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The Canadian exchange QuadrigaCX has declared its bankruptcy – putting an assumed end to one of the longest and strangest cryptocurrency sagas in many years.

The accounting firm Ernest and Young have been appointed to handle the bankruptcy from here moving forward, and will hopefully be successful in trying to free up the $70 million that continues to remain outstanding in pending transactions, which are currently in the hands of the payment processors.

While there remains hope that E&Y will manage to obtain all, if not some of the lost funds, there is little hope among users and investors of ever finding the money, and exchange users would have most likely a long time ago been accustomed to the reality, that will be left out of pocket.

Initially started by the ‘death’ of the exchange’s founder Gerry Cotton, it was revealed that Cotton was the only individual who had the private keys to the exchanges wallets.

What followed was weeks of accusations against the exchange and actors involved in wrongdoings, manipulation, and fraud.

Many of the exchange’s users firmly believed the death was not real and was part of a broader more elaborate exit scheme by the exchange. This was further given proof by funds continually moving across wallets which were supposedly ‘lost.’

Independent reports such as this one carried out by community members thoroughly examined various QuadrigaCX wallets and on-chain analysis of the funds and concluded that there was a massive-web of different cryptocurrency actors involved in making it a very convoluted situation.

Despite the best efforts of many within the community, no-one was charged with any crimes, and it is almost certain the exchange users will have lost their funds forever.

The fiasco further damaged the reputation of having such centralized exchanges with singular points of authority.

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