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Here is a Market Recap for today Thurs, Oct 8. Please enjoy!

PsychoMarket Recap - Thursday, October 8, 2020
Stocks rose again today, extending yesterday’s frankly unexpected gains, with the major benchmarks opening at their highest levels in about a month. Market participants digested a new round of jobless claims, dimming hopes of stimulus, even for stand-alone bills, and progress in Covid-19 therapeutics following Pres. Trump’s discharge from the hospital.
The Nasdaq (QQQ) finished the day 0.54% up. The S&P (SPY) led the day, up 0.85% and the Dow (DIA) finished 0.48% up.
Today, the Labor Department released their weekly jobless claims report. There were 840,000 additional first-time jobless claims this week, slightly above the 820,000 prediction of analysts. While 840,000 is the lowest level since March, jobless claims have stagnated the past month, a sign of slowing economic recovery. Continuing claims, which are the number of people who have already filed an initial claim and who have experienced a week of unemployment and then filed a continued claim to claim benefits for that week of unemployment, fell below 11 million, dropping almost 1 million compared to the week before. Ian Shepherdson, chief economist at Pantheon Macroeconomics said, “The decline in continuing claims is welcome, but initial claims offer a better read on the real-time state of the labor market, and the downward trend has stalled, more or less.”
According to CNBC, there are still 25.5 million workers claiming some form of unemployment benefits, according to totals through Sept. 19. More than half that total, or about 13.4 million, comes from those collecting under pandemic-related programs set up for those who normally wouldn’t be eligible, showing the toll the pandemic has put on the labor market.
House Speaker Nancy Pelosi further curbed expectations that any form of stimulus will be unleashed before the November election. Today, in response to a bill designed to provide relief to the airline industry, Pelosi said, “There is no stand-alone bill without a bigger bill.” In other words, she opposes passing smaller, stand-alone stimulus bills in the absence of more comprehensive measures. Yesterday, after calling for his representatives to stop negotiations for overarching stimulus, Pres. Trump signaled he would support a smaller, targeted bill. In response to Trump’s recent tweets about stimulus, Ed Mills, policy analyst at Raymond James said, “It’s been the question of the day, as to why we got the tweets we got over the last 24 hours, the market reaction we got into [Tuesday’s] close, and then the rally.” Needless to say, the current market is hyper-responsive to the comments of Trump and other top officials.
Shares of Regeneron (REGN) jumped after the drugmaker said it had submitted a request to the U.S. Food and Drug Administration (FDA) for emergency use authorization of its Covid-19 antibody treatment, which had been taken by President Donald Trump after his Covid-19 diagnosis. In a video on Twitter today, Pres. Trump openly endorsed the move saying “I took this medicine [during his stay at Walter Reed Hospital] and it was incredible.”
In other nice news, the World Trade Organization (WTO) announced that South Korea’s trade minister and the former Nigerian finance minister are the two finalists in the race to become the next director-general. This is the first time a woman will occupy the position of top leader in this organization.
"Don't judge each day by the harvest you reap but by the seeds that you plant." -Robert Louis Stevenson
submitted by psychotrader00 to StockMarket [link] [comments]

Here is a Market Recap for today Thurs, Oct 8. Please enjoy!

PsychoMarket Recap - Thursday, October 8, 2020
Stocks rose again today, extending yesterday’s frankly unexpected gains, with the major benchmarks opening at their highest levels in about a month. Market participants digested a new round of jobless claims, dimming hopes of stimulus, even for stand-alone bills, and progress in Covid-19 therapeutics following Pres. Trump’s discharge from the hospital.
The Nasdaq (QQQ) finished the day 0.54% up. The S&P (SPY) led the day, up 0.85% and the Dow (DIA) finished 0.48% up.
Today, the Labor Department released their weekly jobless claims report. There were 840,000 additional first-time jobless claims this week, slightly above the 820,000 prediction of analysts. While 840,000 is the lowest level since March, jobless claims have stagnated the past month, a sign of slowing economic recovery. Continuing claims, which are the number of people who have already filed an initial claim and who have experienced a week of unemployment and then filed a continued claim to claim benefits for that week of unemployment, fell below 11 million, dropping almost 1 million compared to the week before. Ian Shepherdson, chief economist at Pantheon Macroeconomics said, “The decline in continuing claims is welcome, but initial claims offer a better read on the real-time state of the labor market, and the downward trend has stalled, more or less.”
According to CNBC, there are still 25.5 million workers claiming some form of unemployment benefits, according to totals through Sept. 19. More than half that total, or about 13.4 million, comes from those collecting under pandemic-related programs set up for those who normally wouldn’t be eligible, showing the toll the pandemic has put on the labor market.
House Speaker Nancy Pelosi further curbed expectations that any form of stimulus will be unleashed before the November election. Today, in response to a bill designed to provide relief to the airline industry, Pelosi said, “There is no stand-alone bill without a bigger bill.” In other words, she opposes passing smaller, stand-alone stimulus bills in the absence of more comprehensive measures. Yesterday, after calling for his representatives to stop negotiations for overarching stimulus, Pres. Trump signaled he would support a smaller, targeted bill. In response to Trump’s recent tweets about stimulus, Ed Mills, policy analyst at Raymond James said, “It’s been the question of the day, as to why we got the tweets we got over the last 24 hours, the market reaction we got into [Tuesday’s] close, and then the rally.” Needless to say, the current market is hyper-responsive to the comments of Trump and other top officials.
Shares of Regeneron (REGN) jumped after the drugmaker said it had submitted a request to the U.S. Food and Drug Administration (FDA) for emergency use authorization of its Covid-19 antibody treatment, which had been taken by President Donald Trump after his Covid-19 diagnosis. In a video on Twitter today, Pres. Trump openly endorsed the move saying “I took this medicine [during his stay at Walter Reed Hospital] and it was incredible.”
In other nice news, the World Trade Organization (WTO) announced that South Korea’s trade minister and the former Nigerian finance minister are the two finalists in the race to become the next director-general. This is the first time a woman will occupy the position of top leader in this organization.
"Don't judge each day by the harvest you reap but by the seeds that you plant." -Robert Louis Stevenson
submitted by psychotrader00 to stocks [link] [comments]

I build the Apollo Reddit app and I'm donating 100% of today's proceeds to our local SPCA animal shelter. It's kitten season and the hardest time of the year for shelters for food and supplies, so your help would be absolutely AMAZING in helping the kitties and puppies out there! 🐶🐱

Hey! My name's Christian, I build that Apollo Reddit app that y'all have been so kind toward. Long story short I used to work at Apple and wanted to build a free alternative to the official app with a focus on really feeling like an iOS-first app (more details further down if you're curious).
A lot of people aren't aware but these warm months are ROUGH for shelters. They're when cats give birth in the greatest numbers, and it puts a massive strain on animal shelters to keep up with the influx of kitties, it's even named kitten season. Shelters become flooded with abandoned, injured, or orphaned kitties, and their resources are really really strained.
Our local shelter here in Nova Scotia is a no-kill shelter and seriously does amazing work with our local cats and dogs, I adopted my two cats Hugo and Ruby from them (who sleep on my desk while I code haha) and it's seriously run by the nicest people who care so much about the animals.
So yeah, to try to help some today 100% of Apollo's proceeds (every penny I make) will be donated to the local SPCA animal shelter. Apollo's free to download with a Pro version that adds some extra features, as well as an Ultra version that adds a few more, so if you unlock those today it'll be completely going to the animals and you get a little treat as a thank you for being awesome!
You might remember we did the same thing a year ago and raised $5,000 for the SPCA. I really want to try to hit $10,000 this time, I really think we can do it! They were so stoked last year to find out of the blue and are working closer with me this year now, and even sent me a very cute bunch of photos of some of the animals that were adopted this year.
Today's my birthday so I couldn't think of a better time. :P

So I just buy one of the in-app purchases and it goes right to the charity?

Yep! Simple. :P

What if I already bought Apollo in the past?

You're awesome! There's a "Tip Jar" in the Settings tab of the app you can add to, 100% of that will go to the shelter as well. :D Or check out the next section…

Can I donate to the cause outside of the app or if I don't have an iOS device?

Absolutely! You can send money directly to the PayPal address [email protected] and 100% will also go to the shelter and it'll add to the tally. You can also donate directly to the shelter too!
That crypto wizard currency stuff works too! You can send Bitcoin to 1LamDwEtMYzeMF8F4evLVshgL6UaM1mU7e, or Ethereum to 0x53FDee21dCA9555Cd6d28089c8eA7E118d7189B6, or Nano xrb_1j7ppgbx47bbyk1ohbuy9nqghreo8pct8z1gcghyqj7kz7tmz9xnugjntx9k or Litecoin LQgNag4cmGTbedXQvahpi6eQydpSjgBWv6 and Monero 44vXYmhwn87MHQBa5hEiM3gP5gyCEk2dt2ciM7fGKoGFQRFyBt4oXWUNWSGMv7tDnQM4WbjALu54JR6oz7jrE5Qd4bymUNo. If there's any other kind of wizard money you want to donate just say so and I'll figure it out!

