Big news from the crypto world: the 104 Bitcoin linked to QuadrigaCX’s exchange now inactive since 2019 were now thought to be inaccessible. Five wallets linked to the exchange recently moved funds for the first time, worth $1.75 million. The Canadian exchange platform has now been bankrupt for more than three years.
Making the announcement was a crypto researcher, ZachXBT, who alerted his community on Twitter last night:
“On Dec. 17, five wallets attributed to QuadrigaCX suddenly moved about 104 BTC-the first movement in years.”
Some explanation will have to be given as to how it was possible to access the movement of those funds, as the cryptographic keys, belonging to the late Canadian CEO Gerald Cotten, were not accessible.
News on QuadrigaCX: What could the movement of Bitcoin on platform wallets mean?
First, there is a need to explain that QuadrigaCX, before its bankruptcy, was considered one of the largest Canadian cryptocurrency exchanges. In April 2019, the company declared bankruptcy after the company’s CEO and founder Gerald Cotten passed away.
Why the bankruptcy? Gerald Cotten was the only one able to unlock exchange wallets, that is, the only holder of the private keys needed for the action. This triggered a series of problems that put the company in crisis and with it the exchange’s customers. The company had many customers, and the loss to users of the platform is estimated to be around $200 million.
Many theories were created behind…
