Ernst & Young Took Control Over Quadriga’s Crypto Holdings

Ernst & Young, an independent monitor of crypto exchange Quadriga who was appointed by the court, gained full control over the platform’s cryptocurrency. The company will hold the money until further court orders.

According to Ernst & Young report, Quadriga sent the remaining money in cryptocurrency to the auditor's accounts.

In particular, on February 14, 2019, Ernst & Young received 51 BTC, 33 BCH, 2 bitcoin gold, 822 LTC and 951 ETH from Quadriga. The company will keep these cryptocurrency assets on its cold wallets until the court orders.

Moreover, before each transfer of cryptocurrency, the current management of Quadriga conducted test transactions in order not to repeat the previous mistakes. So, as Ernst & Young claimed earlier, on February 6, management “accidentally transferred” 103 BTC or $468,657 to cold wallets that the exchange could not access. Therefore, this time the parties agreed to conduct trial transactions.

Also, according to Ernst & Young, there is about 30 million CAD in Quadriga bank accounts.

In December 2018, Quadriga CEO Gerald Cotten died. According to the exchange, he alone had access to cold wallets, where more than $145 million of customer money in cryptocurrencies was kept.

1 year ago

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