Altcoin News: Kraken Offers $100k for Help in Locating the Missing QuadrigaCX Assets

March 1, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Kraken cryptocurrency exchange offers a reward of up to $100,000 to anyone who can solve the mystery of the QuadrigaCX.

Kraken announced this week that it will pay a reward to users who will help find the missing funds. Any information that the exchange receive will, in turn, be passed on to law enforcement agencies, the company’s blog said. Remuneration will be paid in cryptocurrency or fiat currency.

To everyone who wants to participate in solving the mystery, Kraken recommends listening to a couple of podcasts, which tell you about what is already known about the Canadian exchange QuadrigaCX, which stopped working in January, and about what happened in the opinion of Kraken.

“Kraken is giving up to $100,000 USD (fiat or crypto) as a reward for the tip(s) that best lead to the discovery of the missing $190 million US dollars,” Kraken’s post said.

According to lawsuits, QuadrigaCX owed approximately 115,000 customers about $137 million in cryptocurrencies and another $53 million in fiat currencies — $190 million overall (although later documents indicate that the amount may be as high as $196 million).

QuadrigaCX tried to protect itself from creditors after the death of the site founder Gerald Cotten. During court hearings, Kotten’s widow, Jennifer Robertsen, said that Cotten was the only person on the exchange who had access to the private keys of the cold wallets of the exchange.

In addition, although the exchange stated that most of its assets were located in cold storages, the addresses of the wallets confirming this had not yet been disclosed. In mid-February, a blockchain analyst stated that he had established five Bitcoin addresses that belong to the QuadrigaCX exchange and published their findings on Reddit. In the same month, QuadrigaCX lost another $500,000 at BTC due to an error — the company accidentally moved more than 100 BTC to a cold storage wallet to which it does not have access. (??)

Author: Marko Vidrih