Is QuardigaCX a scam? EY report wallets were unused, empty since 2018

QuardigaCX story has taken a new turn with the latest Ernst & Young report dubbed the Third report of the Monitor, dated the 1st of March 2019 was submitted to the Supreme court of the Nova Scotia.

The mystery began when the chief executive officer and the founder of the exchange QuardigaCX died under mysterious circumstances in India. The report has revealed six addressed received and identified from the QuardigCX that stored bitcoin dubbed the Indientfied Bitcoin Cold Wallets and two more potential storage addressed. However, the revelation by the blockchain experts and the monitoring authority Ernst & Young are no less than shocking.

The report further reveals that,

from April 2014 to approximately April 2018, aggregate bitcoin month end balances in the Identified Bitcoin Cold Wallets ranged from a low of nil to a peak of approximately 2,776 bitcoin. The average aggregate month end balance over the four-year period was approximately 124 bitcoin. In April 2018, the remaining bitcoin in the Identified Bitcoin Cold Wallets was transferred out bringing the balances down to nil. Other than the Sixth Wallet, there have been no deposits into the Identified Bitcoin Cold Wallets since April 2018 except for the inadvertent transfer of bitcoin by the Applicants as disclosed in the First Report.

This is not the end of the story, the report further reveals that,

“post-April 2018, the Sixth Wallet appears to have been used to receive bitcoin from another cryptocurrency exchange account and subsequently transfer the bitcoin to the Quadriga hot wallet. As of the date of the Third Report, the Sixth Wallet contains no cryptocurrency. The last transaction from the Sixth Wallet was initiated on December 3, 2018.”

The report furthers that the applicant QuardigaCX has been unable to provide any firm reason as to why the transactions were seized in April 2018 and who are the owners of wallet addressed that received the money from QuardigaCX accounts. E&Y is investigating the matter and it so far appears that the facts may just be stranger than fiction.

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