Exchange News

Former Walmart engineer loses his 7 years savings in the QuadrigaCX saga

A former Walmart engineer has lost all of his life savings in the QuadrigaCX saga.  Tong Zou who formerly worked for Walmart and BitTorrent as a software engineer, has filed an affidavit in court indicating he had $422,000 worth of crypto before the QuadrigaCX saga began.

The engineer told Bloomberg that that was all his life savings. However, he was not looking to trade cryptocurrencies. Instead, he wanted to transfer his wealth from the United States where to his home in Canada. By using cryptocurrency in the transition process, Zou wanted to minimize on the money transmission fees.

Zou said:

I wasn’t using it for trading, I just wanted to move 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 have been waiting four months [from October 2018] so far.

The QuadrigaCX saga has affected more than 100K customers who have been using the exchange. The software engineer said he is the only one with the largest amount on the exchange.

The engineer and other QuadrigaCX customers started having problems accessing their digital wealth in late last year. Later, the founder of the exchange was reported to have died in India. With the founder being the sole operator of the exchange’s cold wallets, his death meant that the wallets were inaccessible. Early this year, the exchange filed and was granted creditor protection by the Nova Scotia Supreme Court.

The former BitTorrent software engineer noted that the QuadrigaCX saga has prevented him from settling back home after being in the United States for seven years. Zou added that he thinks the QuadrigaCX saga just coincided with when he wanted to use the exchange to buy a property in Canada.

Do you think the QuadrigaCX saga will be over soon?

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.

Comments are off this post!