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$190M missing after crypto exchange Quadriga CEO dies

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Re: $190M missing after crypto exchange Quadriga CEO dies

#91

Post by FabHK »

tossaccount123 wrote: post #53
seibelj wrote: post #3

Edit - This is a conspiracy theory but it doesn’t mean it’s totally crazy - there is a good chance this “dead” CEO is still alive. Very shortly before his death he got his affairs in order and flew to India. Then it’s reported he died along with a death certificate from India. Now they can’t find $200mil in crypto and are not reporting the cold storage addresses. Would not surprise me if there has been massive fraud…

people have done crazier things for less money Fake your death, get some plastic surgery done, enjoy life with those $200 million dollars

Reminds me of drug trafficker "Lord of the Skies" Amado Carrillo Fuentes, who underwent plastic surgery, but died after the 8 hour procedure. The doctors were later found in concrete filled oil drums along a highway, with signs of torture to boot.

https://en.wikipedia.org/wiki/Amado_Carrillo_Fuentes

http://edition.cnn.com/WORLD/9711/06/mexico.doctor/index.htm...

Another one:

https://www.radionz.co.nz/news/world/343092/mexican-gang-bos...

Re: $190M missing after crypto exchange Quadriga CEO dies

#92

Post by demxzy »

mruts wrote: post #90
kkarakk wrote: post #81

Earlier quoted context omitted.

would you accept payouts from a person(in the US) who only agreed to pay you in Zimbabwean dollars? that's the argument you're making...sure the currency has value but are you prepared to stomach the risk that dealing with it entails?

Well not to buy a pizza, probably not. But if I wanted to buy drugs, then, yeah probably. Also 90% of the population is in the developing world where it might actually be the case that BTC is more trusted than their local currency. I think it’s myopic to consider the value of crypto against the 1st world’s banking system with respect to ‘standard’ transactions. The value lies in either: ‘non-standard’ transactions (b…

Even in majority of developing countries, it's better to keep your money in Fiat or even USD account(where allowed) becuase you don't suddenly loose 80% in a month or two (Exceptions bring countries like Zimbabwe and Venezuela). Sure, you could loose say 20 to 30% due to fiscal adjustments due to many factors over a year, but almost everyone in your country would likely be in the same boat as you and things like PPP (for locally manufactured goods) might adjust to minimize some of the impact

Re: $190M missing after crypto exchange Quadriga CEO dies

#93

Post by tyingq »

seibelj wrote: post #3

Edit - This is a conspiracy theory but it doesn’t mean it’s totally crazy - there is a good chance this “dead” CEO is still alive. Very shortly before his death he got his affairs in order and flew to India. Then it’s reported he died along with a death certificate from India. Now they can’t find $200mil in crypto and are not reporting the cold storage addresses. Would not surprise me if there has been massive fraud…

One comment in that thread stands out: "Who writes a will two weeks before their death but doesn't create a backup plan for the wallets that hold other people's funds?"

Re: $190M missing after crypto exchange Quadriga CEO dies

#94

Post by justboxing »

seibelj wrote: post #3

Edit - This is a conspiracy theory but it doesn’t mean it’s totally crazy - there is a good chance this “dead” CEO is still alive. Very shortly before his death he got his affairs in order and flew to India. Then it’s reported he died along with a death certificate from India. Now they can’t find $200mil in crypto and are not reporting the cold storage addresses. Would not surprise me if there has been massive fraud…

> Very shortly before his death he got his affairs in order and flew to India.

This is a huge red flag. It's really easy to get fake IDs, passports, marriage certificates, death certificates, driver's licenses[1] etc in India, if you grease the right hands. and it's not even that much in USD. We are talking a couple of 100 bucks ( USD ) for a new passport with a new name and far less for other things.

[1] Source: Me. I) had to bribe a DMV officer about 200 Rs ( 4 USD back then in 1999) to get my Driver's License , so I can drive in US. I had to do this cos I was leaving in 3 days and I'd landed a job the previous week ( Had my H1-B ready to go).

I didn't even go to the DMV. He delivered the "International Drivers Permit" drivers license right to my door in 2 days.

