The CipherTrace report mentions that ‘exit scams’ have rocked the crypto markets in 2019 alone contributing to a fund loss of a massive $3.1 billion.
Prime Factor Capital, “an asset manager that specialises in cryptocurrencies,” has been licensed by the Financial Conduct Authority (FCA), the region’s financial regulator, to operate as an Alternative Investment Fund Manager (AIFM).
This week we will get into the backstory behind the Quadriga Affair, take a look at another scam discovered in India, and finish with an examination of the accusations against Ripple and why they are important.
It’s highly possible that QuadrigaCX CEO transferred a significant amount of platform’s Ethereum coins to other cryptocurrency exchanges’ storages.
In the new report E&Y notes that it will have complete control of the exchange’s funds in its cold storage until further notice from the court.
Thanks to the new BitGo’s initiative, customers’ crypto holdings can be insured for up to $100 million through Lloyd’s of London.
According to EY, the representative counsel should be specifically tasked with communicating with creditors and advocating on their behalf over any issues that might appear.
Canadian crypto exchange QuadrigaCX has faced with new misfortune. It moved 103 Bitcoins to a wallet that it doesn’t have access to.
After the death of QuadrigaCX CEO, $150 million of users’ funds became inaccessible. The exchange will probably be sold to pay the debts.