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 Forum index » Taking the Puppy out for a walk » Misc
Cryptocurrency exchange loses access to $137 million of coin
Moderators: Flash, JohnMurga
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Flash
Official Dog Handler


Joined: 04 May 2005
Posts: 13200
Location: Arizona USA

PostPosted: Mon 04 Feb 2019, 19:01    Post subject:  Cryptocurrency exchange loses access to $137 million of coin
Subject description: Founder dies and takes passwords with him to the grave
 

Digital exchange loses $137 million as founder takes passwords to the grave
Quote:
Digital exchange loses $137 million as founder takes passwords to the grave
QuadrigaCX survivors try to hack encrypted laptop in hopes of accessing cold wallet.

Dan Goodin - 2/2/2019
A cryptocurrency exchange in Canada has lost control of at least $137 million of its customers’ assets following the sudden death of its founder, who was the only person known to have access to the offline wallet that stored the digital coins. British Columbia-based QuadrigaCX is unable to access most or all of another $53 million because it’s tied up in disputes with third parties.
Following standard security practices by many holders of cryptocurrency, QuadrigaCX stored the vast majority of its cryptocurrency holdings in a “cold wallet,” meaning a digital wallet that wasn’t connected to the Internet. The measure is designed to prevent hacks that regularly drain hot wallets of millions of dollars (Ars has reported on three such thefts here, here, and here.)

Thursday’s court filing, however, demonstrates that cold wallets are by no means a surefire way to secure digital coins. Robertson testified that Cotten stored the cold wallet on an encrypted laptop that only he could decrypt. Based on company records, she said the cold wallet stored $180 million in Canadian dollars ($137 million in US dollars), all of which is currently inaccessible to QuadrigaCX and more than 100,000 customers.

“The laptop computer from which Gerry carried out the Companies’ business is encrypted, and I do not know the password or recovery key,” Robertson wrote. “Despite repeated and diligent searches, I have not been able to find them written down anywhere.”

The widow went on to say she has hired experts to attempt to decrypt the laptop. One of the experts “has profiled Gerry and attempted to hack into Gerry’s computers. In addition, an encrypted USB key has been provided to the expert, which has not yet been able to be accessed.”

The expert, she added, has already accessed Cotten’s personal and work email accounts and is now trying to gain access to an encrypted email account. Cotten also used an encrypted messaging system, but the chances of successfully reading the communications appear dim because, the expert has reported, “messages would disappear from the encrypted messaging system after a short period.”...

...Pamela Morgan penned an article in 2015 outlining the disaster preparedness steps cryptocurrency holders should take to ensure they can recover digital tokens when unexpected events strike. Based on Robertson’s sworn testimony, it’s a good bet QuadrigaCX didn’t follow any of these best practices. It’s an equally good bet that most competing exchanges don’t either. And that raises questions about the judgement of people who continue to entrust their funds with these services.
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perdido


Joined: 09 Dec 2013
Posts: 1207
Location: ¿Altair IV , Just north of Eeyore Junction.?

PostPosted: Mon 04 Feb 2019, 19:54    Post subject:  

No such thing as a coincidence.
This whole scenario smells bad.


1. Founded a bitcoin bank
2. Travels out of country
3. Dies while travelling at age 30
4. Wife says she has no access
5. Gee we are sorry about that 137 million, so sorry. We have our paid off security experts on the problem though.
6. Final page yet to be written, so let me try. They locate the dead 30 year old and lock him and wife up but still can't find money.

Too many times this crypto currency crap presents the opportunity to steal and money goes missing. Add this fake news story to the pile.

.
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Flash
Official Dog Handler


Joined: 04 May 2005
Posts: 13200
Location: Arizona USA

PostPosted: Mon 04 Feb 2019, 23:34    Post subject:  

With $137 million up for grabs, someone could be lying. Does that make it fake news? The bottom line is, a lot of people are probably out a lot of money. That's real news to them.
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ITSMERSH

Joined: 02 May 2018
Posts: 911

PostPosted: Mon 04 Feb 2019, 23:37    Post subject:  

I got the password locally stored!

Selling it for 1,000,000 € (which is lot more than I would need).

