Cointime

Cointime

Download App
iOS & Android

QuadrigaCX Trustee Ernst and Young Says it Did Not Initiate the Transfer of 104 BTC

Validated Media

QuadrigaCX’s trustee and court-appointed monitor of its bankruptcy proceedings, Ernst and Young Inc., has released a statement confirming that the firm is aware of the unauthorised transfer of 104 BTC from cold wallets belonging to the defunct crypto exchange.

The Trustee and Representative Counsel are Investigating the Unauthorized Transfers

The firm stated that ‘the Trustee and Representative Counsel have become aware of an unauthorised movement of bitcoin from certain cold wallets held by Quadriga.’ Ernst and Young added that the cold wallets have been considered inaccessible since February 2019, as their private keys ‘have not been located despite the detailed review.’

As a result, the trustee and representative counsel ‘are actively investigating the unauthorised transfers for the benefit of the Estate.’

Crypto Seems to Be Hit by Negative Events Every 4 Years — Crypto Twitter

The mysterious transfer of the 104 Bitcoin linked to QuadrigaCX, initially thought to be lost, has triggered an observation amongst the crypto Twitter community that the industry seems to be hit by an adverse event every four years.

Source: @dustinwatchman on Twitter

The crypto Twitter community cites that in 2014 Mt Gox was hacked, and thousands of Bitcoin were stolen. In 2018, QuadrigaCX went under due to its founder and CEO embezzling user funds. This year, and four years after the QuadrigaCX incident, the FTX crypto exchange collapsed due to Sam Bankman-Fried and top executives mishandling user funds.

Therefore, if the pattern remains, the crypto industry could be hit by a similar or worse incident in 2026.

Self-Custody is Increasingly Becoming Popular

The most recent implosion of FTX has led many crypto traders and investors to start withdrawing their digital assets from exchanges and into cold storage for fear of losing their crypto in the next big crypto exchange insolvency.

Consequently, popular hardware wallet manufacturers, such as Trezor and Ledger, have seen significant interest and sales of their wallet devices since mid-November when FTX filed for bankruptcy.

(By John P. Njui)

Crypto FTX BTC Bitcoin
Comments

All Comments

Recommended for you

  • U.S. Stocks Open: Dow Jones Down 0.1%, S&P 500 Up 0.1%

    U.S. stocks opened with the Dow Jones down 0.1%, the S&P 500 up 0.1%, and the Nasdaq up 0.16%. SanDisk (SNDK.O) rose 7%, as the company expects revenue to maintain mid-to-high double-digit growth from fiscal years 2028 to 2030. Western Digital (WDC.O) and Micron Technology (MU.O) both increased by about 4%. Applied Materials (AMAT.O) fell 5% after the company announced its earnings.

  • U.S. Stock Market: Storage Stocks Surge, SanDisk Rises Over 4%

    On August 14, storage concept stocks in the U.S. stock market collectively rose, with SanDisk increasing by over 4%. Other notable gains included Phison Electronics and Western Digital, both rising by over 2%, while SK Hynix, Seagate Technology, and Micron Technology saw increases of over 1%. In related news, SanDisk expects its revenue to maintain mid-to-high double-digit growth from fiscal years 2028 to 2030.

  • Samsung Electronics' R&D Investment Reaches Record 27.3 Trillion Won in First Half of 2026

    On August 14, regulatory filing documents disclosed on Friday revealed that Samsung Electronics' R&D investment reached a new high of 27.3 trillion won (approximately 19 billion USD) in the first half of 2026. The South Korean tech giant's R&D expenses for the period from January to June increased by 51.5% compared to 18.06 trillion won in the same period last year, setting a record for the highest semi-annual expenditure. Additionally, Samsung Electronics' equipment investment in the first half of the year also set a semi-annual record, reaching 28 trillion won, an increase of nearly 5 trillion won year-on-year.

  • Traders Completely Abandon Rate Hike Expectations for This Year

    On August 14, retail sales data fell short of expectations, leading traders to completely abandon the prospect of a rate hike this year. The market is currently fully pricing in a rate hike to occur in January next year, which is a stark contrast to the situation just a few weeks ago, when the market increasingly anticipated two 25 basis point hikes before March 2027.

  • Market Pricing Indicates Decreased Probability of Multiple Fed Rate Hikes Before Mid-2027

    On August 14, market pricing shows that the probability of the Federal Reserve raising interest rates more than once before mid-2027 has decreased. (Jin Shi)

  • Norwegian Sovereign Fund's Bitcoin Holdings Exceed 11,549, Setting New Record High

    According to K33's research director Vetle Lunde, as of the end of the first half of 2026, the Norwegian Sovereign Wealth Fund's indirect Bitcoin exposure, through holdings in companies such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla, has risen to 11,549 BTC, a historic high valued at approximately $725 million. This exposure increased by 21.2% in the first half of the year and by 60.5% over the past year, marking the sixth consecutive reporting period of growth. Among these, Strategy accounts for nearly 86% of the fund's indirect Bitcoin exposure, corresponding to about 9,914 BTC, with the fund holding approximately 1.17% of Strategy's shares as of June 30. Metaplanet corresponds to 671 BTC, MARA to 421 BTC, and Coinbase, Block, and Tesla correspond to 183 BTC, 120 BTC, and 97 BTC, respectively. K33 notes that this exposure is likely not a result of the fund's active allocation to Bitcoin but rather an indirect effect of its broadly diversified investment portfolio, with the related Bitcoin exposure accounting for about 0.03% of the fund's total assets. Additionally, the fund has also gained indirect ETH exposure for the first time through the Ethereum treasury company BitMine, holding 6.15 million shares of BitMine valued at $88.3 million as of June 30, which corresponds to an indirect exposure of approximately 67,340 ETH based on BitMine's current ETH holdings.

  • U.S. Retail Sales Unexpectedly Decline

    On August 14, it was reported that U.S. retail sales for July recorded a month-on-month decrease of 0.6%, marking the largest drop since May of last year, and falling short of market expectations of a 0.1% increase. (Jin Ten)

  • SK Hynix Employees' Average Salary Reaches 144 Million Won in First Half of 2023

    On August 14, SK Hynix reported that the average salary of its employees reached 144 million won (approximately $104,000) in the first half of this year, marking a 23% increase year-on-year. The company significantly increased its capital expenditures and research and development (R&D) investments during this period. Cash outlays for tangible asset purchases exceeded 18 trillion won, a year-on-year increase of over 70%. The number of small shareholders in the company grew more than fivefold within a year, surpassing 3.46 million. In the first half of 2023, SK Hynix generated over 17 trillion won in sales from Nvidia, accounting for approximately 13% of the company's total sales.

  • BTC falls below $67,000

    market shows BTC has fallen below $67,000, currently reporting at $66,987.51, with a 24-hour increase of 0.41%. The market is experiencing significant fluctuations, please be prepared for risk control.

  • BTC breaks through $67,000

    the market shows BTC has broken through $67,000 and is currently trading at $67,011.99, with a 24-hour decline of 0.26%. The market is volatile, so please be prepared to manage risks.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company