Why? What's the point of Apollo when there's the official app?

I worked at Apple for a little while and was using Alien Blue, and really wanted to build a Reddit app that felt like if Apple themselves decided to build a Reddit app, something that felt perfectly at home on iOS. No knock on the official app (it's well done by talented people), but it doesn't follow a lot of the iOS design guidelines and feels a little Android-y to me at times. It's kinda like a car, you might be perfectly happy with yours and wonder what's the point of another car, but you might drive in another car and just find it more fun and comfortable to use. On top of this Apollo has some really slick custom gestures, a Jump Bar for quickly bouncing between subreddits, color-coded comments for easy navigation, a really powerful media viewer and it was voted the best Reddit app for iOS by The Sweet Setup.
Plus it's a great cause so check it out even if you're not interested. :P

When will we know the total money we raised?

Tomorrow I'll post the total we raised as well as a proof of it being sent just like last year and we can rejoice in how much of a difference we made. Apple sends out the previous day's report the following morning.

Anything else?

uhhhh… I'll donate an extra $0.10 for every comment on this thread by tomorrow. no spam tho plz

I have other questions!

Happy to answer them!! I'll be sticking around all day today so ask away! Thank you so much in advance! 🐶🐱🐰
If you have fuzzy friends of your own please post em
- Christian
submitted by iamthatis to apple [link] [comments]

Verify Bitcoin machine Scam

I am the victim of a Eventology Marketing company, apparently operating in Ontario, who sent me a $2230 cheque to deposit in my account, then to withdraw $1950 cash to deposit it in a certain bitcoin machine using the provided QR, to produce a report verifying the machine and to keep the $280 as reimbursement. The cheque of $2230 turned out to be a counterfeit item, and the Bank of Nova Scotia won't cover the losses after accepting the cheque, deposited in my account and informing me that it looks valid. Please do not fall for this "marketing" scam involving verifying the bitcoine machines.
submitted by malbu20 to Scams [link] [comments]

Recap of Chromia AMA with the CEO of Chromia, @henrik_hjelte on BithumbGlobal telegram community dated 14.04.2020.