Re: $190M missing after crypto exchange Quadriga CEO dies

#95

Post by bhaak »

puranjay wrote: post #69

Crypto is a scam and the only reason anyone should partake in it is to either test your gullibility, or scam others. Anything that 4chan's /biz/ board promotes aggressively is a scam 9/10 times

Money is involved. What do you expect? Most of the finance world is scammy, too.

Bitcoin only got as much traction as it did because of the financial crisis.

Re: $190M missing after crypto exchange Quadriga CEO dies

#96

Post by Novashi »

mruts wrote: post #88
puranjay wrote: post #69

Crypto is a scam and the only reason anyone should partake in it is to either test your gullibility, or scam others. Anything that 4chan's /biz/ board promotes aggressively is a scam 9/10 times

What does a scam mean? That it doesn’t have value? That it only has value for a select few scammers? Crypto as a way to avoid taxes, buy goods on the black market, and as an alternative to a shaky local fiat currency are all great examples of crypto’s value. Also, there’s also the investment angle. It (hopefully) operates as an uncorrelated store of value much like gold or other precious metals. I think it would be v…

Crypto itself isn't a scam, but its strengths also helps scammers thrive because a financial institution can't reverse malicious activity. This can be thought of as the same risk of loss as any investment. "If I convert to crypto, there's a non-zero chance my money could just disappear". This is (usually) necessary to take this risk into account when valuing crypto assets, so in a sense, scamming is part of crypto as long as crypto wants to be exchanged for fiat currency.

Re: $190M missing after crypto exchange Quadriga CEO dies

#97

Post by woogiewonka »

kowdermeister wrote: post #82
WrathOfJay wrote: post #18

Color me surprised... surely not another crypto heist. This is going to keep happening, over and over again. Put your money in this stuff at your own peril.

#WrathOfJay { color: surprised; }

text-decoration: underline;

Re: $190M missing after crypto exchange Quadriga CEO dies

#98

Post by GordonS »

solotronics wrote: post #50
jen729w wrote: post #21

The company, which presumably has more employees than this one dude, never considered the fact that he was the only person who held the keys? C’mon. I’m smart enough to have given a friend my 1Password emergency recovery kit and, I tell you now, that ain’t worth $200m.

who would you trust enough to give the private keys to $200m?

You can break the key up into pieces, so no one person holds the whole key, or use something like Shamir's Secret Sharing algorithm.

Re: $190M missing after crypto exchange Quadriga CEO dies

#99

Post by faead_ »

seibelj wrote: post #9
mrtnmcc wrote: post #6

Earlier quoted context omitted.

Cold storage addresses.. you mean the morgue?

I know this is meant as humor, but if they reported the public cold storage addresses then analysis could be done on movements and timelines. I’m quite confident the lawyers will get to the bottom of this.

You realize that all bitcoin transactions can be tracked. People have sent BTC from their wallets to Quadriga, it should be trivial to find the cold wallet address. Should be easy for anyone who understands blockchain forensics.

Re: $190M missing after crypto exchange Quadriga CEO dies

#100

Post by Gustomaximus »

justboxing wrote: post #94
seibelj wrote: post #3

Edit - This is a conspiracy theory but it doesn’t mean it’s totally crazy - there is a good chance this “dead” CEO is still alive. Very shortly before his death he got his affairs in order and flew to India. Then it’s reported he died along with a death certificate from India. Now they can’t find $200mil in crypto and are not reporting the cold storage addresses. Would not surprise me if there has been massive fraud…

> Very shortly before his death he got his affairs in order and flew to India. This is a huge red flag. It's really easy to get fake IDs, passports, marriage certificates, death certificates, driver's licenses[1] etc in India, if you grease the right hands. and it's not even that much in USD. We are talking a couple of 100 bucks ( USD ) for a new passport with a new name and far less for other things. [1] Source: Me.…

Add to this:

"Mr. Cotten was diligent in other areas of his life. He signed a will on Nov. 27, less than two weeks before he died."

If that his first will, either he knew he was so ill this was a chance or another red flag.

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