Over $92 Million in Bitcoin Lost Forever, Why this could be a Bullish Sign?
Bitcoin has the fixed supply of 21 million, however, in the light of current and past events, thousands, presumably millions of Bitcoins are lost that only reduces its supply.
Crypto Exchange Founder Dies, Crypto Funds Lost Canadian cryptocurrency exchange QuadrigaCX can’t access the majority of the $190 million that it owes to its customers, according to a court filing. In a sworn affidavit with the Nova Scotia Supreme Court, Jennifer Roberson, identified as the widow of Gerald Cotten, founder of QuadrigaCX, has stated that the exchange owes $250 million CAD that is $190 million to its customer. Recently, the exchange had taken a step to avoid bankruptcy by filing for protection from creditors.
According to the filing, as of January 31, 2019, there were about 115,000 users with their balances on the exchange inclusive of $180 million CAD in cryptocurrencies and $70 million CAD in fiat.
The exchange, according to the affidavit holds about 26,500 Bitcoin ($92.3 million USD), 11,000 Bitcoin SV ($707,000), 11,000 Bitcoin Cash ($1.3 million), 35,000 Bitcoin Gold ($352,000), 430,000 Ether ($46 million), and 200,000 Litecoin ($6.5 million).
In the affidavit, only a small amount of coins were stored in the hot wallet as Robertson has further added, “The normal procedure was that [QuadrigaCX founder and CEO Gerald Cotten] would move the majority of the coins to cold storage as a way to protect the coins from hacking or other virtual theft.” Reportedly, Cotten held “sole responsibility for handling the funds and coins,” and the rest of the team members had no luck accessing the cold wallets of the exchange as the founder had the sole knowledge who died earlier this month.
After his death, Robertson wrote, “Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost.”
Bitcoin Supply Burn Now, looks like these funds will be forever lost which means these coins are deducted from the Bitcoin’s fixed supply of 21 million. Crypto trader, I am Nomad, took to Twitter to wonder aloud about this supposedly supply burn.
Crypto Exchange Founder Dies, Crypto Funds Lost Canadian cryptocurrency exchange QuadrigaCX can’t access the majority of the $190 million that it owes to its customers, according to a court filing. In a sworn affidavit with the Nova Scotia Supreme Court, Jennifer Roberson, identified as the widow of Gerald Cotten, founder of QuadrigaCX, has stated that the exchange owes $250 million CAD that is $190 million to its customer. Recently, the exchange had taken a step to avoid bankruptcy by filing for protection from creditors.
According to the filing, as of January 31, 2019, there were about 115,000 users with their balances on the exchange inclusive of $180 million CAD in cryptocurrencies and $70 million CAD in fiat.
The exchange, according to the affidavit holds about 26,500 Bitcoin ($92.3 million USD), 11,000 Bitcoin SV ($707,000), 11,000 Bitcoin Cash ($1.3 million), 35,000 Bitcoin Gold ($352,000), 430,000 Ether ($46 million), and 200,000 Litecoin ($6.5 million).
In the affidavit, only a small amount of coins were stored in the hot wallet as Robertson has further added, “The normal procedure was that [QuadrigaCX founder and CEO Gerald Cotten] would move the majority of the coins to cold storage as a way to protect the coins from hacking or other virtual theft.” Reportedly, Cotten held “sole responsibility for handling the funds and coins,” and the rest of the team members had no luck accessing the cold wallets of the exchange as the founder had the sole knowledge who died earlier this month.
After his death, Robertson wrote, “Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost.”
Bitcoin Supply Burn Now, looks like these funds will be forever lost which means these coins are deducted from the Bitcoin’s fixed supply of 21 million. Crypto trader, I am Nomad, took to Twitter to wonder aloud about this supposedly supply burn.
Follow me on
Twitter: https://twitter.com/cryptoexpert20
Comments
Post a Comment