Old Bitcoin Addresses Tied to QuadrigaCX Come Back to Life

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Five Bitcoin addresses with ties to QuadrigaCX – a defunct Canadian Bitcoin exchange – are seeing some renewed activity. 

  • According to on-chain sleuth ZachXBT, about 104 Bitcoin worth roughly $1.7 million unexpectedly moved on December 17th from five wallets connected to QuadrigaCX. The last time funds had moved from those addresses was in April 2018. 
  • A nearly identical number of Bitcoin moved from Quadriga-controlled wallets on February 16th 2019, according to an Ernst and Young report. They moved to wallets controlled solely by former CEO Gerald Cotten, who died in December 2018, after which Quadriga’s bankruptcy shortly followed. 
  • Many suspect that Cotten faked his own death, and secretly escaped with his customers’ Bitcoin. A Netflix documentary titled “’Trust No One: The Hunt for the Crypto King” was produced on the topic .
  • At the time of the bankruptcy, 155,000 customers were owed roughly $200 million in crypto. 

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