Bitcoin from beyond the grave: QuadrigaCX’s BTC back from the dead

The “death” of trading platforms of cryptocurrencies is not something of recent. FTX is just one name among many on an already extensive list. QuadrigaCX added his in 2019 after the death of its creator.

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A transfer by mistake or an organized leak?

In December 2018, Gerald Cottencreator and CEO of QuadrigaCX deceased. Unfortunately for the users of the platform, no one but him has access to the private keys that secure the wallets of the exchange. Near 160,000 people find themselves with money blocked, without being able to do anything. In April 2019the Canadian company is declared in bankruptcy.

The Big Four accounting firm that oversaw the company’s accounts at the time explained that QuadrigaCX had transferred 103 BTC on these wallets of which only Cotten had the keys.

Many voices were raised at the time to cry out conspiracyexplaining that Cotten had staged his death right after transferring the funds so that you can enjoy them freely.
But these funds never moved until December 17, 2022.

A Netflix documentary warns of the mysterious death of Gerald Cotten, the controversial founder of the QuadrigaCX cryptocurrency exchange.
“Trust No One: The Hunt for the Crypto King” – A documentary on Netflix reenacting the QuadrigaCX case

ZachXBT has indeed announcement on Twitter that movements from Cotten’s five addresses took place. For a total amount of 104 bitcoinsa few satoshis close to the same as what was blocked so far.

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BTCs on the move

Of these 104 bitcoins (approx. $1,750,000), 69 were sent to Wasabia mixing service that makes it impossible to track transfers.

The addresses concerned are as follows:

  • 1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe;
  • 1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R;
  • 1MhgmGaHwLAvvKVyFvy6zy9pRQFXaxwE9M;
  • 1HyYMMCdCcHnfjwMW2jE4cv9qVkVDFUzVa;
  • 1JPtxSGoekZfLQeYAWkbhBhkr2VEDADHZB.

It is still too early to know if the news is good or bad.

For some people, hope is reborn with this news, hoping that these movements are initiated by the accounting firm that would have managed to recover the funds with the aim of refund users. But the fact that more than half of the BTC has been transferred to Wabasi suggests that this is not the case, and that the movements are made in order to be able to launder and use these bitcoins.

What is the real reason? We will certainly know more in the days or weeks to come. In the meantime, it is possible to monitor the movements of BTC remaining, not yet passed through a mixing service. Undoubtedly, the twists are not over.

Disasters and hacks don’t just happen to others! It is better never to entrust the security of your cryptocurrencies to a third party. To sleep with peace of mind, equip yourself with a Ledger secure hardware wallet, there is something for all budgets. Your security is priceless (commercial link).

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