Altcoin News: QuadrigaCX Lenders Demand Detailed Disclosure of 103 BTC Loss

August 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Users of the canceled Canadian QuadrigaCX cryptocurrency exchange demand to understand the circumstances of the incident, which led to the loss of 103 Bitcoins in the process of recovering the funds owed to them.

In February, Ernst & Young was appointed to monitor the transfer of assets retained by QuadrigaCX to protect lenders. Around the same time, the company said that

“Quadriga inadvertently transferred 103 Bitcoins worth about $468,675 to its cold wallet, which it currently cannot access.”

At the current exchange rate, the value of the assets transferred exceeds $1 million.

6 months after the incident, the auditor did not provide detailed information regarding the causes of the incident. Initially, the company stated that the problem was incorrect platform settings.

QuadrigaCX lender Ali Mousavi told CoinDesk:

“Instead of giving us the details, they [struck] a deal with [Miller Thomson] to keep the details confidential and [are] making it harder for us to hold EY accountable.”

Lender Xitong Zou said:

“A lot of people want [Miller Thomson] replaced, although I don’t think that’s going to happen.”

Presumably, EY managed to regain access to $25 million in assets. They intend to gain another $9 million from the sale of property of the exchange. $1.6 million was allocated by the judge to pay for the services of all firms involved in the process.

Author: Marko Vidrih