Report states Quadriga may have stored over $100 million on other exchanges

03 Mar, 2019
by Richard Allen
Report states Quadriga may have stored over $100 million on other exchanges

According to a recent report published by crypto research and consulting firm ZeroNonCense, QuadrigaCX likely stored a significant amount of Ethereum in other cryptocurrency exchanges. The information was further corroborated by Kraken CEO Jesse Powell and MyCrypto CEO Taylor Monahan.

The chaos surrounding QuadrigaXC began with the unexpected death of its founder, Gerald Cotten. When he died, he took the private keys to $145 million worth of cutomers’ funds with him.

The author of the report “believes that there is a very strong possibility” that as much as 650,000 Ethereum belonging to Quadriga is stored on Kraken, Bitfinex and Poloniex. The report states that is has been proven that Quadriga had accounts with those exchanges and that the transfers totaled over $100 million.

Read more: Kraken offers $100K reward for best tips to QuadrigaCX's $190M lost funds

The report goes on to state that, based on the testimony given by the founder’s widow, Jennifer Robertson that neither she nor other individuals knew where Gerald Cotten was moving and storing the funds and that it's very likely creditors and other entities are unaware of the discovery.

The report also states that Jennifer Robertson mentioned in her affidavit that her late husband may have stored some of Quadriga’s funds on other exchanges. Ernst & Young, Quadriga’s court-appointed monitor, recently released a report describing how almost all of the exchange’s wallets are empty. ZeroNonCense’s report might provide an answer as to why that’s the case.

Read more: It's been revealed that QuadrigaCX cold storage wallets are basically empty

The report concludes that if Quadriga's funds are still on those exchanges, their retrieval should be easy and may even allow for the exchange to continue operations once funds have been redistributed to their customers.

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