Quadriga has successfully transferred its crypto reserves to Ernst & Young

21 Feb, 2019 | Updated: 21 Feb, 2019
by Richard Allen
Update
Quadriga has successfully transferred its crypto reserves to Ernst & Young

QuadrigaCX has sent the majority of its Bitcoin and Ether reserves to its court-appointed monitor, Ernst & Young (EY), CoinDesk reports.

On February 14, 52 Bitcoin and 960 Ether were transferred to new blockchain addresses from addresses that had been identified as belonging to the failed Canadian exchange. The amounts correspond to the balances EY had previously said it found in Quadriga’s hot wallets.

Read more: Man who lost $422K in QuadrigaCX disaster: 'I was angry and depressed'

EY then confirmed on Thursday that it had taken control of the funds by transferring the cryptocurrencies from Quadriga’s accounts to the firm’s own cold wallet.

“On February 14, 2019, after testing the transfer arrangements, the Applicants successfully transferred the following cryptocurrency to the Monitor,” EY confirmed.

All in all, the exchange transferred 51 Bitcoin, 33 Bitcoin Cash, 2,000 Bitcoin Gold, 822 Litecoin and 951 Ether. EY will then hold the cryptocurrency in cold storage until further instructions are received from the court.

It was recently discovered that Quadriga’s CEO had actually revealed where he stored the private keys in a podcast made five years ago, revealing that the best way to store your private keys is on a piece of paper.

Read more: QuadrigaCX founder revealed where he stored private keys in podcast years ago

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