The AMA was moderated by u/Sidonpee.
Let’s start with the introduction question:
u/henrik_hjelte Can you introduce yourself to the community? What is your background?
Henrik Hjelte
I’m the CEO of ChromaWay, the company that started the Chromia project. My background is 30+ years as a developer (got payed first when I was 15), then studied Business and other things (politics and philosophy). Worked as Finance and IT consultant. THen wanted to be an entrepreneur. started a “web 2.0” startup about a free-speech internet. Hired our current CTO as a developer. THen joined his colored-coins project, the first token protocol ie the start of blockchain in 2012.
Sorry. I’m now 50 years old, the math didn’t add up. That is why I’m the CEO and not CFO.
Q1. What is Chromia? Can you tell us the technology behind it and the features that makes it unique?
Henrik Hjelte
Chromia is a new public blockchain based on the idea of integrating traditional databases, “Relational databases” with blockchain security. In the normal world outside blockchain, there is one technology that is in 100% of all enterprises and powers almost all webpages. It build Facebook, SAP, banks, blogging platforms. It is the relational database, or SQL database. Has been used for 30+ years and is still dominant with 85% market share. Why are people using it (NoSQL has been around for 15+ years)?
Because it is the best way of managing data known to mankind. Now what is blockchani? It is a way to manage data that is shared. So if you agree that blockchain is about managing data, a relational database should be an obvious technology. Chromia is a general purpose blockchain with full smart contract capabilities, just that it is a lot easier to code, even complex applications. You code with an easy to learn new programming language that combines the power of SQL and “normal languages” but makes it secure in a blockchain context. Up to 1/10 the code-lines vs other blockchains.
Q2. I often see Chromia and ChromaWay being used interchangeably, what is the relationship between the two?
Henrik Hjelte
The idea for Chromia and parts of the codebase originated from the company ChromaWay. It is actually one of the first blockchain companies, we had a project for tokens before ethereum called the “colored coins” project that led to us starting a company with a name take from the greek word for color. In 2015 we did what is now called stable-coin, EURO payments based on tokens on a public blockchain (tokens on bitcoin). It was for a bank LHV in Estonia. When we need to quickly find information, we could not search the blockchain and instead started to dump everything to a relational database, and then the idea started to grow to build a blockchain around this. So we did a private blockchain, intended for usecases in land-registration, banking and more. And then came up with the idea of doing a public blockchain for it.
ChromaWay is the company that ideated Chromia and provided the first open source code for it. The Chromia pre-sale of tokens is now funding the development of Chromia, which is done by ChromaWay. When Chromia is released as a decentralized network, it will not be governed or run by ChromaWay. Of course we know it has to be decentralized, we understand the virtues of decentralization since 2012 when our CTO did the worlds first code for tokens, then started an open-source project which even inspired Vitalik (who soon quit and did his own thing). ChromaWay as a company will take a role as providing optional support and maintenance of Chromia projects (open for competition by other players).
Q3. What’s the usefulness of $CHR token in Chromia ecosystem?
Henrik Hjelte
CHR can be used to pay for running dapps (normally by the developer of the dapp, not users). It can also be used as a mean of exchange between dapps, and to provide collateral/stake for providers (the ones running the blockchain), incentivizing good behaviour.
Q4. What are the major milestones Chromia has achieved so far & what are your plans for 2020?
Henrik Hjelte
We have released Rell, the new programming language that is needed, and supported tooling (online Development Environment, downloadable IDE, documentation). We have release the first testnet in december, and at the same time another company 4irelabs has done the first dapp running on testnet. They could take our old code (done as a private blockchain), learn our new language Rell and port it to Chromia. That project is the Green Assets Wallet, green bond environmental impact reporting, run by a non-profit and with banks and institutions as users.
Plans for 2020 is to both release a series of dApps to showcase how fantastic Chromia is, as well as continue to develop the platform. And when it is secure and good enough, we will release mainnet.
Dapps are now being made by us as well as others. We do a decentralized social network framework call chromunity, now release to testnet. If is really cool, users can vote over moderators, and in the future users might even govern the complete application, how it can be updated. This is a great showcase for Chromia and why we use the slogan Power to the Public.
Games coming are….
  1. Mines of Dalarnia (by Workinman Interactive). An action game in a mine with blockchain rental of plots and stuff.
  2. Krystopia 2, novas journey. A puzzle game done by Antler Interactive.
  3. An indie game (not done by us so I don’t know how much I shoiul;d menton), but: it is a strategy game with FULL-LOGIC ON BLOCKHCHAIN yes ubercool that is why it is in caps
  4. A secret demo-project that we do together with Antler to showcase the technical potential of Chromia platform.
More comin in 2020: Other dapps from other companies, one in impact-tech
Games is a great way to show scalability and features BTW.
I didn’t mention that Chromia is very scalable (everyone says that). But it is true, and with no tradeoff vs decentralization
well, but I can also see enterprise projects going into more of public blockchain direction and hybrid, and there I think Chromia can really shine
Q5. Revenue and adoption are the main points of all projects, can you tell us your Business model and how you generate revenue?
Henrik Hjelte
Chromia itself is a public network with no intrinsic business model, but participants in the network has. For example Providers make money from supplying quality hardware running dapps and the core software, dapp developers have individual business models.
I already told about about ChromaWay/Chromia, but ChromaWay the company can provide support/maintenance and various services and add-ons for Chromia. It is very similar to how normal open-source vendors make money.
Still up to competition from others, and without control over the Chromia network. We need it to be independent, otherwise it has no value.
So it is sound business to have it decentralized as well, who would care otherwise?
Q6. Regarding Chromia’s blockchain game (Minesofdalarnia), I’m quite sure that vast majority of game lovers would be anticipating for it release, could you please share with us the likely date it will be released?
Henrik Hjelte
Yes I can
We have made very good progress recently, and I can happily share that MoD is planned to be released now in Q2.
Meanwhile you can check the Mines of Dalarnia Social Media page for recent updates on the game . We publish development updates there often.
You can also sign-up for early access on 😉
Q7. Recently Chromia welcome Malcolm Lerider who was formally a Senior R&D Manager for Neo Blockchain as its new team and family member. When he was with Neo, he worked together with the community and was able to build the project from a top 50-something market cap project to a top 5 market cap project. Should we be expecting a replica of this at Chromia in the nearest future?
Henrik Hjelte
Yes. we are very excited to have Malcolm on-board, he is very knowledgeable in the area, and his expertise will definitely help with achieving that. Malcolm recently published an article where he introduced himself as a new member of Chromia. You can read it over here, if you haven’t already:
Q8. Green Asset Wallet is absolutely an amazing starter in the Chromia blockchain! I would like to hear how you guys see the future business development possibilities in the next /6/12 months? Are there specific business areas, geographical locations, which you want to focus on most?
Henrik Hjelte
Thank you, yes, it is nice to have a project that is enterprise, and green too as the first one.
We are working both to reach out but also support inbound requests for projects, I shared some above.
Sometimes with business development, ChromaWAy might find a customeprospect but we don’t know where it will end. We think however, and Gartner too, that enterprise blockchain is gradually looking more at public blockchain projects.
I think DeFI, tokenization of assets and things like that is interesting.
Also, hopefully someone will be inspired by our solution to a free, open, user-governed decentralized social web, what we are now showing with Chromunity. Jack Dorsey, are you listening?
We don’t have a particular geographical focus though, and really it is a generic platform use-case agnostic.
We use games to show potential and scalability, but who knows maybe other applications will be more. It is not only up to us.
Q9. Who are Chromia’s strategic investors and partners? What criteria/ process do you follow in evaluating your partnership deal with them?
Henrik Hjelte
We have some strategic investors and partners that have helped us during the way, I think maybe I should not mention them here with the risk of forgetting some of them, and I have no time to check if we should mention them, We (and the partner) look at how we can help each other on a case by case basis. There is no simple scorecard that we can follow.
We try to avoid vanity partnership deals with no real meaning
Q10. Why did Chromia develop a new language called Rell (Relational language) for dapp
Is the development of this new language really necessary?
If yes, what are some of its unique features that cannot be found in other existing languages/environments?
Henrik Hjelte
Yes it was necessary. We need the features of relational alegbra. It is is a mathematical basis, very similar to logic, that has only had basically one implementation (SQL). But SQL was not secure enough and lacked features that can be used in a shared context like a blockchain. Everything needs to be secure. Also we wanted to add blockchain features, and make it look more like “normal programming”. Now some of the readers might ask? Can’t you do this on the EVM? No. Ethereum does simply not have anything similar to a relational database, and it would be technically infeasible.
Some others may ask? How can you compete with the EVM /pet-project that have soo many developers etc…?
My answer is : we are building on top of a virtual machine called Postgresql. Check how much time, optimization and money has been spent on that virtual machine…
I think it is 20 years or more of development time, maybe more.
Static typing is one feature we add that SQL doesn’t have (you can detect bugs at compile time)
What have been the major obstacle Chromia has faced in the past years while developing its idea?
Whats the benefits for developers at Chromia? Why should we use Chromia instead of your competitors?
Henrik Hjelte
Obstacle: Technology/software developement is hard sometimes, difficult to predict when things are ready.
Major benefits for developers: A LOT EASIER to code COMPLEX applications. I’m serious. If you are frustrated with blockchain development, take a look at the ease of use of Rell/Chromia
DeFi is projected to buzz up in 2020 and is on everybody lips, what ROLES does Chromia play in the innovativeness and future of DeFi and how does it spearhead adoption of DeFi using blockchain solution?
Henrik Hjelte
Finance would be almost unthinkable without relational databases, the power core banking and more. An exchange is a table of bid and ask, and you match them. This is very easy to do with our tech.
If any Dapp is created on Chromia Blockchain! Then is there any Gas fees charged by Chromia? Whats the concept of fees for Dapps on Chromia Blockchain?
Henrik Hjelte
No gas per user fee. The application pays for hosting, like a cloud. Normally the developer, unless the developer hands over the governenace of the application to someone else (maybe the users).
If any Dapp is created on Chromia Blockchain! Then are there any Gas fees charged by Chromia? Whats the concept of fees for Dapps on Chromia Blockchain?
Henrik Hjelte
No gas per user fee. The application pays for hosting, like a cloud. Normally the developer, unless the developer hands over the governenace of the application to someone else (maybe the users).
Most blockchain projects have donated to COVID-19, but no news from Chromia. How will you contribute to fight COVID-19?
Henrik Hjelte
I had to answr this: I spent my free weekend time on a covid-19 hackathon the other week to do a solution to share medical equipment across countries. It is on our facebook I think u/anastasiazudina maybe you can share
We want to do our part for the ongoing covid19 crisis. Therefore, we were participating in the critical initiative HackTheCrisis. During the virtual hackathon, we tried to find good solutions for the new unique challenges that we now as a society are facing.
Chromia creates a new lightweight programming language called RELL. How is this different and better for programmers than other popular language like Solidity, C++ and Java?
Henrik Hjelte
When you think about a large Java project done for say a bank. Ask the developers what OTHER thing they use? DO they ONLY use Java and store files on a server? Or do they also use a database. You will find that in 99.9% of cases they ALSO use a relational database. No one would EVER think about doing a solution to manage data with ONLY Java, C++ or whatever.
Alejandro Urich
For the development of the Dapps, do you only support Rell? Is it possible to program in another language that works with Chromia?
Henrik Hjelte
Because we require both relational database properties and more security than SQL, currently Rell is the only choice. It is really easy to learn, and in all cases if we allowed a “normal” language it would miss the feautures of relational databases.
zafer metin
Mr Henrik What are the advantages of Postchain used for Chromia? How is a consortium provided to database management with distributed control?
Thank you for your interest in Postchain uses! We have an article written what answers exactly those questions:
Stay At Home
As I know providers will be chosen by Chromaway, so how is it decentralized due to choice is totally in Chromaway?
Henrik Hjelte
Initial providers. We will migrate to a model where ChromaWAy has no more say than anyone else. But we need to bootstrap and start. Better to choose good initial providers.
David Prince
What is your long-term vision about the industry which Chromia is working at? Are you afraid someday there will be another Project with more innovative technology can replace Chromia?
Henrik Hjelte
Well. Blockchain is about managing data (in a shared context). I’m repeating myself but the market leading (85%) for 30+ years slution to manage data is a relational database. We are now the only relational database + blockchain. Who knows, maybe some better way to manage data will be invented? But even NoSQL who has been around and bark like a little dog has after a decade or more time only 15% market share. I think our tech will stand the mark of time.
The AMA session with the Chronia team has finally come to an end.
We’re greatly astonished having a well-articulated AMA session with Chronia’s CEO Henrik Hjelte u/henrik_hjelte and community/social media manager team Anastasia u/anastasiazudina in the community👨‍💻👌
Also, we are indeed overwhelmed by all our esteemed community members, for your support and enthusiasm for the project.
For more information and to be part of the project, you may join the Chronia’s community here via:
( — Official English Group
The official Chromia community group by ChromaWay. Where dapps thrive!
submitted by dam30 to Teamchromia [link] [comments]

Quadriga Claim Process: Email received from EY

Hi All,

I just got email from EY with attachment that i have to fill and submit no later than 31st Aug. Anyone else get the letter

