<h4>Quick Take</h4> <ul> <li><span style="font-weight: 400;">Elementus </span><span style="font-weight: 400;">found that QuadrigaCX likely didn’t have any Ethereum cold wallets</span></li> <li><span style="font-weight: 400;">During the last three years, a large portion of the funds were continuously sent to Shapeshift in small amounts and then converted from ether to bitcoin, litecoin and bitcoin cash before being sent to Bitfinex</span></li> <li>Elementus says that “some of the funds sent most likely went back to some deposit accounts, but the majority has been sent to exchanges and didn’t come back.”</li> </ul>