There are plenty of reasons why people get into the cryptocurrency space. Those with a technical understanding of ASICs or FPGAs become miners, lured in by the prospect of making free cryptos. Some join to speculate actively on various types of digital assets, trading long or short term in an attempt to turn a profit.
The cryptocurrency market is currently worth about $350 billion USD. In comparison to more traditional markets, this doesn’t look like much. Gold, for example, which experts commonly compare Bitcoin to, is worth close to $8 trillion USD. However, this is only one perspective. A different perspective is the fact that over $1.5B in investor funds
The saga of QuadrigaCX Exchange has finally met the expected disastrous end as the Apex Canadian Court, Nova Scotia Supreme has finally declared the firm ‘bankrupt.’ Earlier this year, after the expected sudden death of the CEO of the exchange, Gerald Cotten in India, the cryptocurrencies of the 115,000 users stored in Cotten’s cold wallet
Well, probably the most dramatic case in the history of cryptocurrency seems to be headed to an end. According to the recent report that has been released, Ernst and Young (EY), the court-appointed monitor for the shuttered cryptocurrency exchange QuadrigaCX, has proposed moving the company from a restructuring process to bankruptcy proceedings. E&Y believes the
Billionaire Bitcoin Investors and founders of Gemini Trust, Tyler and Cameron Winklevoss, recently addressed the on-going issues related to ‘protection of cryptocurrency wallets’ and ‘delayed regulations.’ ‘Carcasses on the road of Crypto’ The security, feasibility of access and regulatory approval around an asset class, determines the FUD (Fear, Uncertainty, and doubt) characteristics around the pattern.
The year’s biggest blockchain mystery of lost funds of QuadrigaCX exchange is much similar to the mystery behind the identity of Satoshi Nakamoto. However, the latest report reveals that the died CEO of the exchange, Gerry Cotton used to store millions of funds in multiple exchanges as a means of storage. QuadrigaCX’s Ethereum Storage Funds
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The QuadrigaCX in a recent attempt to safeguard itself from the creditors has filed for a stay with the Apex Court. The Canadian Apex Court has designated February 5th as the date for a preliminary hearing where it will appoint Ernst and Young Inc. to further investigate into the matter. The widowed wife of the
Bitcoin has the fixed supply of 21 million, however, in the light of current and past events, thousands, presumably millions of Bitcoins are lost that only reduces its supply. Crypto Exchange Founder Dies, Crypto Funds Lost Canadian cryptocurrency exchange QuadrigaCX can’t access the majority of the $190 million that it owes to its customers, according