In order to have a valid Claim as an Affected User of 0984750 B.C. Ltd. dba Quadriga CX and Quadriga Coin Exchange (“Quadriga”), this Affected User Proof of Claim form must be properly completed and delivered to Ernst & Young Inc. in its capacity as the trustee in bankruptcy of Quadriga (the “Trustee”) prior to 5:00 p.m. (Halifax time) on August 31, 2019 (the “Claims Submission Date”).
These instructions are provided to assist you in preparing the Affected User Proof of Claim form in a complete and accurate manner. DO NOT LEAVE ANY SECTIONS OF THE FORM BLANK.
General You must ensure that you include your complete name, address, telephone number and Quadriga account number on the Affected User Proof of Claim form. The Affected User Proof of Claim form must be dated, signed personally by the individual completing it, and witnessed. The Affected User Proof of Claim form is incomplete UNLESS it has been signed and witnessed. If the individual completing the Affected User Proof of Claim form is not the Affected User himself/herself, but is completing on behalf of a corporation, he/she must state his/her position or title.
109874662 v4
Particulars of Affected User
Full Legal Name:____________________________________________________
Full Mailing Address / Address Registered with Quadriga:
Quadriga Account Number:
Telephone Number Registered with Quadriga: ____________________________
E-mail Address Registered with Quadriga: _______________________________
Attention (Contact Person): ___________________________________
Note: You may be asked to provide additional information to verify your identity.
A. Proof of Claim
I, ___________________________________________ [name of Affected User or Representative of Affected User], of ___________________________________ (City, Province) do hereby certify:
(a) that I [check one]
□ am the Affected User of Quadriga; OR
□ am ___________________________________________ (state position or title) of
_______________________________________ (name of Affected User) (b) that I have knowledge of all of the circumstances connected with the Claim referred to below;
(c) the Claimant asserts its claim against Quadriga as at April 15, 2019: (insert crypto currency quantities in all applicable boxes or fiat in source currency) Bitcoin - units
109874662 v4
Bitcoin Cash SV - units
Bitcoin Cash - units
Bitcoin Gold - units
Litecoin - units
Ethereum - units
Note: Affected Users can review their Quadriga account balance as recorded in Quadriga’s books and records as at April 15, 2019 through the following web site which may assist the Affected Users in filling out this proof of claim. If you disagree with the balance recorded within Quadriga’s books and records, you may fill in different amounts and submit supporting documentation setting out the particulars of the discrepancies.
In respect of the said claim, the Claimant asserts as follows:
(check appropriate description)
( ) I claim a right to a priority (Set out on an attached schedule details to support the priority claim).
( ) I do not claim a right to a priority.
B. Particulars of Claim:
The Particulars of the undersigned’s total Claim are set out in the attached Schedule “A”. Please note that Schedule “A” support materials are not required if your claim submission matches the Quadriga books and records amounts reported at However, Affected Users must file a proof of claim with the Trustee to be eligible to receive a distribution from the Estate.
C. Filing of Affected User Proof of Claim
This Affected User Proof of Claim should be received by the Trustee no later than 5:00 p.m. (Halifax time) on the Claims Submission Date by hand delivery, courier, fax OR email as follows:
109874662 v4
(a) to the Trustee:
Ernst & Young Inc. Court-appointed Trustee of Quadriga Ernst & Young Tower 100 Adelaide Street West Toronto, Ontario M5H 0B3 Attn: Quadriga Trustee
Email: [[email protected]](mailto:[email protected]) Fax: 416-864-1174
If you file your Affected User Proof of Claim as directed by the Claims Submission Date, the Trustee will review your claim and ensure you participate in any distributions made out of the estate of Quadriga to the extent of your valid accepted claim, if any. If you do not file your Affected User Proof of Claim by the Claim Submission Date, you may not be eligible to participate in the initial distribution to creditors.
I, ________________, acknowledge that filing a false claim may be an offence under section 201 of the Bankruptcy and Insolvency Act that is punishable by fine and/or imprisonment of up to one year.
Dated at ____________________ this _________ day of _____________________, 2019.
Name and address of Witness:
Witness Signature Name of Affected User
Per: ____________________________
109874662 v4
2019 Province of Nova Scotia Division No. 01-Halifax Court No. 43212 Estate No. 51-2499072
By Order of the Supreme Court of Nova Scotia (the “Court”) dated February 5, 2019, Quadriga was granted protection under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”). On April 15, 2019, pursuant to the Order of the Court dated April 11, 2019, Quadriga made an assignment in bankruptcy under the Bankruptcy and Insolvency Act (Canada) (“BIA”). Ernst & Young Inc. was appointed as trustee in bankruptcy of Quadriga (in such capacity, the “Trustee”).
A global proof of claim has been filed by Representative Counsel on behalf of Affected Users, other than those who have opted out, in accordance with the Termination and Bankruptcy Administration Order dated April 11, 2019. However, the Trustee now requires individual claim information. As such, it is necessary for each Affected User seeking to recover a distribution from the Quadriga estate to file an Affected User Proof of Claim as outlined herein.
You are receiving this Instruction Letter and enclosed Affected User Proof of Claim because according to the books and records of Quadriga, you were a user of the Quadriga platform and may be holding a balance in your personal account representing obligations payable by Quadriga to you in the form of: (i) cash obligations ($CDN or $USD); and/or (ii) obligations of various crypto currency.
If you wish to participate in any distributions that may be made out of the estate of Quadriga, the enclosed Affected User Proof of Claim form must be properly completed and delivered to the Trustee. The Trustee has requested that claims be submitted prior to 5:00 p.m. (Halifax time) on
109874662 v4
August 31, 2019 (the “Claims Submission Date”) by hand delivery, courier, fax OR email as follows:
(a) to the Trustee:
Ernst & Young Inc. Court-appointed Trustee of Quadriga Ernst & Young Tower 100 Adelaide Street West Toronto, Ontario M5H 0B3 Attn: Quadriga Trustee
Email: [[email protected]](mailto:[email protected]) Fax: 416-864-1174
If you file your Affected User Proof of Claim as directed by the Claims Submission Date, the Trustee will review your claim and ensure you participate in any distributions made out of the estate of Quadriga to the extent of your valid accepted claim, if any. If you do not file your Affected User Proof of Claim by the Claim Submission Date, you may not be eligible to participate in the initial distribution to creditors.
In completing the Affected User Proof of Claim, you must:
 ensure that you include your complete name, address, telephone number, Quadriga account number and email. You may be asked to provide additional information to verify your identity; and
 date and sign personally in front of a witness the Affected User Proof of Claim form.
Affected Users can review their Quadriga account balances as recorded in Quadriga’s books and records (the “Recorded Balances”) as at April 15, 2019 through the following web site The Trustee recommends that Affected Users review the Recorded Balances prior to completing this proof of claim. If you agree with the Recorded Balances, you can fill in those amounts and types of currency and crypto currency in the Affected User Proof of Claim and no supporting information will be required. If you disagree with the Recorded Balances for your account, you may fill in different amounts and you must submit supporting documentation setting out the particulars of the discrepancies. Supporting documentation may include, but is not limited to, a detailed listing of transactions making up the balances claimed, bank confirmations, receipts or bank statements supporting fiat deposits, bank statements or credit card statements supporting receipt of requested withdrawals, blockchain transaction details with respect to cryptocurrency deposits or withdrawals and/or email correspondence with Quadriga with respect to pending transactions or transactions not processed. The Trustee may request additional information and supporting documentation to support your claim.
109874662 v4
If you claim any priority with respect to any amounts owing to you by Quadriga, you must note it on the Affected User Proof of Claim and set out the details to support your priority claim. Section 136 of the BIA sets out specific categories of claims that may benefit from a priority status such as:
 Crown priority claims;  Employee priority claims;  Pension priority claims;  Secured claims;  Preferred claims (such as spousal and child support and claims of landlords).
If claiming priority under Section 136 of the BIA, please set out under which subsection you are claiming priority. You can find the text of Section 136 of the BIA at If you require additional information with respect to priorities of claims or completing your Affected User Proof of Claim, you may wish to consult with the Representative Counsel appointed in this matter (Miller Thomson LLP and Cox Palmer – see
The Trustee is not aware of any preferred creditor claims owed to Affected Users based upon information currently available.
The Trustee may contact you to request additional information about your claim. The Trustee is entitled to disallow your Affected User Proof of Claim in whole or in part. If your claim is disputed in whole or in part, the Trustee will send you a Notice of Disallowance along with particulars as to how you may dispute the Notice of Disallowance.
If you believe you have claims against Quadriga Fintech Solutions Corp. and/or Whiteside Capital Corporation separate from any claims against Quadriga, you may obtain a creditor Proof of Claim from the Trustee’s Website at and follow the instructions therein to complete and file any such Proof of Claim.
NOTE: Filing a false claim may be an offence under the BIA punishable by fine and/or
submitted by jasmanes84 to QuadrigaCX [link] [comments]

