Exchange News

Researcher Claims To Have Found $90 Million of The Missing QuadrigaCX Funds

In a detailed report published on Zeronocense, James Edward, a researcher has claimed to have found a trail to the missing $90 million worth of cryptocurrency from the now-defunct crypto exchange QuadrigaCX.

In his research, Edwards discovered 649.708 ETH coins that were transferred from the wallets of the company to other crypto exchanges including Bitfinex, Poloniex, and Kraken.

However, Jesse Powell, the CEO of Kraken has made it clear that his exchange doesn’t have any funds from QuadrigaCX.

In a statement, the researcher notes that there is “a high likelihood that OuadrigaCX funds are currently stored on Poloniex and Bitfinex.

“Based on the cumulative analysis of Taylor Monahan, the CEO of MyCrypto, Elementus, a blockchain research firm that was cited by the Wall Street Journal, and the author of this report, it appears that there is a high likelihood that there are funds that belong to QuadrigaCX at Bitfinex and Poloniex.”

If this is the case, then there is hope of the funds being recovered, and this would dismiss the narrative that the exchange is unable to recover the assets since the CEO is no longer alive.

What is not certain is if the funds are still within the exchanges or they could have been moved out. One Twitter user is skeptical of the report given that already Kraken has offered a reward for anyone who can trace the funds meaning they don’t have any.

In a tweet Alex Firmani writes:

“By offering $100k for info on Quadriga’s crypto, @KrakenFX has told us that Quadriga’s account on Kraken is EMPTY. @jespow can see QCX’s balance. If it had 1000s of ETH, he’d assume the rest is on other exchanges and not offer bounty to find it.”

Also, an extensive investigation is required to find out if the trail is indeed directly connected to the exchange and not other users or individuals that are close to the exchange.

What’s your take on this researcher that claims to have discovered $90 million of the missing QuadrigaCX funds? Share your thoughts in the comment section below.

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

Leave a Comment

Your e-mail address will not be published. Required fields are marked *