Exchange News

A leading crypto exchange pledges $100,000 reward for QuadrigaCX’s missing cryptos

Kraken, a leading cryptocurrency exchange, has pledged a reward of $100,000 for the missing cryptos from Quadriga, a Canadian virtual currency exchange.

According to an announcement posted on the official Kraken blog, the exchange said that the 100,000 U.S dollars would be paid to anyone who will forward information leading to the recovery of the missing cryptos. Kraken noted that it is ready to avail the reward in either digital currency or fiat.

Kraken is encouraging anyone with tips on how to recover the missing cryptos to first acquit themselves with the evidence of what happened. This information will be bundled into podcasts.

In a blog post announcing the reward, Kraken said:

Some say the events and circumstances surrounding this case [QuadrigaCX] are too suspicious to be believed. Kraken wants to bring awareness and attention to this case, in hopes that we can help discover some or all of the missing client funds… Kraken is giving up to $100,000 USD (fiat or crypto) as a reward for the tips that best lead to the discovery of the missing $190 million U.S dollars.

Out of the 190 million U.S dollars, the missing cryptos account for 137 million U.S dollars while the remaining 53 million U.S dollars is in fiat.

The events at the Canadian exchange took a drastic turn when its founder, Gerald Cotton, died in India. Jennifer Robertson, Cotton’s widow, went to court to seek creditor protection. In the filing, Jennifer states that her late husband was the only one with access to the exchange’s hot and cold wallets.

Since then, reports have emerged indicating that the missing cryptos may have been siphoned out of the exchange even before Gerald’s death. However, a sizeable amount of fiat from third-party payment processors has already been recovered.

Do you think the missing cryptos will ever be recovered?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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