Customers of the bitcoin exchange lost all the money because its head died

For almost a year, the story with one of Canada's largest cryptocurrency exchanges, Quadriga CX, has been going on. In early 2019, the company announced the death of the head of the company — 30-year-old Gerald Cotten. She added that only he knew the passwords and keys to the wallets where tens of thousands of users ' bitcoins are stored. This was ostensibly his security measure, but because of this, Quadriga CX cannot refund customers.
Such an unusual situation, as well as mysterious details from the past and the circumstances of Cotten's death, have led to theories that the head of the exchange actually fabricated his death to hide with users ' cryptocurrency-that's $ 160 million.
By December 2019, suspicions had reached such a stage that Quadriga CX depositors demanded the exhumation of the body. All to make sure that Gerald Cotten is really dead and not hiding with their bitcoins.
One person for all passwords
Cotten's death was announced in January 2019, with 9 December 2018 as the date of death. According to Quadriga CX, the CEO of the company died from complications of Crohn's disease on the way to the opening of an orphanage in India. And his death was not the only tragedy-the exchange's customers learned that only he had access to their bitcoins.
We are talking about "cold" wallets without access to the Internet, which are considered one of the most reliable means to store cryptocurrency. Passwords from them and encryption keys knew only Cotten, according to Quadriga CX, as he wanted to ensure maximum security.
As a result, the cryptocurrency savings of more than 75 thousand people were in limbo. That's about $ 160 million.
The wife of the deceased Jennifer Cotten said she tried to find recovery codes, but "repeated intensified searches" came to nothing. "My husband did most of his business from his encrypted laptop, but I don't know the password," she said. According to Jennifer, over the hacking of the laptop fought several experts and one managed to crack email. But the messages there are supposedly not just encrypted, but self-destruct.
On January 28, the Quadriga CX website went offline, and representatives of the company almost stopped communicating with customers. Then there was speculation on Reddit: what if Gerald Cotten faked his death to appropriate the money for himself? And together with journalists, they began their investigation.
Reasons for doubt
The doubts of Quadriga CX customers can be understood: there are many suspicious factors in the story. It all started with the cause of death-Crohn's disease, a chronic inflammatory bowel disease that rarely ends in death.
According to Reddit users, Cotten "died extremely well" in India, where there are more opportunities to fake a death than in Canada. The wife of the head of Quadriga CX published the death certificate as evidence, but she was no longer believed.
Further-more. Cotten had changed his will two weeks before his trip to India, leaving his wife a large inheritance. Among the items in the will: two houses in different regions of Canada, two cars, a yacht and a small Cessna 400 plane. Cotten's total assets are nearly $ 10 million.
At the same time, Quadriga CX experienced financial problems throughout 2018. The crypto exchange entered the market in 2013 and became one of the local leaders, but since the beginning of 2018 it has been "at war" with The canadian Imperial Bank (CIBC), which froze $ 22 million without an established owner. At the same time, customers began to complain that they could not access the cryptocurrency.
According to the publication Decrypt, the popularity of the platform gradually fell, and Cotten blamed the traditional banking system of Canada, which put a spoke in the wheels of the cryptocurrency community. In early December, representatives of Quadriga CX announced that the problems with CIBC were solved-a few days before the death of the head of the company.
In February, the Nova Scotia Supreme court appointed audit firm Ernst & Young to review all financial transactions of the cryptocurrency exchange. The Agency's investigation revealed "significant problems and irregularities" in the management of the Quadriga CX.
According to experts Ernst & Young, those encrypted" cold " wallets were not 160 million dollars, but several hundred thousand. Presumably, Cotten transferred large amounts of client deposits to his personal accounts, hidden behind pseudonyms.
The widow Cotten disavowed her husband's actions, saying she knew nothing about it. Auditors managed to track down and return a small part of the funds to customers, another part was paid by Jennifer Cotten. But thousands of crypto investors were still left without their deposits. Quadriga CX started the procedure of bankruptcy.
Skeletons in the closet
The most active clients of the cryptocurrency exchange, confident that Cotten is still alive, organized an investigative Telegram chat "Quadriga Uncovered". The number of participants in the chat numbered 500 people, periodically there were journalists and even FBI agents who were also interested in the story. In total, according to media reports, four different services from different countries are involved in the case.
Internet detectives began to study Cotten's youth and discovered that as early as 2003 He was an active user of the TalkGold forum, where "high-yield investment projects"were shared and discussed. Most of them are classic financial pyramids. Cotten supposedly launched at least a few similar projects, promoting them on the forum. He was 15 years old.
At some point, Cotten met Michael Patrin, with whom They later founded Quadriga CX. Representatives of the canadian cryptocurrency industry recalled that Patrin appeared in the community suddenly: "It quickly became clear that he is not who he claims to be. Sometimes he introduced himself as Michael from India, sometimes as Michael from Pakistan, sometimes as Michael from Italy. But he knew what he was doing."
Canadian media claim that Michael Patrin is the pseudonym of Omar Danani, and he used to live in California. Danani was found guilty of fraud and money laundering, he spent 18 months in prison. He was linked to the website Shadowcrew, where stolen credit cards and Bank card numbers were traded.
In 2007, Omar was released, after which he allegedly moved to Canada and changed his name. Initially he was Omar Patrin, and a year later he became Michael Patrin. The co-founder of Quadriga CX has denied this information several times.
To dig and prove
The story of the cryptocurrency exchange has been going on for more than a year. Quadriga CX users have filed a class action lawsuit against the platform, but it is already considered bankrupt. During this time, journalists and Internet detectives have formulated three main versions of what could happen to 160 million dollars in cryptocurrency.
Cotten did die, but his death was used to hide the fact that the Quadriga CX had no money. The company was experiencing financial difficulties, the head of the company transferred money to himself, and the startup itself could "burn out" on unsuccessful cryptocurrency trading. Perhaps, after Cotten's death, the management decided that it was possible to cover their tracks with a story about passwords from wallets;
Quadriga CX-originally a fraudulent firm through which Cotten and Omar Danani (aka Michael Patrin) engaged in money laundering. This is indicated by details from the past of both co founders of the company;
The failure of the Quadriga CX is simply the result of terrible management of the company. As the business grew, Cotten failed. There are approximately 215 cryptocurrency exchanges in the world. 36 exchanges closed for various reasons. Perhaps the story of Quadriga CX is just another failure in the cryptocurrency market.
Many interlocutors of canadian journalists from employees of cryptocurrency companies, as well as doctors specializing in Crohn's disease, believe that Gerald Cotten died for real. But if so, depositors are unlikely to get their money and bitcoins back. So it's probably easier for them to believe in a conspiracy.
In December 2019, users of the Quadriga CX demanded that Cotten's body be exhumed. Law firm Miller Thomson, representing the interests of investors, justified this "questionable circumstances" of the death of the head of the company. Cotten's widow and former Quadriga CX management oppose the grave opening. The decision on exhumation will be made by the spring of 2020
submitted by chapikla to u/chapikla [link] [comments]

Coindesk article revealing details of QCX's filing - this should shed a lot more light on how much (little) we stand to gain from this

QuadrigaCX Owes Customers $190 Million, Court Filing Shows

Troubled Canadian crypto exchange QuadrigaCX owes its customers $190 million and cannot access most of the funds, according to a court filing obtained by CoinDesk.
In a sworn affidavit filed Jan. 31 with the Nova Scotia Supreme Court, Jennifer Robertson, identified as the widow of QuadrigaCX founder Gerald Cotten, said the exchange owes its customers roughly $250 million CAD ($190 million) in both cryptocurrency and fiat. The company previously announced it had filed for creditor protection on its website, but the filing itself provides greater details about its predicament.
As of Jan. 31, 2019, there were roughly 115,000 users with balances signed up on the exchange, with $70 million CAD in fiat and $180 million CAD in crypto owed overall, according to the filing.
The exchange holds roughly 26,500 bitcoin ($92.3 million USD), 11,000 bitcoin cash ($1.3 million), 11,000 bitcoin cash SV ($707,000), 35,000 bitcoin gold ($352,000), nearly 200,000 litecoin ($6.5 million) and about 430,000 ether ($46 million), totaling $147 million, according to the affidavit.
It was not clear what portion of the exchange’s crypto holding were kept in cold storage, versus its hot wallet. In the affidavit, Robertson explained that “only a minimal amount of coins” were stored in the hot wallet, but specifics were not provided.
Robertson added that:
“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.”
She added that Cotten held “sole responsibility for handling the funds and coins,” and the remaining team members have had no luck accessing the exchange’s cold wallets since.
There is a possibility that some of Quadriga’s funds are being stored on other exchanges, though this has not been confirmed, she said.
Cotten reportedly died of Crohn’s disease in Jaipur, India in early December 2018. The exchange announced his death earlier this month. A death certificate was included in the list of exhibits.
The founder seemingly had sole control or knowledge of Quadriga’s cold storage solution. Robertson wrote that after his death, “Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost.”
She later added that she has no business records whatsoever for QuadrigaCX or its affiliated companies. While she does have Cotten’s laptop, the device is encrypted and she does not have its password or recovery key. While a consultant has been retained to try and recover the laptop’s contents, he has had limited success to date.

Fiat issues

The exchange’s access to its fiat holdings have also been “severely compromised” by banking issues, the filing says. In particular, a now-resolved legal fight with the Canadian Imperial Bank of Commerce(CIBC) has resulted in ongoing issues.
In particular, a payment processor working with Quadriga, Billerfy, has reported problems with finding a banking partner, preventing the processor from releasing any funds back to the exchange, and therefore, to its customers.
In addition to the roughly $30 million CAD currently being held by Billerfy, three other third-party processors are holding around $565,000 CAD combined.
A fifth payment processor called WB21 is holding another $9 million CAD and $2.4 million USD (roughly $9.2 million USD total) on Quadriga’s behalf.
However, WB21 “is refusing to release the funds or respond to communications from Quadriga,” the affidavit claimed.
WB21 could not be immediately reached for comment. The U.S. Securities and Exchange Commission is suing WB21 US Inc and WB21 NA Inc, as well as affiliated individuals on unrelated fraud charges.
Under an “additional issues” section, Robertson noted that users have also continued to deposit funds after Cotten’s death, which the exchange accepted. Some of these came from automatic deposits, though CoinDesk has confirmed that manual deposits were also accepted from at least one user.

