Five wallets connected to the long-gone Canadian crypto exchange QuadrigaCX have been seen moving almost $1.7 million worth of Bitcoin after being dormant for years. QuadrigaCX crypto exchange which was known to have over 3 million dollars in funds moved after a long while of being bankrupt.
The crypto exchange has been said to be linked with 5 Bitcoin wallets and certain withdrawals were made after a while.
ZachXBT identified the movement of funds from the Exchange
ZachXBT saw that 69 BTC ($1.16 million) was transmitted from two of the addresses to the cryptocurrency mixing service Wasabi, which is typically used to disguise the transactional history of specific bitcoins. Since 2019, the bitcoin addresses connected to QuadrigaCX have been dormant.
Prior to that time, ZachXBT, a blockchain investigator, discovered the transactions and noted on Twitter that 104 BTC ($1.75 million) were transferred on December 17.
The sudden move of 103 BTC
After a long while, the dormant crypto exchange, QuadrigaCX had some visible transactions that were made.
In 2019, QuadrigaCX revealed that it had unintentionally sent 103 BTC (valued little under $469,00 at the moment) to five cold wallets that were unavailable to the exchange. EY is the financial trustee and court-appointed administrator for QuadrigaCX’s estate.
Uncertain conditions surround the most recent bitcoin transactions. However, EY has not moved the cryptocurrency, according to Magdalena Gronowska, a member of QuadrigaCX’s creditor committee, who told CoinDesk, indicating that the bankruptcy administrator was not involved.
Gronowska affirms that QuadrigaCX is familiar with the movement of the funds
In a different tweet, Gronowska stated that the QuadrigaCX bankruptcy inspectors are aware that bitcoins are in motion. To locate the cryptocurrency, they are currently investigating more.
Private keys were only held by the late QuadrigaCX CEO
Thousands of consumers were left without money since Cotten alone held the private keys of QuagrigaCX’s operational wallets (as opposed to the five bitcoin wallets that were recently active).
Vancouver-based About three months after the pioneer Gerald Cotten tragically passed away while vacationing in India following consequences from Crohn’s disease, QuadrigaCX, once one of Canada’s largest cryptocurrency exchanges, filed for bankruptcy. Thereafter, his wife Jennifer Robertson told Bloomberg that she couldn’t find the firm’s financial records or passwords.
Although these claims have not yet been confirmed, his death spurred debate and rumors that he had staged his demise to steal customer monies. Cotten’s body was previously exhumed at the request of creditors to establish his demise.
ZachXBT is an on-chain cryptocurrency investigator who has exposed several scams in the cryptocurrency industry. His findings helped French law enforcement agencies find and detain members of an NFT scam ring that siphoned off digital assets valued at $2.5 million.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.