no death certificate found, I guess he has died. It will not be a huge hassle to trace the fund in future. So, he would barely do that.

[r1s2g3]

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

Why would someone want to fake their own death in a world of great technological advancement? I doubt this is likely because the CEO will be sniffed out if that were the case. However, what this has come to confirm (after we witnessed the death of another exchange CEO last year) is that exchanges aren't the best of places to keep one's Cryptos. Own your cryptos yourself by keeping them in wallets you control the Private Keys. Imagine if this happens to the CEO of Binance?

You guys are missing few key points here.

1.Canadian citizen was in visit to India.
2.Dead body was never been back to Canada.
3.Instead they acquired death certificate from one of the state in India.
4. It is not impossible in India to get your death certificate even when you are alive.
5. He did not planned any "backup continuity plan" for the company but he planned everything for his family just couple of months before his alleged death.

[ene1980]

You guys are missing few key points here.
1.Canadian citizen was in visit to India.
2.Dead body was never been back to Canada.
3.Instead they acquired death certificate from one of the state in India.
4. It is not impossible in India to get your death certificate even when you are alive.
5. He did not planned any "backup continuity plan" for the company but he planned everything for his family just couple of months before his alleged death.

He might have faked his death and took a fake death certificate from India, but how about staying in India as he is not a citizen and he needs to get a permit to stay in India and since this has become a big enough case and attained some publicity, i am not sure how he will be able to hide that fact and stay in another country.
Yes there are some activities before his death that will raise suspicion and the company has forwarded coins in the cold wallet even after his death which creates another puzzle.

[Mr.Ease]

You guys are missing few key points here.
1.Canadian citizen was in visit to India.
2.Dead body was never been back to Canada.
3.Instead they acquired death certificate from one of the state in India.
4. It is not impossible in India to get your death certificate even when you are alive.
5. He did not planned any "backup continuity plan" for the company but he planned everything for his family just couple of months before his alleged death.

He might have faked his death and took a fake death certificate from India, but how about staying in India as he is not a citizen and he needs to get a permit to stay in India and since this has become a big enough case and attained some publicity, i am not sure how he will be able to hide that fact and stay in another country.
Yes there are some activities before his death that will raise suspicion and the company has forwarded coins in the cold wallet even after his death which creates another puzzle.

You don't know 

Pretty sure when you have like 100mill... Those problems tend to disappear quite fast. Like permits, certificates, new identity.. yeah, doubt thats much of an issue.

[jak3]

ok, this started to smell fishy, there is no real proof of his death even than death certificate was not shown. sorry, but I know saying anything about someone's death is the worst thing but there is a huge sum of money involved and the problem is not about some private key lockage. it's recoverable so why not they are refunding the funds are giving any note to the users.

[TimeBits]

https://www.investinblockchain.com/is-quadriga-ceo-actually-dead-or-140-million-exit-scam/

Once again it proved that you cannot keep your money in exchange. It is another debate whether the CEO is faking death or he had really died.
I am feeling sorry for the people who lost money.

just saying this has the governments and bankers finger prints all over it. also p2p trading is here ^_^ try it

[rmilly]

Ciphertrace claimed that it was indeed a exit scam in their latest report https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

[pinoyden]

This is one of the big disadvantage of not decentralized industry . Imagine if there is an KYC all the people here in crypto even investor or people behind crypto activity we will not have experiene like that.

kyc dont have the power to totally stop the frauds and scams i the crypto world  . infact  , there are now lots of kyc services these days that can be found online in which someone can do a fake kyc for you  .  imagine if all of us will be using these fake kyc services  ,  i think all illegal acts and criminal acts online will still be continued  .

[DreamStage]

It is obviously that is has been a scam since the beginning....
Faking death is one of the indian strategic options to money laundering.
Unfortunatelly clients will not be able to restore their funds again unless some court order appears.

[ene1980]

You don't know  

Pretty sure when you have like 100mill... Those problems tend to disappear quite fast. Like permits, certificates, new identity.. yeah, doubt thats much of an issue.

That is the issue, with a hundred million dollars at stake you really cannot hide just like that and you cannot create a story that you are dead and you cannot slip through for a long time, he could have disappeared easily if this was not a high profile case and the FBI and all the authorities are behind the mystery on how to retrieve the user funds and the tools they have to monitor is off the charts.

It is obviously that is has been a scam since the beginning....
Faking death is one of the indian strategic options to money laundering.
Unfortunatelly clients will not be able to restore their funds again unless some court order appears.

They could have planned to scam the users but what do you really mean by Indian strategy of faking death to launder money  . This is not a novel where you are able to do that and with a high profile case like this even if he faked his death, it wont last long.

[btc_angela]

It is obviously that is has been a scam since the beginning....
Faking death is one of the indian strategic options to money laundering.
Unfortunatelly clients will not be able to restore their funds again unless some court order appears.

As far as I know the court is really trying hard to liquidate the assets of the wife so that they can pay its account holders. But I don't know if. this is enough though. Just hard to imagine that the CEO will leave nothing because he and the wife live lavishly on other peoples money.

[r1s2g3]

You guys are missing few key points here.
1.Canadian citizen was in visit to India.
2.Dead body was never been back to Canada.
3.Instead they acquired death certificate from one of the state in India.
4. It is not impossible in India to get your death certificate even when you are alive.
5. He did not planned any "backup continuity plan" for the company but he planned everything for his family just couple of months before his alleged death.

He might have faked his death and took a fake death certificate from India, but how about staying in India as he is not a citizen and he needs to get a permit to stay in India and since this has become a big enough case and attained some publicity, i am not sure how he will be able to hide that fact and stay in another country.
Yes there are some activities before his death that will raise suspicion and the company has forwarded coins in the cold wallet even after his death which creates another puzzle.

You don't know 

Pretty sure when you have like 100mill... Those problems tend to disappear quite fast. Like permits, certificates, new identity.. yeah, doubt thats much of an issue.

+1, If you can get the fake death certificate then you will get the "legal" citizenship documents. There are millions of poor people from Bangladesh (neighboring country) that have valid citizenship of India. Quite possible , death is faked in India and citizenship is obtained from any of these country or obtained in India with some new name.

ok, this started to smell fishy, there is no real proof of his death even than death certificate was not shown. sorry, but I know saying anything about someone's death is the worst thing but there is a huge sum of money involved and the problem is not about some private key lockage. it's recoverable so why not they are refunding the funds are giving any note to the users.

Because only CEO knows the private keys and now the CEO is dead, so all you have is lost bitcoins.