Request for assistance

The affidavit concludes with a request that the court enter a stay of proceedings to preempt any lawsuits that might be filed.
The exchange “urgently needs a stay of proceedings which will allow Quadriga and its contractors additional time to find whatever stores of cryptocurrency may be available and also to negotiate the bank drafts available to Quadriga,” Robertson wrote.
“Many, if not all” of the exchange’s customers might suffer further damages without a stay, she said.
Users have been complaining about withdrawal issues and a lack of communication from QuadrigaCX’s team for months, with concerns exacerbated earlier this week when the website went down entirely for maintenance.
Robertson noted that the exchange’s new directors voted to “temporarily pause” the platform on Jan. 26. Though she did not explicitly say the website went down as a result, the portal only became inaccessible sometime in the morning on Jan. 28.
To help pay users back, the exchange is considering selling off its operating platform. “Multiple parties” have already approached the exchange to inquire about acquiring the operating platform, though none are named in the filing.
Robertson added that she believes the “trading platform may have significant value,” but this value may be reduced if the exchange is sued.
submitted by gofishus to QuadrigaCX [link] [comments]

Update on the QuadrigaCX Creditor Protection filing

So the main stream media has picked this up and I recommend people follow stories on that rather than the, now two, Reddit subs: QuadrigaCX run by Quadriga and QuadrigaCX2 run by someone who is convinced the first sub will be deleted, losing 'valuable' information.
In general, both those subs have devolved into the darker side of Reddit and are almost 100% conspiracy theory, doxxing, and witchhunt. I recommend you read posts there as interesting conspiracy fiction for entertainment value only. If you've really lost significant value to you, I'd avoid them since I can't see them doing anything positive for your mental or physical state.
Here's a link to a journalist's live-tweet of the proceedings yesterday:
It makes an interesting read.
A couple of things that caught my eye:
  1. Reddit being discussed as a proper way to make announcements about the case by the court appointed monitor.
  2. "Anonymity of the holders is important. It’s the equivalent of publishing the contents of somebody’s cash accounts. Maintaining the anonymity of clients/creditors make sense for now." Under normal circumstances this would all be published in a few days, but for now the court is holding back.
  3. Accounting practices at Quadriga seem to be sketchy. There's a photo of bank drafts being sorted on a stove.
  4. "Quadriga’s website will remain shut down until an order from the court. In order to achieve “some stability”"
  5. There are number of lawyers preparing class action lawsuits.
  6. The court is proceeding in a methodical, unrushed, but urgent, way.
In additional coverage:
Personal assets were moved into a trust to make them more creditor proof after the death of Cotten.
The Court-appointed Monitor of QuadrigaCX has posted on reddit with contact information and where you can receive more information or ask questions:
The CBC is reporting the RCMP have started an investigation:
At this point, as a creditor, one can only sit back and let our system work. If there was fraud, it will be exposed by the investigation. If it is closer to a 'traditional' (nothing about this is really traditional!) restructuring to preserve assets for creditors, that will happen and creditors will see the cents on the dollar in the due course of time.
Edit to add this tax related reddit thread from Fiach_Dubh
submitted by SidetrackedSue to PersonalFinanceCanada [link] [comments]

QuadrigaCX: A history of suspicious activity

This is a compilation of everything suspicious I found with Quadriga. Please let me know if there’s anything incorrect or missing

Early History (2013-2017)
All account fundings are considered to be purchases of QuadrigaCX Bucks. These are units that are used for the purposes of purchasing Bitcoin or other cryptocurrencies. QuadrigaCX Bucks are NOT Canadian Dollars. Any notation of $, CAD, or USD refers to an equivalent unit in QuadrigaCX Bucks, which exist for the sole purpose of buying and selling Bitcoin and other cryptocurrencies.
QuadrigaCX is NOT a financial institution, bank, credit union, trust, or deposit business. We DO NOT take Deposits. We exist solely for the purposes of buying and selling cryptocurrencies.

Banking troubles throughout 2018

Period leading up to Gerry’s death

Gerry’s death and announcement

Chain analysis of the crypto trapped in cold storage

Formal Active Investigations

Quadriga’s History
CCN Article listing suspicious activity
Court Documents
submitted by crashcow51 to QuadrigaCX2 [link] [comments]

Perspective From the Outside/My First Steem Related Experience

Hi, thought you guys might like to see a perspective from the outside that comes from me. Prior to today I never once heard of this Steem thing, but I know about various other coins, so I think I understand cryptocurrency as a concept. What I don't understand is why it is seemingly so inaccessible.
To give some background, I was playing a game called OGame, but I didn't enjoy how P2W it was, so I looked for some alternatives. Two alternatives I found were games called Steemnova and NextColony, but each require something called, "Steemconnect," to operate as it apparently utilities it for user accounts/verification. Uh, okay I think, and I try to investigate and make an account because I really do want to play the game. Surface level attempts results in the following discoveries... is apparently broken and reportedly requires money to make an account, but I have no idea as I can't access it to confirm requires an account to create an account and also requires money to make an account(???) And I'm surely not going to download any, "Desktop app," for this shady af thing, but I did try a browser extension for Steemconnect which also goes no where as there's no apparent registration method or guide.
So I'm sitting here thinking how the heck am I supposed to play these games? Is it all just a scam? I mean everything requires money just to make an account, which I wouldn't mind if it was at least upfront about it, but I'm only informed about this at the last minute. I investigate Steem more, which isn't easy because I just keep getting links for Steam (Terrible brand name on Steem's part really as Steam is a far better and more popular product,) but I get absolutely no where except a few low view count blogs saying how great Steem is and how it's the next big Bitcoin... Man, where have I read that before? Oh yeah, blogs for basically every other coin in existence. I do find a few hastily constructed and uninformative guides that read more like product brochures than actual guides. Needless to say, I eventually give up as I get nowhere fast.
It's my conclusion that if you guys want Steem to be popular, it must first be renamed and made far FAR more approachable as if someone like me who is motivated to understand and use it is unable to do so, you've messed up. Additionally, if you want to kill a game's potential, make it as difficult as possible to start playing like SteemNova and NextColony does by making it nearly impossible to signup. Seriously if the games were on Steam for $10 I'd be playing them right now but instead they're on Steem and are effectively inaccessible, lol.
I expect downvotes, despite my good intentions, so I wish to address these a little now. Do you really think you're being helpful by doing so? I know criticism of your favorite thingy is hard to read, but it's useful to understand even if I'm wrong, and I took the time to give you guys my thoughts and perspective when others probably brushed Steem off after the first Google search to understand it. And I know Steem likely wasn't created just for Steemconnect or whatever, but it's obviously a vector for new users such as myself, and what could have been a new community member and user of Steem is instead just a passerby because of how unusable the system is. Just a thought.
submitted by Malleator to steemit [link] [comments]

Quadriga was a fraud in my opinion

I have come to believe the following that no sizable amount of money will ever be recovered. Quadriga was an elaborate fraud.
  1. The payment processors conduct. The payment processors were not legitimate processors. They had no website or footprint and processed payments only for Quadriga. When the monitor tried contacting them, they basically either left the country, ghosted or refused to respond. Some like WB just simply refused to give the money back. Jose Reyes worked at Quadriga, he also ran the payment processor Billerfy.
  2. Firing of anyone who could provide controls to Gerry. When they no longer decided to go public they fired anyone who could provide oversight. The fact he decided not to go public is already a big red flag he planned to do something shady.
  3. Suspicious death. You have chrones and go to the diarhea capital of the world? You write a will but not any plan or clues as to where $200 million in crypto assets are of all your customers? You care so much about people you are building an orphanage in India like you are mother Theresa but you didn't give a flying F about all your customer's of your life's most important project that financed this lifestyle? The only way that could make sense was Gerry actually did leave behind information and keys with the money on it and Jen cashed it in that month where she decided to hide his death from the world and is lying about it.
  4. Monitor's most recent report.

I now believe Gerry knew he was running a fraud the whole time. Take in money for crypto, buy the crypto, transfer it into his other accounts on other sites, gamble the money. When the crypto prices fell, he was going to get exposed as there was "run on the bank" so he faked his death.

The payment processors were essentially just used to launder the money. The banks already didn't want to deal with the crypto exchanges so just depositing the money directly into a quadriga account was difficult. Instead what he did was use phony payment processors to launder the stolen money from the exchange. Jose knowing the scam being run at Quadriga probably figured why am I helping Gerry steal when I could steal myself. Billerfy should be holding millions in Quadriga funds.

