Home / Altcoins / Kraken Crypto Exchange Offers $100,000 Reward for QuadrigaCX’s Missing Funds

Kraken Crypto Exchange Offers $100,000 Reward for QuadrigaCX’s Missing Funds

Kraken announced in a blog post on Feb. 28 that the Cryptocurrency Trading Exchange Kraken has posted a $100,000 rewards for the revelation of the real Canadian crypto exchange QuadrigaCX’s missing funds. Kraken declared the offer in a blog entry on Feb. 28.

QuadrigaCX has faced financial trouble following the sudden passing of its founder Gerry Cotten in December a year ago. Since then, Quadriga has not able to access the capacity to get to its cold wallets where it kept the greater part of the benefits, in light of the fact that Cotten was evidently only responsible person for the wallet address and corresponding key.

Quadriga purportedly just has CA$375,000 ($286,000) in real money, while it owes CA$260 million ($198,435,000) to its users. Facing insolvency, the trade has sought creditor protection in a Canadian court.

Presently, Kraken is offering forth up to $100,000 in either fiat or digital cash as a reward for tips that could prompt the revelation of the missing assets. Kraken notes in the announcement that it might end the reward program anytime.

The statement concludes “All leads collected by Kraken will be provided to the FBI [Federal Bureau of Investigaion], RCMP [Royal Canadian Mounted Police] or other law enforcement authorities, who have an active interest in this case.”

As recently revealed, Cotten may have put away the exchange’s private keys on paper in a safety deposit box. In an interview on the “True Bromance Podcast” in February 2014, Cotten explained that the best way to keep private keys is to print them off and store them disconnected in a security store box. Cotten then stated:

“Essentially we (QuadrigaCX) put a bunch of paper wallets into the safety deposit box, remember the addresses of them. So we just send money to them, we don’t need to go back to the bank every time we want to put money into it. We just send money from our Bitcoin app directly to those paper wallets, and keep it safe that way.”

In mid-February, a post by Redditor dekoze demonstrated five addresses purportedly connected with Quadriga, noting that the number is only a small amount of the complete number of related wallets. Exchanges sent to the addresses generally level with the measure of BTC Quadriga already purportedly sent to locked cold wallets accidentally.

About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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