QuadrigaCX to Keep Losing Money

Ernst and Young reports Quadriga "inadvertently transferred 103 bitcoins" to wallets without access
13 February 2019   162

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.

Poloniex to Suspend Operations for Few Hours

Representatives of the exchange say users' funds will be completely safe during maintenance
21 February 2019   86

The cryptocurrency exchange Poloniex has announced maintenance, which will begin on February 22 at 22 UTC. The trading platform will be unavailable for several hours.

Representatives of the exchange claim that the users' funds will be completely safe. Technical work associated with the modernization and transition "to the best data centers, which will increase the reliability of the platform and increase uptime."

Also in Poloniex noted that the trade orders of users will not be canceled.

Recall, recently Poloniex has added to the listing of privacy-oriented cryptocurrency Grin.