Jenn claimed in her affidavit that she knew nothing about Quadriga but it turns out
" Robertson Nova Consulting Inc., a company owned by Jennifer Robertson, acted as a payment processor for Quadriga from at least 2016 (archive) — despite Robertson having claimed in her original affidavit requesting CCAA protection for Quadriga that she’d never had anything to do with the business side of Quadriga. Robertson says she holds no Quadriga funds. "

Not only was Jenn aware but she was helping Gerry run the money laundering scheme in my view.

Gerry could not use a legit payment processor. Why? Because they'd see that the money from the clients was being withdrawn into a personal account of Gerry. He also couldn't withdraw it into a business account with a different name because the processor would grow suspicious of millions of dollars and see clients writing for quadriga and bitcoin as the reason for transaction but being deposited towards "Robertson Nova Consulting". When questions would be asked they'd see, clients are paying quadriga but quadriga is sending the money elsewhere to another company:
i) owned by the quadriga/gerry but not where the clients intended it to go
ii) not owned by quadriga/gerry and not related to transaction.

These are two classical money laundering flags of large scale laundering, which is why you have your money frozen by CIBC.
" During the course of the Monitor’s investigation into Quadriga’s business and affairs, the Monitor became aware of occurrences where the corporate and personal boundaries between Quadriga and its founder Gerald Cotten were not formally maintained, and it appeared to the Monitor that Quadriga funds may have been used to acquire assets held outside the corporate entity. "

So Gerry was mixing Quadriga money with his own accounts, yeah he was scamming hard. This is AFTER he met with lawyers and considered going public and knew all the laws he should have been following.

I've come to accept no money will come back. the best outcome is that the crooks including the payment processor crooks who helped in this get life sentences in American prisons for financial fraud.
submitted by White_Mlungu_Capital to QuadrigaCX2 [link] [comments]

Removed comments/submissions for /u/GerryTheGarbageMan

Hi GerryTheGarbageMan, you're not shadowbanned, but 7 of your most recent 8 comments/submissions were removed. They may be removed automatically by spam filters and not necessarily by human moderators.
Comment (1pts) in halifax, "Whitman October 30th", (15 Oct 19):
We should all go carrying # blocked by Whitman signs. CBC want an interview on this subject? Hit me up.
Comment (1pts) in halifax, "Latest developments on the tenant who's still in that house...", (15 Oct 19):
Are you a landlord? Print out his picture and blacklist him. Know a landlord? Send them this article. Get this human trash out of Nova Scotia.
Comment (1pts) in halifax, "Whitman October 30th", (15 Oct 19):
I'm guessing noone he tagged shows up.
Comment (1pts) in halifax, "Best Donair in Halifax?", (14 Oct 19):
Any of the Pizza Mafia shops should deliver a good D
Comment (1pts) in halifax, "Working at Cityhall", (14 Oct 19):
Dafuq. You should probably delete this
Comment (1pts) in halifax, "Gyro vs Donair - Please", (13 Oct 19):
Bud..... Just don't.
Comment (1pts) in canada, "Vaping alert: New cases of severe lung illness reported in...", (12 Oct 19):
I'm hoping dry herb isn't effected
Bot here. My home is at /CommentRemovalChecker - check if your comments/submissions have been silently removed!
Help us expose and stand up to social media bias and censorship!
submitted by MarkdownShadowBot to CommentRemovalChecker [link] [comments]

More Information on QuadrigaCX2 Chat Transcript + r/bitcoinCA Lawsuit

Hello everyone.

My name is James Edwards, and I am the author of the three extensive blockchain analysis reviews that were posted throughout the month of February (links below):

The most recent Court Monitor report (released at the top of March) essentially corroborated 99% of the findings in the above links.
I have (and still am) in correspondence with several members of the press. I have been providing them assistance with a lot of the details that pertain to QuadrigaCX's case (in particular understanding the blockchain analysis part of things). These publications include, but are not limited to the CBC and the Wall Street Journal.

The Recent Leak by QCX Aaron M.

Like most of you, I have viewed the leak by team member, QCX Aaron. While it is interesting, there is a discrepancy at the end of the transcript that I believe demands greater explanation. I'll explain briefly, below:

  1. QCX Aaron sent: "Just heard about what's going on, we are thinking of you. Sarah and I both wishing you well" as his second to last message in that conversation.
  2. Based on my analysis, if we assume that Gerry and QCX Aaron were sending each other messages every day, then this message would have been sent on December 8th, 2018.
  3. Based on the messages, it is made clear that QCX Aaron is in the AST time zone (GMT-4; not GMT-3 which is the time zone of his hometown Nova Scotia/New Brunswick). As to why Aaron was in the GMT-4 time zone is beyond me.
  4. According to the 'Globe and Mail' report, Gerry Cotten checked in his hotel in Jaipur, India at 6:10 p.m. (source: ) ; At that point in time, he was actually doing fine. The report states that 'soon after' he started to have troubles.
  5. If we line up the time when Aaron sent that message saying 'Just heard about what's going on, we are thinking of you. Sarah and I both wishing you well' on December 8th (which I highly suspect), it was sent at 6:22 p.m. in Jaipur, India time. The chances of Aaron 'hearing' about this in such a short time span is nil.

There is a possibility that Aaron sent this on December 9th as well. December 8th and 9th were Saturday and Sunday, respectively. Given that it was the weekend, it is very possible that they simply were not corresponding with one another and Aaron legitimately had 'heard' about this.

But the question would be, from who? It does not appear that it was Jennifer herself because he would have sent his condolonces directly to Jennifer rather than sending them in the chat that he had open with him and Gerry in hopes that she may possibly see it one day.
Its also worth noting that the transcript shows that Gerry didn't even tell Aaron that he was in India until he arrived there (if you scroll up you'll see this). Earlier in the chat ( a few weeks earlier), Gerry had discussed this with Aaron, but there were no definitive dates given.

Given this discrepancy, more questions must be asked of Aaron. In fact, I believe that Aaron should do an AMA on everything going on. If he refuses to do so, he should be asked why.

Regarding BitcoinCA

There was a period of time where I used to post information and insights on that subreddit. I considered them to be reputable because they've had a longstanding reputation when it comes providing information to Canadians on cryptocurrency.
However, they recently crossed the line by posting a libelous (and blatantly false piece) about me stating that I rape children while doxxing underaged members of my family.
I am already in contact with higher-ranking members at Reddit, and I honestly will not stop until that subreddit is closed down entirely. I think that such behavior is absolutely disgusting, and the fact that the moderators and staff over there have pinned it and then unfairly impugned these libelous accusations against me is even more disgusting. I have given the subreddit 48 hours ( they have approximately 45 hours left) to remove any and all libelous information about me.
I have professional references (i.e., Wall Street Journal, Washington Post, etc.), that are credentialed journalists that can attest to my identity. In addition, I would be more than happy to divulge whatever information is necessary if they choose to reach out to me directly.
But simply posting false and libelous information about me and doxxing children and then promoting that is absolutely unacceptable and there is no room for it in the crypto community. At all. I will make sure that there are legal remedies in place for the individuals that have done so as well.
No one should trust bitcoinCA nor should they attempt to put any information about QuadrigaCX there. I am very certain that they are censoring posts and, if they can't censor you because your content is too hard hitting, they will attempt to spread libel and disinformation about you.

The moderators of that subreddit have been contacted and they absolutely refuse to respond to this, so I have escalated the situation. Dramatically. I have a zero tolerance policy for that type of shit.
submitted by Randomshortdude to QuadrigaCX2 [link] [comments]

[PSA] xCobalt's Complete Guide to Everything You Could Possibly Want to Know about CS:GO Trading

