100+ Dormant Bitcoins from QuadrigaCX Suddenly Wake Up

Coindesk | Nikhilesh De | Dec 19, 2022

Gerald Cotton QuadrigaCX - 100+ Dormant Bitcoins from QuadrigaCX Suddenly Wake UpMore than 100 bitcoins tied to the defunct Canadian crypto exchange QuadrigaCX were transferred out of cold wallets thought to be beyond anyone’s control over the weekend, after sitting dormant for more than three years.

  • QuadrigaCX went bankrupt in 2019 after the apparent death of founder and CEO Gerald Cotten. At the time of its collapse, Quadriga was believed to have owed thousands of customers nearly $200 million in various cryptocurrencies – a staggering failure for what was once Canada’s largest crypto exchange.
  • EY, which is acting as the trustee for Quadriga’s estate, announced in February 2019 that it lost control of about 100 BTC after mistakenly sending the coins to Quadriga-operated cold wallets that the Big Four financial services firm said it couldn’t access. At the time, the bitcoin was worth around $355,000 (C$470,000).

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  • On the move: In total, 104.34 BTC worth around $1.7 million (C$2.4 million) at press time has left Quadriga’s wallets. Many of these funds appear to have been distributed to different wallets.
    • Magdalena Gronowska, a bankruptcy inspector and member of Quadriga's creditor committee, said the funds were not moved by EY.
    • Blockchain sleuth zachxbt said on Twitter that the majority of these funds, nearly 70 BTC, appear to have gone to Wasabi, a coin mixing service.

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