QuadrigaCX to Keep Losing Money

Ernst and Young reports Quadriga "inadvertently transferred 103 bitcoins" to wallets without access
13 February 2019   445

QuadrigaCX, the problematic Canadian crypto-exchange, which owed users about $ 190 million, lost another 500 thousand Canadian dollars (about $ 370 thousand) last week due to an error.

According to the initial report of the audit firm Ernst and Young (EY), the exchange, by mistake, moved more than 100 BTC to a “cold” wallet to which there is no access.

On February 6, 2019, Quadriga inadvertently transferred 103 bitcoins valued at approximately $468,675 to Quadriga cold wallets which the Company is currently unable to access. The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.

Ernst and Young Report

Also, the document states that EY will take control of the exchange funds remaining on the “hot” wallets, transferring them to their own “cold” wallet. These assets include 51 BTC, 0.014 Bitcoin SV, 33 Bitcoin Cash, 2000 Bitcoin Gold, 800 Litecoin, and 950 Ethereum coins.

Among other things, EY will take control of "various electronic devices allegedly owned by ex-head of the exchange Gerald Cotten or which he could use in the company's operations." These items include four laptops, four mobile phones, and three encrypted USB keys.

The report also states that EY works with several third-party payment processors in an attempt to unblock access to the fiat balance sheets of the exchange. However, so far these attempts have not been successful.

Binance DEX to Launch Trading

Mithril is the first asset, that is trading on new platform; also, the exchange presented the listing rules for assets
25 April 2019   69

Binance DEX announced the start of trading in the Mithril token (MITH) together with Binance Coin (BNB). This is the first asset in the listing site.

At the same time, the exchange presented the listing rules for assets. So, anyone can release a token on the Binance Chain, but listing it to the marketplace takes place in several stages.

First of all, the issuer must place a listing application on the Binance Chain community forum, providing answers to a number of questions relating to the innovativeness of the project, its scope and other characteristics.

After that, the issuer must make a deposit in the amount of 1,000 BNB within two days, which will be returned later. Note that the listing of an asset on Binance DEX must be approved by at least half of the validators.