I'm sure YOU can re-sell it for 5,000,000 English Pounds!

Contact me in the Off Topic Section to clear the details!

Laughing

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Beware of the Dog ähem nic007! Wink
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perdido


Joined: 09 Dec 2013
Posts: 1207
Location: ¿Altair IV , Just north of Eeyore Junction.?

PostPosted: Tue 05 Feb 2019, 03:09    Post subject:  

Flash wrote:
With $137 million up for grabs, someone could be lying. Does that make it fake news? The bottom line is, a lot of people are probably out a lot of money. That's real news to them.


I am talking about the big lie, not that people got soaked.
No such thing as a coincidence, let alone a string of them.

Has anybody seen the body?

Here is some background on this soap opera
https://breakermag.com/quadrigacx-shutters-claiming-it-lost-access-to-crypto-accounts-after-ceos-mysterious-death/

Having financial problems leading up to the closing of the exchange
Walks like a duck, quacks like a duck.



.
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Burn_IT


Joined: 12 Aug 2006
Posts: 3431
Location: Tamworth UK

PostPosted: Tue 05 Feb 2019, 08:37    Post subject:  

More fool the public for falling for it I say.
My money is in institutions that have been around for hundreds of years so stand a good chance of being real.

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"Just think of it as leaving early to avoid the rush" - T Pratchett
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musher0

Joined: 04 Jan 2009
Posts: 13777
Location: Gatineau (Qc), Canada

PostPosted: Tue 05 Feb 2019, 16:44    Post subject:  

True or not, it does not matter any more.

Move over, Reality! Mythology has taken over! Smile

This theme ("treasure suddenly missing"; aka "lost treasure") is the stuff of
folktales, even if the event is recent, and the subject, modern ("bitcoins").

My 2¢.

