$190M in Krypto Kurrency Kaput!

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The CEO died with the only password.........

That's golden man.......golden!
 
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: :popcorn: :pffftt: :rotflmbo: :wave: :paperbag:

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Founder and sole employee? Who is currently making statements for the company then?

It wouldn't surprise me one bit to find out there was foul play and shenanigans afoot with this story.
 
Founder and sole employee? Who is currently making statements for the company then?

It wouldn't surprise me one bit to find out there was foul play and shenanigans afoot with this story.

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. :popcorn:
 
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'QuadrigaCX's founder and CEO, Gerald Cotten, died of complications from Crohn's disease'
'Life expectancy with Crohn's disease should not be a concern. This disease doesn't directly affect life expectancy. ... In the 1950s, a severe attack of Crohn's disease meant a 30 to 60 percent risk of death, but that risk is now three percent when a patient follows a proper treatment plan.18 Jan 2018'

He 'died' in India looking for sites to create an orphanage ..... and he wasnt old

They bury em quick in India. Proof of death not so high ?

Just sayin
 

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.
Between the lines: Investors with Earn accounts have been and remain creditors of Celsius. That means Celsius still owes them. Exactly how much they'll recover, is the unknown.

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.
Be smart: Crypto investors who parked their assets on platforms like Celsius with the expectation of earning interest, while enjoying the protections afforded to bank depositors, were mistaken.

  • 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.
Yes, but: Account holders who previously objected in the Celsius case argued that changed language in the Terms of Use, such as "loan" and "lending," made the contract ambiguous.

  • The judge says such terms don't contradict the transfer of ownership of crypto assets to Celsius.
The bottom line: The writing was on the wall when a group of unsecured creditors in December said as much.

  • 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
 
  • 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.

While true, the premise here is going to be the same for bank accounts. When you deposit money it becomes THE BANK's money.
 
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.
 
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