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Gungun Bhatia
Dec 20, 2022
by Gungun Bhatia

QuadrigaCX $1.7 Million Bitcoins Reignites After Years of Hibernation

QuadrigaCX bitcoins

Table of contents

  1. QuadrigaCX Reignites After Years of Dormancy
  2. Collaboration With Management
After being dormant for years, five wallets connected to the now-defunct Canadian cryptocurrency exchange QuadrigaCX have recently been seen exchanging almost $1.7 million worth of Bitcoins.

QuadrigaCX Reignites After Years of Dormancy

Gerald Cotten, the company's founder, and CEO, who was only in charge of the secret information about the exchange's wallets passed away in December 2018. QuadrigaCX, formerly Canada's biggest cryptocurrency exchange, filed for bankruptcy in April 2019. At the time of its insolvency, around 155,000 exchange customers owned up to $200 million in cryptocurrency.

Collaboration With Management

According to a study from Ernst & Young, one of the Big Four accounting firms in charge of the exchange's estate, QuadrigaCX unintentionally moved about 103 bitcoins to cold wallets on February 6, 2019, which only the deceased Cotten could access. The amount is nearly comparable to the volume of Bitcoin that has lately changed hands.

The company declared at the time that it would collaborate with management to get the cryptocurrency out of the cold wallets.

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QuadrigaCX $1.7 Million Bitcoins Reignites After Years of Hibernation
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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