On December 19, Twitter account Zachxbt wrote: discovered five cold wallets from the now-defunct cryptocurrency exchange Quadrigacx, moving 104 bitcoins. The next day, Quadrigacx’s bankruptcy court trustee, EY, the ‘Big Four’ accounting firm, said it had not approved the disbursement of the funds, with previous reports detailing EY’s inability to access the cold wallet. I was.
Now-defunct Quadrigacx-related cold wallets wake up after years of idleness
In the first week of February 2019, Cryptocurrency exchange Quadrigacx has told customers it will suspend operations until liquidity issues are resolved. Nova Scotia’s Supreme Court then ordered the company to enter into the Corporate Creditor Arrangement Act (CCAA), and the court appointed accounting firm EY to manage the company’s remaining assets.
To make matters worse, after the death of Quadrigacx founder Gerald Cotten, $150 million in customer funds were found lost. Reportedly, the inability to access the private key that Cotton was holding has spurred many conspiracy theories that Cotton may have faked his own death.
For the first time in years his 5 wallets attributed to QuadrigaCX he unexpectedly moved ~104BTC on Dec 17th. }
Nearly four years later, the Quadrigacx mystery is still unsolved, and on Monday, December 19, 2022, Twitter user Zachxbt posted 104 Bitcoins (BTC) Move from 5 different Quadrigacx flagged cold wallets. 104 BTC using today’s exchange rate he is worth $1.75 million and Zachxbt is worth about 69 BTC Bitcoin mixing wallet I believe the money was sent to Wasabi, a service.
In addition to Zachxbt’s findings, EY said that the day after December 20, 2022, he issued a “Notice to Affected Users” highlighting “unauthorized transfers of Quadriga bitcoins.” Addressed coin movement. EY argued that the transfer was not authorized by its accounting firm, and said the company and its representative lawyers had “become aware of the unauthorized movement of bitcoin.” EY addresses are mentioned, but the EY update includes a total of 6 bitcoin wallets (1,2,3,4, 5, 6). EY has stated that it has been on record on several occasions that it has been unable to access these particular funds due to CCAA proceedings. “Quadriga inadvertently transferred certain cryptocurrencies to cold wallets that applicants do not have access to,” he said, detailing the EY update.
On-chain data shows connected Bitcoin addresses ‘1J9Fq’ and ‘1Mhgm’ following the first transaction before moving to Bitcoin wallet ‘1GVsp’. Additionally, Zachxbt detailed what appeared to be “1HyYM & 1JPtxS sent to Wasabi” 5 days ago, but on-chain data indicates that the two addresses are connected. , 33.12 BTC was sent to “bc1q0.} .” On-chain perspective of movement. As of writing at 11:00 AM ET on December 21, 2022, Bitcoin address bc1q0 still holds 33.12 BTC, worth just over $500,000.
33.12 BTC, or just over $500,000 worth of Bitcoin using today’s exchange rate, has been sitting idle in addresses since December 17th. is. Interestingly, 33.12 {81 single transactions} of his BTC sent to bc1q0 came from 164 different senders. Several matching Bitcoin addresses were identified in on-chain movements between 1HyYM, 1JPtxS, and bc1q0.
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