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Portnoy
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January 02, 2018, 10:36:17 PM
 #41

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. 
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January 02, 2018, 11:42:52 PM
 #42

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...
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January 07, 2018, 01:58:25 AM
 #43

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.

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January 07, 2018, 05:35:32 AM
 #44


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.
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January 09, 2018, 03:41:27 AM
 #45


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.

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January 11, 2018, 02:42:32 AM
 #46

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?
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January 12, 2018, 05:45:30 AM
Last edit: January 14, 2018, 06:26:44 AM by freedomno1
 #47

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

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May 08, 2018, 05:48:18 PM
 #48

Cash delivery by courier still works for withdrawal...  Not the cheapest, but it does bypass some hassles.
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January 29, 2019, 06:40:41 PM
 #49

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

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January 31, 2019, 10:59:07 PM
 #50

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.
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February 01, 2019, 03:17:36 AM
Last edit: February 01, 2019, 03:46:08 AM by freedomno1
Merited by suchmoon (4), DarkStar_ (4), Steamtyme (1)
 #51

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.
image loading...

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.

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February 01, 2019, 08:23:29 AM
 #52

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. Shocked

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.

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February 01, 2019, 10:08:10 PM
 #53

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.


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gentlemand
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February 02, 2019, 02:04:39 AM
 #54

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
adaseb
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February 02, 2019, 06:20:29 AM
 #55

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 ?

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bL4nkcode
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February 02, 2019, 07:57:24 AM
 #56

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.
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February 02, 2019, 12:25:51 PM
 #57

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.

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February 03, 2019, 02:03:35 AM
 #58

Interesting Tweet from Kraken's CEO:

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/

taking a break - expect delayed responses
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February 03, 2019, 04:58:33 AM
Merited by DarkStar_ (2)
 #59

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/

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February 03, 2019, 07:24:35 AM
Last edit: February 03, 2019, 07:42:08 AM by adaseb
 #60



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.

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