QUADRIGACX HAS NEVER HAD ENOUGH BTC TO PAY OFF ALL CUSTOMERS
Canadian cryptocurrency exchange QuadrigaCX is unable to pay its customers the lost $190 millions, because, most likely, it has never had such an amount. This is evidenced by the results of a research team of analysts from CryptoMedication.
Analysts have identified a cluster of addresses controlled by the exchange and actively used it for transfers between clients. However, none of the transactions leads to a wallet that could be called a backup or a cold one.
In addition, the researchers found no evidence that the wallets of the exchange ever had more than 100 BTC.
Analysts noted that their assumptions may not correspond to reality, but bitcoin transfers from one client to another in order to meet the requests of the latter seem to them “extremely illegal and ineffective.”
CryptoMedication also questioned the statement of the QuadrigaCX management about the loss of access to cold wallets after the death of the owner of the company Gerald Cotton, in early December.