Kraken offers $100k for tips leading to missing QuadrigaCX coins

Exchanges • February 28, 2019, 5:34PM EST
The Block

Kraken, the San Francisco-based cryptocurrency exchange, announced Thursday that it is offering "$100,000 USD (fiat or crypto) as a reward for the tip(s) that best lead to the discovery of the missing" QuadrigaCX coins, which are worth approximately $190 million.

"Kraken wants to bring awareness and attention to this case, in hopes that we can help discover some or all of the missing client funds," the firm stated in a blog post.

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QuadrigaCX, a Canadian cryptocurrency exchange, ceased operations on Jan. 26, leaving many of its clients confused and panicked. Seven weeks prior, the firm's CEO and founder, Gerald Cotten suddenly passed away. On Feb. 8, QuadrigaCX filed an application for creditor protection in the Nova Scotia Supreme Court, citing issues with locating "very significant cryptocurrency reserves held in cold wallets." 

Ever since then, clients have been attempting to locate Cotten's wallet addresses, with some reports concluding that the exchange likely didn’t have any Ethereum cold wallets.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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