Kraken Exchange Offers $100K Reward For QuadrigaCX’s Missing Funds

by | Mar 1, 2019 | Cryptocurrency, Cryptocurrency News

Kraken | QuadrigaCX | Missing funds | Cryptocurrency Exchange

Kraken, the cryptocurrency exchange offers up to $100,000 to the person who could solve the biggest blockchain mystery of the year, what happened to the coins that the troubled exchange QuadrigaCX owes.

As per the blog, Kraken will award the said amount to the users who could help them in locating the said missing funds. The tips that will be shared to the platform, will, in turn, be shared with law enforcement. The said reward will be payable in fiat or cryptocurrency.

The post stated:

“Kraken is giving up to $100,000 USD (fiat or crypto) as a reward for the tip(s) that best lead to the discovery of the missing $190 million US dollars.

QuadrigaCX

QuadrigaCX, a Canadian crypto exchange collapsed last month as it got surrounded by a number of troubles, including the death of their CEO, Gerald Cotten, who happened to be the only person with the password to the cold storage that has the exchanges’ crypto reserves.

QuadrigaCX has filed for protection from creditors following Cotten’s death. As per the court filings QuadrigaCX owes roughly 115,000 customers about $137 million in cryptocurrencies and another $53 million in fiat, or $190 million overall (though later filings indicate that there may be additional funds owed, bringing the total as high as $196 million).

Read more: QuadrigaCX CEO’s Widow Denies Blames For Hiding Crypto From Creditors

While the exchange indicated that the majority of its crypto funds are held in cold storage, the firm hasn’t released any wallet addresses to confirm it.  So far, Quadriga and its court-appointed monitor, Ernst & Young (EY), have unlocked a large chunk of the fiat funds, which were held by various third-party payment processors, after a hearing before the Nova Scotia Supreme Court, which is overseeing the exchange’s case.

Furthermore, Kraken encourages users to listen to a pair of podcasts that outlines, what is already known about QuadrigaCX and what Kraken’s operators believe could have happened.

Read More: Thai SEC Marks 3 More Cryptocurrencies Suitable for ICOs and Trading

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