11C1P
Yellow Jacket
$190M in Krypto Kurrency Kaput!
- Thread starter 11C1P
- Start date
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ancona
Praying Mantis
The CEO died with the only password.........
That's golden man.......golden!
That's golden man.......golden!
11C1P
Yellow Jacket
The Plot Thickens...
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The plot thickens...
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A Crypto-Mystery: Is $136 Million Stuck or Missing?
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"A Canadian cryptocurrency exchange says about $136 million worth of customers’ holdings are stuck in an electronic vault because the company’s founder, and sole employee, died without sharing the password.
But two independent researchers say publicly available transaction records associated with QuadrigaCX suggest the money may be gone, not trapped.
They say it appears Quadriga transferred customer funds to other cryptocurrency exchanges, although it isn’t clear what might have happened to the money from there...."
:flail:
ffftt: :rotflmbo: :wave: 
.
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The plot thickens...
.
A Crypto-Mystery: Is $136 Million Stuck or Missing?
.
"A Canadian cryptocurrency exchange says about $136 million worth of customers’ holdings are stuck in an electronic vault because the company’s founder, and sole employee, died without sharing the password.
But two independent researchers say publicly available transaction records associated with QuadrigaCX suggest the money may be gone, not trapped.
They say it appears Quadriga transferred customer funds to other cryptocurrency exchanges, although it isn’t clear what might have happened to the money from there...."
:flail:
ffftt: :rotflmbo: :wave: .
11C1P
Yellow Jacket
Maybe his wife decided she liked her new BF better, but liked the $$ of her present spouse better?
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Rereading the one story, a whole bunch of stuff in this one paragraph jumped out at me.
"On Jan. 15, the company announced on its website that Mr. Cotten had died on Dec. 9 from complications related to Crohn’s disease while building an orphanage in India. He was 30 years old. His wife, Jennifer Robertson, and other shareholders took control of the firm. Two weeks later, the exchange filed for bankruptcy protection in a Nova Scotia court."
He died on Dec. 9th but they didn't announce it until Jan 15th? They must have a helluva office Christmas party! :flail: His wife & other shareholders took control of the company. Wonder if one of those "other shareholders" shacks up with the young widow some time soon. I stand by the YT video earlier in this post.
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11C1P
Yellow Jacket
Bankruptcy judge rules that Earn account assets belong to Celsius
Celsius Network's bankruptcy might have just set a precedent in determining what crypto assets belong to whom when stored on a centralized platform.
Driving the news: The judge in a 45-page written decision on Wednesday concluded that the deposits in the lender's yield-bearing Earn accounts belong to the estate — that is Celsius — and not the individual holders of those accounts.
Why it matters: Celsius had 600,000 accounts in its Earn program when it filed for Chapter 11 mid-2022, which collectively held roughly $4.2 billion in assets as of July 2022.
- Part of that included stablecoins then-valued at around $20 million. All of that is property of the estate, or Celsius.
The big picture: Crypto platforms' Terms of Service could be central to how other bankruptcy proceedings shake out.
- Judge Martin Glenn in his decision said the issue of ownership is "a contract law issue."
- "The Court finds that there was a valid contract between Celsius Account Holders and Celsius and that the contract terms unambiguously transferred all right and title of digital assets to Celsius," the decision reads.
- At a bank, deposits are guaranteed by the Federal Deposit Insurance Corporation. In the event the bank couldn't return a customer's deposits — the FDIC will.
- Crypto platform deposits have no such protections.
- The judge says such terms don't contradict the transfer of ownership of crypto assets to Celsius.
- Now Celsius can sell those stablecoins to keep the lights on, though state regulators as well as the U.S. Trustee have argued against such a sa
While true, the premise here is going to be the same for bank accounts. When you deposit money it becomes THE BANK's money.
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For me, the warning buzzer was when some crypto-currency outfits promised huge returns. Where the hell was the source of the huge returns?! The US dollar rate was what, two percent, maybe four percent now? (Sorry, I am not keeping up. The I-bonds seem to offer much more, but with their own issues.) So how, exactly, is this going to work for the profit of those who buy low and sell high? Anyone promising excessive returns for no effort is very suspicious. If it were so easy and so safe, the big players would be all in on the plan. Although I despise the big players, I have to acknowledge their skill in buying (or not) the investment vehicles on the market. Obviously, I except "investments" that are just bribe and laundering schemes.