{"id":15717,"date":"2022-12-21T20:04:20","date_gmt":"2022-12-21T20:04:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/1-7m-in-quadrigacx-bitcoins-move-court-trustee-ey-says-transfers-were-unauthorized-bitcoin-news\/"},"modified":"2022-12-21T20:04:20","modified_gmt":"2022-12-21T20:04:20","slug":"1-7m-in-quadrigacx-bitcoins-move-court-trustee-ey-says-transfers-were-unauthorized-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/1-7m-in-quadrigacx-bitcoins-move-court-trustee-ey-says-transfers-were-unauthorized-bitcoin-news\/","title":{"rendered":"$1.7M in Quadrigacx Bitcoins Move, Court Trustee EY Says Transfers Were ‘Unauthorized’ \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On Dec. 19, the Twitter account Zachxbt revealed he discovered five cold wallets from the now-defunct Quadrigacx crypto exchange move 104 bitcoin. The following day, \u2018big four\u2019 accountancy firm EY, Quadrigacx\u2019s bankruptcy court trustee, explained it did not authorize the spending of the funds and that prior reports detailed that the cold wallets were inaccessible to EY.<\/strong><\/p>\n

Cold Wallets Associated With Now-Defunct Quadrigacx Wake up After Years of Sitting Idle<\/h2>\n

During the first week of Feb. 2019, the crypto exchange Quadrigacx told customers it was shutting down operations until it solved liquidity issues. Then the Supreme Court of Nova Scotia ordered the business to enter into the Companies\u2019 Creditor Arrangement Act (CCAA), and the court appointed the accountancy firm EY to manage the firm\u2019s remaining assets.<\/p>\n

Making matters worse, it was discovered that $150 million in customer funds were lost after the death of Quadrigacx\u2019s founder Gerald Cotten. Reportedly, the private keys Cotten held could not be accessed, and it spurred numerous conspiracy theories that said Cotten may have faked his own death.<\/p>\n

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Five wallets attributed to QuadrigaCX unexpectedly moved ~104 BTC<\/a> on Dec 17 for the first time in years.<\/p>\n

1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe
1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R
1MhgmGaHwLAvvKVyFvy6zy9pRQFXaxwE9M
1HyYMMCdCcHnfjwMW2jE4cv9qVkVDFUzVa
1JPtxSGoekZfLQeYAWkbhBhkr2VEDADHZB<\/p>\n

\u2014 ZachXBT (@zachxbt) December 19, 2022<\/a><\/p>\n<\/blockquote>\n

Close to four years later, the Quadrigacx mystery is still unsolved, and on Monday, Dec. 19, 2022, the Twitter user Zachxbt explained<\/a> he discovered 104 bitcoin (BTC<\/a>) move from five different Quadrigacx-flagged cold wallets. The 104 BTC<\/a> is worth $1.75 million using today\u2019s exchange rates and Zachxbt believes<\/a> around 69 BTC<\/a> was sent to Wasabi, a bitcoin mixing wallet service.<\/p>\n

In addition to Zachxbt\u2019s discovery, EY addressed the bitcoin movements the following day on Dec. 20, 2022, in a \u201cnotice to affected users\u201d that highlights the \u201cunauthorized transfer of Quadriga bitcoin.\u201d EY insists that the transfers were not authorized by the accountancy firm and it noted that the company and representative counsel \u201chave become aware of an unauthorized movement of bitcoin.\u201d<\/p>\n

While Zachxbt\u2019s tweet mentions five addresses, the EY update includes a total of six bitcoin wallets (1<\/a>, 2<\/a>, 3<\/a>, 4<\/a>, 5<\/a>, 6<\/a>). EY says that on several occasions it has been documented by the CCAA proceedings that these specific funds were inaccessible. \u201cQuadriga inadvertently transferred certain cryptocurrency into cold wallets that the applicants were unable to access,\u201d EY\u2019s update details.<\/p>\n

Onchain data shows the bitcoin addresses \u201c1J9Fq\u201d and \u201c1Mhgm\u201d connected following the first transactions before moving to the bitcoin wallet \u201c1GVsp.\u201d Furthermore, while Zachxbt detailed that it appeared \u201c1HyYM & 1JPtxS were sent to Wasabi\u201d five days ago, onchain data shows the two addresses connected, and 33.12 BTC<\/a> was sent to \u201cbc1q0<\/a>.\u201d<\/p>\n

\"$1.7M
An onchain perspective of the movements between the bitcoin addresses 1HyYM, 1JPtxS, and bc1q0. At the time of writing, at 11:00 a.m. (ET) on Dec. 21, 2022, the bitcoin address bc1q0 still holds 33.12 BTC<\/a> worth just over $500K.<\/figcaption><\/figure>\n

The 33.12 BTC<\/a> or just over $500K worth of bitcoin using today\u2019s exchange rate has remained idle in the address since Dec. 17. Interestingly, the single transaction of 33.12 BTC<\/a> sent to bc1q0 came from 164 different senders. Several matched bitcoin addresses were identified in the onchain movements between 1HyYM, 1JPtxS, and bc1q0.<\/span><\/p>\n

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\nTags in this story
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$1.7 million<\/a>, $150 million<\/a>, 33.12 BTC<\/a>, accountancy firm<\/a>, Big Four accounting firm<\/a>, Bitcoin<\/a>, Bitcoin Addresses<\/a>, Bitcoin Mixer<\/a>, bitcoin movements<\/a>, bitcoin transfers<\/a>, BTC addresses<\/a>, cold wallets<\/a>, Conspiracy Theories<\/a>, EY<\/a>, Gerald Cotten<\/a>, matched bitcoin addresses<\/a>, mixing bitcoin<\/a>, Onchain analysis<\/a>, Onchain movements<\/a>, Quadriga<\/a>, QuadrigaCX<\/a>, Quadrigacx bitcoin<\/a>, Quadrigacx wallets<\/a>, wasabi<\/a>, Zachxbt<\/a><\/div>\n<\/div>\n

What do you think about the Quadrigacx bitcoins that moved this week? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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