_________________
musher0
~~~~~~~~~~
Je suis né pour aimer et non pas pour haïr. (Sophocle) /
I was born to love and not to hate. (Sophocles)
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tallboy


Joined: 21 Sep 2010
Posts: 1220
Location: Oslo, Norway

PostPosted: Wed 06 Feb 2019, 10:00    Post subject:  

Perdido wrote:
Has anybody seen the body?

I think I would have insisited to see the dead body, and have it's DNA confirmed by some independent labs.
But then again, I regard cryptocurrency as a hoax, developed to make a few people very rich, so I really don't care! Mr. Green

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perdido


Joined: 09 Dec 2013
Posts: 1207
Location: ¿Altair IV , Just north of Eeyore Junction.?

PostPosted: Fri 08 Feb 2019, 08:34    Post subject:  

Many strange happenings emerge.
There are URL links in this article, to follow those just load the original link provided.

11 Fishy Things About the QuadrigaCX Mystery

Ever since Canada-based cryptocurrency exchange QuadrigaCX went dark last week, leaving more than $190 million worth of customer
funds unaccounted for, the situation’s seemed a bit…off. How could an exchange responsible for millions of dollars leave its wallets’ access
to only one man, a man who was allegedly suffering from Crohn’s disease and required “monoclonal antibody therapy every eighth week“?
Even a healthy CEO could succumb to accident, or act irresponsibly with a private key.

But that’s just the algae-obscured surface covering this fishy conspiracy-laden pond. The more “facts” that come to light, the fishier it smells.

Of course no one should make light of a man’s death, and the court has appointed “an independent third party” to tie up QuadrigaCX’s loose ends.
But a mysterious case where a man leaves $100,000 to his two dogs weeks before he’s reported dead in a foreign country with nearly $200
million worth of other people’s money is just too much for any conspiracy theorist worth their salt to ignore.

QuadrigaCX’s website is gone. In its place is this perplexing letter to customers.

The QuadrigaCX website describes its “liquidity issues” as problems accessing “very significant cryptocurrency reserves held in cold wallets.”
Only if you scroll down to the Q&A section do you find that Gerald Cotten “took sole responsibility” for these wallets. This is clearly a high risk
move—perhaps the kind that someone would make if they’re planning to eventually sneak away to a foreign country, fake their death, and walk
away with numerous cold wallet keys and millions in cryptocurrency.

Never mind, maybe there aren’t any cold wallets for QuadrigaCX.

According to an in-depth report by “ProofofResearch” published on the ZeroNoncense Blog, there are “no identifiable cold wallet reserves for
QuadrigaCX.” In fact, it looks as if the exchange was using new customer deposits to pay out other customers asking to withdraw their funds.
Sounds like a certain series of failed “businesses” started by everyone’s favorite festival planner.

The amount of bitcoin currently owned by QuadrigaCX is significantly less than what Cotten’s wife reported in an affidavit on January 31.

ZeroNoncense also reports that in an affidavit by Jennifer Robertson, Cotten’s wife of about a month, QuadrigaCX’s balances were:
“Bitcoin: 26,488.59834, Bitcoin Cash: 11,378.79082, Bitcoin Cash SV: 11,149.74262, Bitcoin Gold: 35,230.42779, Litecoin: 199,888.408,
and Ethereum: 429,966.0131.” Meanwhile, through blockchain analysis, ZeroNoncense found there to be less than 1,000 BTC held by Quadriga,
“with 1,000 being a very generous estimate at this point in time.”

You read that right. Cotten only got married about a month before his alleged death.

When he died in India, he was apparently on his honeymoon doing charity work at an orphanage with his wife. David Gerard writes that Cotten and
Robertson married in October 2018 and had been together for “a few years” before that.

Robertson may have legally changed her last name in 2016.

If the couple were indeed together for “a few years,” then they were likely a pair when Robertson changed her last name from Griffith, a juicy tidbit
Reddit user blue_dodo discovered. Of course it’s possible that there are multiple Jennifer Robertsons in Halifax, Nova Scotia, but only one has
recently been involved in multi-million-dollar mystery.

Cotten allegedly died on December 9, but his death wasn’t announced until January.

This detail is really just built for conspiracy theorists to latch onto, as it suggests a window long enough for someone who faked his own death
to reinvent himself.

A request for information from the hospital where Cotten allegedly died turned up nothing.

Yes, Fortis skanks, the hospital in Jaipur, India where Cotten allegedly passed, did confirm his death. Here’s a statement from the funeral home,
courtesy of CoinDesk, and here’s a death certificate. However, when BREAKERMAG called Fortis skanks to request additional details, a
receptionist said there was no one available at the department that could answer our questions.

There is a precedent for fake death certificates being issued in India.

Just last month, The Times of India reported that six people were arrested for creating multiple false death certificates for people trying to claim
insurance. Similar stories taking place in India abound.

Cotten filed a will less than two weeks before his death.

According to Bloomberg, Cotten signed his last will and testament in late November, leaving everything to his wife, the executor of his estate, and
his two beloved chihuahuas, who will inherit $100,000. (So where does that leave conspiracy theorists? Is Cotten his own wife? Is he not a man at
all, but just a pair of chihuahuas who somehow managed to legally marry a human woman several months ago? Are these questions any wilder
than the actual details of this case?)

Small sums are being removed from the exchange’s Litecoin wallet.

Redditors are very much on the case. User whereMyCryptoAt found several timestamped transactions in which Litecoin funds are trickling
out of QuadrigaCX wallets.

QuadrigaCX appears to have been liquidating funds since 2017.

It’s not just these recent Litecoin transactions former QuadrigaCX customers should be worried about. Apparently, the exchange has been
playing the liquidation game for the past two years.

This is far from everything. Just a preview and a visualization that makes the relationship a bit more clear.

I am 10000% certain these are not client withdrawals. These withdrawals from QuadrigaCX are hitting a mixer.
— CryptoMedication (@ProofofResearch) February 7, 2019

Fortunately, there’s a “silver lining” to this big mess. In its wake, the QuadrigaCX community has come together. In fact, they’re jokingly
planning a “Gerry Cotten bar night,” in which the bartender inevitably disappears with the keys to the liquor cabinet and two chihuahuas are
served exquisite cocktails while everyone else gets to watch.
Related

.
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ethplorer


Joined: 21 Apr 2017
Posts: 24

PostPosted: Fri 08 Mar 2019, 23:24    Post subject:  

ohh make sense. $137M is worth more than the freedom of an unleashed dog in heat. With such money, thailand!
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