UPDATED 22:25 EDT / FEBRUARY 28 2019

BLOCKCHAIN

Kraken offers $100,000 reward for info on QuadrigaCX’s missing $190M

Cryptocurrency exchange Kraken is offering a $100,000 reward for information about the location of $190 million in crypto and regular currency from failed Canadian exchange QuadrigaCX.

QuadrigaCX closed its doors at the end of January, claiming that its 30-year-old founder Gerald Cotten had died of Crohn’s Disease while in India and that he was the only person who had access to the exchange’s cold storage wallets.

Since the closure announcement, there have been multiple reports of cryptocurrency tied to the company being moved, something completely impossible if no one had access to the crypto wallet keys.

Weirder still, QuadrigaCX confessed in court documents that it had “inadvertently” transferred 103 Bitcoins on Feb. 6 to cold wallets protected by the allegedly lost access keys held by Cotten.

Many believe that QuadrigaCX is an exit scam, in which a founder or employees of a company take the funds invested and run. Whether Kraken believes that QuadrigaCX is an exit scam or not, it’s clearly skeptical of the line being spun by the company.

“Some say the events and circumstances surrounding this case are too suspicious to be believed,” Kraken said in an email to users. “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.”

To anyone who may know the truth of what has occurred with the missing QuadrigaCX funds have gone, Kraken asks for tips that can be passed on to law enforcement. Whether $100,000 on the table as a potential reward for information on the QuadrigaCX case proves effective is yet to be seen, but Kraken has credibility. It played a role in the bankruptcy claim process of failed Japanese cryptocurrency exchange Mt. Gox as well as dedicating various resources in attempting to trace the bitcoin that had allegedly been stolen.

Photo: edenpictures/Flickr

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