Market News -  Crypto investors may never see the money (199 views) Notify me whenever anyone posts in this discussion.Subscribe
From: EnnyaFeb-7 2:14 PM 
To: All  (1 of 16) 

Lack of regulation

Canadian Securities Administrators are urging Canadians to be cautious about investing in trading platforms through its awareness campaign. Cryptocurrency exchanges are not currently regulated, but CSA is working on a plan.

Thousands of crypto investors may never see their money again after exchange founder's death.

Thousands of Bitcoin investors will likely be left holding the bag after a Nova Scotia judge granted QuadrigaCX, one of Canada’s biggest cryptocurrency exchanges, creditor protection on Tuesday.

Gerald Cotten, QuadrigaCX’s 30-year old co-founder, died suddenly in India due to complications from Crohn’s disease in December. The problem is, he apparently stashed around $180 million on digital wallets and didn’t share the passwords with anyone – not his business partners, and not even his wife.

Yahoo Finance Canada  Jessy Bains


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From: EnnyaFeb-7 2:22 PM 
To: All  (2 of 16) 
 7827.2 in reply to 7827.1 

The password must certainly be [ LOLyousuckersgrinning




From: Fella13Feb-7 9:02 PM 
To: Ennya  (3 of 16) 
 7827.3 in reply to 7827.1 

Surprise, surprise! NOT! fire


From: Fella13Feb-7 9:28 PM 
To: Ennya  (4 of 16) 
 7827.4 in reply to 7827.1 

A clearer picture is emerging of the young man at the centre of the mysterious demise of one of Canada’s largest cryptocurrency exchanges.

Gerald Cotten, a Nova Scotia resident originally from Ontario, was 30 years old when he died suddenly while travelling in India on Dec. 9 — leaving his virtual company, QuadrigaCX, without access to $180 million in Bitcoins and other digital assets.

His widow, Jennifer Robertson, has said in court documents that Cotten was the only person with access to his laptop, which is thought to contain the digital keys to the so-called cold wallets containing the missing cryptocurrency.



From: worloghaFeb-9 11:04 AM 
To: Ennya  (5 of 16) 
 7827.5 in reply to 7827.2 

It could be but a few digit longer, such as at least 150 letters and numbers more..



From: worloghaFeb-9 11:07 AM 
To: All  (6 of 16) 
 7827.6 in reply to 7827.1 

The entire CYPTO is a scam, grinning

how can people even think to use it unless they want to exchange drug dealing in the mist of their underground business...






From: YU_binFeb-10 12:54 PM 
To: All  (7 of 16) 
 7827.7 in reply to 7827.1 

I TOLD YOU SO! grinning

A while ago, didn't I say the entire online money is PLOT and a SCAM? 




From: GonghisKhanFeb-11 7:29 AM 
To: All  (8 of 16) 
 7827.8 in reply to 7827.1 

Vancouver QuadrigaCX User Loses $422,000 After Sale Of Bitcoin.

Unfortunately, the QuadrigaCX case hasn’t been without its victims.

In the aforementioned interview, victim Tong Zou explained his story. Zou, a thirty-something Canadian software engineer who held a variety of developing stints (BitTorrent, Spiget, Walmart, etc.) in Silicon Valley, moved to Vancouver just months ago in search of something new. As expected, Zou sought to move his savings, then situated in accounts of American financial institutions, which were valued at over $400,000.

While such a move is mandated, especially for so-called “repats” looking to start anew in their own home nation, Zou chose a peculiar route. This was, of course, to purchase Bitcoin on American exchanges, before moving said cryptocurrency holdings over to Canadian exchanges for subsequent liquidation.

Like many newcomers to the Canadian crypto economy, Zou was drawn in by QuadrigaCX, determining that the Vancouver-based exchange was the right platform for him to use. Maybe, he thought that he could visit the exchange’s ‘offices’ if things went south. Anyhow, he deposited his Bitcoin, effectively a majority of his liquid assets, and liquidated the cryptocurrency for $560,000 Canadian dollars.

As Zou needed the money for a deposit on a Vancouver property, he issued a withdrawal request. Yet, Quadriga failed to pay its dues, and left Zou hanging for months on end. He remarked:

| “I wasn’t using it for trading — I just wanted to move my money over to my Canadian bank account… What I didn’t know was that my withdrawal would be pending or incomplete and it never got deposited in my bank account. I’ve been waiting four months so far.” |




From: GonghisKhanFeb-11 7:32 AM 
To: Ennya  (9 of 16) 
 7827.9 in reply to 7827.1 

Whilst online tittle-tattle designateS that users receive their withdrawals… eventually, Quadriga’s sudden closure likely put a nail in the coffin for Zou, so to speak. Zou, who believes that it isn’t curtains closed for the $422,000 that he is owed, is currently coordinating class-action efforts with his fellow victims, who have purportedly turned to Bennet Jones LLP and McInnes Cooper.

This recent harrowing story comes as Elementus, a blockchain research unit, divulged that there’s a chance that QuadrigaCX never held 430,000 Ethereum (ETH) in its supposed “cold storage” wallets. Rumor has it that the company never held $100 million worth of Bitcoin either.


Tags: bitcoin, crypto, QuadrigaCX


From: GonghisKhanFeb-11 7:36 AM 
To: Ennya  (10 of 16) 
 7827.10 in reply to 7827.1 

Bitcoin Investor Lost Life Savings When QuadrigaCX Didn’t Issue $422,000 Withdrawal.

NICK CHONG | FEBRUARY 10, 2019 | 9:00 PM

In a matter of weeks, the demise of QuadrigaCX, once Canada’s largest Bitcoin exchange, has reached the front pages of mainstream media outlets worldwide. Bloomberg, Reuters, and Fox Business are among the mass of notable outlets that have covered this debacle.

While their coverage of this situation has brought things to light that should be known, relatively little attention has been given to those affected, a purported 115,000. Some lost close-to-zero in funds, while others lost their life savings. Bloomberg recently sat down with one Canadian client of the platform, who lives in the same city that the exchange purportedly has headquarters in. His story wasn’t pretty. Please heed his story.



  • Edited February 11, 2019 7:56 am  by  GonghisKhan

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