Cryptocurrency company Quadriga move bitcoins to “cold” wallets ” per accident: report

Representation of the virtual currency Bitcoin standing on the PC system board is shown in this image image February 3, 2018. REUTERS/dado Ruvic/Illustration

TORONTO (Reuters) – the Canadian digital currency platform Quadriga accidentally transferred nearly C$470,000 ($355,226) worth of bitcoins to a storage device, that it is not able to access after the company founder died, a court-appointed monitor said in a report.

Quadriga, which, thanks to a total of C$250 million for 115,000 users, filed for protection from creditors last month after the sudden death of founder Gerald Cotten in December.

Cotten the main computer contained a “cold wallet” of cryptocurrencies, which is only accessible physically, and not online, and his death left the “above C$180 million coins in cold storage,” Cotten, the widow of Jennifer Robertson said in a statement.

The report here’s%20Reports/2.%20First%20Report%20of%20the%20Monitor/First%20Report%20of%20the%20Monitor%20dated%20February%2012,%202019.pdf by consultancy firm ernst & young does not specify how the C$470,000 bitcoin transfer has occurred, but it said that it is making efforts to retrieve all cryptocurrencies of cold wallet.

The report also does not indicate how much cold wallet. Ernst & young was not immediately available for comment.

EY said in the report that it has also identified and secured various devices used by a Quadriga and Cotten.

Reporting by Tyler Choi; Editing by Susan Thomas

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