The founder and CEO of now defunct QuadrigaCX Gerald Cotton used clients’ funds for private ends, reported the firm’s bankruptcy trustee Ernst & Young Inc. More specifically, Cotton, who died in mysterious circumstances last year, used customers’ funds to trade for his own account on other cryptocurrency exchanges.

QuadrigaCX, which was Canada's biggest cryptocurrency exchange, ceased operations this year. The company filed for protection from creditors in January, and was declared bankrupt in mid-April, owing customers $190 million worth of cryptocurrency and fiat.

“Significant volumes of cryptocurrency were transferred off platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten,” Ernst & Young Ernst and Young outlined outlined in the report. “It appears that User Cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten.”

mlawson71 wrote: Sat Jun 22, 2019 1:33 am The founder and CEO of now defunct QuadrigaCX Gerald Cotton used clients’ funds for private ends, reported the firm’s bankruptcy trustee Ernst & Young Inc. More specifically, Cotton, who died in mysterious circumstances last year, used customers’ funds to trade for his own account on other cryptocurrency exchanges.

what a bum...... bet u he is still alive and eating papadums

moey_dw wrote: Mon Jun 24, 2019 4:42 am what a bum...... bet u he is still alive and eating papadums

What's papadums?

The Singapore crypto exchange Bitrue said it had been hacked for over 4,5 million USD.

The coins Ripple (XRP) and Cardano (ADA) were stolen through a “vulnerability of the risk control team’s 2nd level review process” at 9 am (GMT) on June 27.

The accounts of about 90 Bitrue clients were compromised.

“The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges,” Bitrue said in a statement.

Part of the stolen funds have been tracked down to several other exchanges including Bittrex, ChangeNOW and Huobi

Prime Factor Capital Ltd., a London-based hedge fund manager is the first financial company focused on the crypto market to be granted a license by the British Financial Conduct Authority (FCA).

The company announced in a statement earlier this week, that it was given approval and will be regulated as a full scope alternative investment fund manager under the FCA and the broader EU guidelines.

The fraudsters behind the China based Ponzi scheme Plus Token are dumping bitcoins worth over 3.5 billion USD on exchanges around the globe, and that is creating a selling pressure on the markets, venture capitalist Dovey Wan warns.

Dovey Wan is trying to rise awareness of the the “critical” matter “before it’s too late”.

“This critical incident has been overlooked by the western community and will need all hands on deck to chase the scammed fund and freeze it before it’s too late”, Wan said.

BTC is very bearish and it's obviously developing a correction, I think we'll see it drop to $9,000.

mlawson71 wrote: Wed Aug 21, 2019 11:53 pm BTC is very bearish and it's obviously developing a correction, I think we'll see it drop to $9,000.

Same here. Would you go long at $9,000? :shock:

ChuChu Rocket wrote:

Same here. Would you go long at $9,000? :shock:

Not unless I see a signal for a reversal. For all we know it may drop below $9.000 too.

Changes in the regulatory regime of Netherlands are upcoming that will affect local cryptocurrency firms, most importantly they will have to register with authorities and begin operating under the scrutiny of the Central Bank.

The new rules that will be set in place will be mostly concerned with anti-money laundering and terrorist financing according to a statement by the De Nederlandsche Bank (DNB). The press release of the DBN reads that Crypto firms “must demonstrate that their processes are effectively designed to prevent money laundering and terrorist financing, and that board members and other policymakers adequately manage these processes.”

The Dutch authorities will approach this matter using the European anti-money laundering directive which is an EU-wide set of regulations that were introduced last year.