Hey everyone!
This is a post that isn't just aimed towards newer players, but to everybody. I'm including a lot of information in this, and it is basically my guide to trading in general. It's a compilation of my past 2 years of trading combined with everything I've learned from other people, and I hope that it helps you all.
I will be adding more on to this guide, but this has already taken me 4 hours to type, so I will be gradually adding on. If you have anything to contribute or suggest to me, then please feel free!
I would also like to add that I'm doing my best to credit everyone who made x image, but some of the images were found on imgur or without parent posts, so if you could please tell me who made x image, I will happily update the post with credit to them.
Edit: Fixed a lot of typos.
Edit 2: Thanks for all of the support and feedback! Very glad to know that people will be using this guide :)
Edit 3: If you guys want, I will go ahead and work on the video version I was considering making this week. It will be a fair amount of work, but It should be nice.
Edit 4: More Grammar and spelling fixed
Edit 5: Removed Katowice price Generalization
Edit 6: Holy shit! This is now one of the top 6 highest ranking posts of all time on the subreddit! Thank you all so much for the love and support, and let's try to keep new traders always informed and aware!
(Press CTRL+F To Find These on the Page)
1.0 The Basics
2.0 Patterns: What are they?
3.0 Float Values (Exteriors): What is Float Value/exterior?
4.0 Key Trading 101
5.0 Souvenir Items
6.0 Stickers on Guns
7.0 Trading FAQs
Without further stalling, let's get started!
1.0 - Trading Basics
In late 2011, before CS:GO was even released, Valve introduced the ability to trade TF2 items in Steam. It was a phenomenon that nobody thought would become as big as it was, and it has only expanded over the last 5 years. With the Arms Deal update in CS:GO on the 14th of August, 2013, we were introduced to what would eventually become one of the largest and most sustained economies in gaming. A trade is when two steam users interact by moving items from accounts, and the safety and level of it has evolved since its release. Trades can be live, or they can be offers. An offer is when a user sends a non-live trade to another player, who can then spend time to think about it, and either decline or accept the offer.
1.1 - Getting Started
Against what all of the nothing to knife videos would lead you to believe, trading is not something where you can get to a FN Dragon Lore from a Nova Sand mesh... well not within 2 weeks (Unless you are very fucking lucky.) The best way to start out trading is to invest $50+ and start from there. The more you invest, the easier it is to make profit, but there are more risks associated with some higher tier items. The least amount of money you should spend when getting into the game is $10, $5 is fine too, but honestly, it is worth spending the amount of money that you might spend on lunch to buy some skins that will last longer then said lunch.
In order to get started with trading, you will need the following:
The rest is explained throughout this guide.
1.2 - Who to Trust
Deciding on who to trust is simultaneously extremely easy and incredibly difficult. When you're doing a normal trade, there is next to nothing that the other person can do to scam you. Basically, as long as they or you send a trade offer with both items in the trade, you're golden.
Never trade with people who do the following:
1.3 - Cashrep
So what is cashrep? Cashrep is a Reputation thread that a user uses when they are doing trades for real money. If you're looking to start trading with real money yourself, the best thing to do is to small money trades with extremely reputable traders who have extensive cashrep, to start building your own.
So what is steamrep? Steamrep ( is a community run website that is aimed stopping scammers in their tracks. Always check a user's account before trading with them, regardless of whether they are doing a cash trade with you or not. This is important, because some people will go to extensive lengths just to get a bit of extra cash from you. I am also aware that everyone does not believe steamrep is necessary, but believe me when I say that it is actually a very useful tool that has saved me plenty of time with figuring out people who have tried to scam me out of real money.
1.4 - The Most Common Scams
1.5 - Trading Etiquette
Here is a list of the things that you should and shouldn't do just as general rules of thumb.
1.6 - Trade Confirmations: What Are They?
Trade confirmations are done via a mobile device. They are pretty much forced upon players to make them do their best to keep their accounts secure. All that you need to do when trading is open your phone, click on the notification that the app gives you, and doublecheck and confirm the trade.
2.0 - Patterns: What Are They And Why are They Important?
A pattern is an ID from 1-999 that is assigned to any item in one's inventory. Randomly generated skins (such as Electric Hive, Crimson Web, Case Hardened, Modern Hunter, Fade, etc.) will appear unique in every pattern. Don't be mistaken though, patterns do affect static skins (such as Dragon Lore, Fire Serpent, Howl, etc.) in a significant way as well. Each pattern also changed wear placement on the gun slightly (i.e. two different skins with the exact same float but different pattern IDs can have completely different scratches.)
It is also noteworthy that every single skin on a given gun with a certain pattern ID will have the exact same wear placement, regardless of what skin it is.
This is important. Note that on ALL of the DLC Knives (Butterfly, Huntsman, Falchion, Shadow Daggers, and the Bowie Knife), the patterns are mirrored. This means that any 'double sided xx' on these knives are lying, or just uninformed.
2.1 - Slaughter Patterns
Slaughter has a wide variety of unique looks, but not all patterns that people claim are patterns are accepted by the community.
The most commonly used patterns are listed here:
This is an image that shows what all of the slaughter patterns look like (generally). It however does have a terrible example of a heart, but finding good heart examples can be difficult.
This is what the slaughter pattern i nthe game files looks like, the shape in the middle of it is the heart.
2.2 - Crimson Web Patterns
Crimson web simultaneously matters the least and the most when it comes to patterns.
Here is an album of 3 different factory new m9 crimson webs, each with different webs to illustrate my point.
2.3 - Fade Patterns
Fade value varies from knife to knife. On the gut knife it is actually unaffected 95% of the time (110% 0.00x usually goes for 105% of market, but nothing else usually sells for much more.) Flip knives are actually sold equivalent to their fade percentage of SA Price (i.e. 90% fade for 90% of steamanalyst, and same for 110%). Meanwhile Karambits go as low as 190 and as high as 700. I will have to update the guide with more prices soon.
Tip: You can use CSGOZone to check the fade percentages of most knives pretty acurately, but it isn't 100% accurate, so doublecheck with people to confirm the fade.
Tip 2: Metjm has an amazing database to scroll through every fade pattern on a few of the knives. View Here.
2.4 - Marble Fade Patterns
Marble fades are one of the most desirable knife finishes in the game, being quite popular in general. Against what some of the shittily made guides out there will have you to believe, you can only get True Fire & Ice with no yellow on the Karambit, Flip Knife, Gut Knife, and Bayonet. This means that you cannot get Fire and Ice on the M9 Bayonet.
On The M9 Bayonet, the most desirable pattern is the Max Red tip, the least desirable is yellow, and the middle child is blue tips.
2.5 Electric Hive Patterns
Electric hives are a skin with a wide pattern range, but many traders either ignore them or are even unaware of the pattern value ranges. I'm an Electric Hive enthusiast myself, and I'm speaking out of my own experience for this part.
Similar to Case Hardeneds, Electric hives desirability peaks at Full Blue, followed by Full Orange hives. Other hives are generally considered to be nothing special, and sell ar market.
The desirability of blue patterns is based NOT on the amount of blue/orange, but the solidity of the line itself. The ideal patterns are shown below, note where the purple line sits.
There is more to go into with these, will add more images when Metjm's buggy screenshots are updated.
2.6 - Kami Patterns
Kamis are purely based on whatever the person is willing to pay for them. A Good example is the Vagina Kami, which from what I've heard has sold for more then 20 keys in the past..
Many patterns exist on the back of the 5-7 Kami, but there aren't that many solid guides for them.
2.7 - Case Hardened Patterns
Case Hardened is simultaneously one of the most and least desired skin & knife finishes in the game.
The prices of these items involve too many factors for me to go over, but the TL;DR version of it is that Blue = Sexy and Rust/Grey = Shit.
Here are some examples of blue gems for each case hardened. Credit to acidaus for finding some of the METJMs and Alamer99 for 3 of the bowies:
2.8 - Doppler
Doppler is extremely controversial because of some of the terms that certain people use to describe their knives.
There are 7 different game files for the doppler, called Phases. The phases are as follows.
People use terms such as "Fake Black Pearl" and "Pink Galaxy" to describe their dopplers. Using terms that do not describe something that it isn't aren't allowed (i.e. a Phase 3 full black is just that, full black. Not a Fake Black Pearl. Phase 1 can arguably be fake black pearl since it has purple, not black.) This is the gray area of dopplers, and is up for debate.
2.9 - Other
This section is for skins that some people may argue deserve to have pattern price differences, but in my experience don't matter. Icarus fells for example are very debatable. I've bought and sold almost all of the Phases of icarus fells for 85% of steamanalyst in keys (only float has mattered in my experience), but I know that some people find certain patterns more desirable. With items such as Icarus fells, it is purely the user's preference that matters.
Other items that fall under this category are:
3.0 - Float Values: What Are They?
A float value (Or Floating Point) is a static numeric string used in programming to set a value for whatever purpose is correct in context. In the case of CS:GO, the float value of an item determines the amount of wear it has (relative to the pattern seed's wear placement.) Basically, higher float skins have worse wears (Battle-Scarred through Field-Tested) and lower float skins have better wears (Field-Tested through Factory New.)
The Float ranges for items are as follows:
3.1 - Float Values and Knives
Float ranges vary on every skin in the game. It's noteworthy that on the Karambit, the pattern is just as important as the wear, as you can get 0.04 corners that look better then 0.000x ones.
Many knives have a minimum float of 0.06, which makes Factory New extremely rare, since skins have a bell curve on condition (making Field-Tested much more common then Factory New and Very Battle-Scarred)
As you can see, most of the knives with Custom paint finishes all have a 0.06-0.80 float range, making FN equally rare on all of them. Fades are uncommon in minimal wear, but not as rare as a FN Crimson web.
Rust coat and slaughter are the only knives that don't follow the trope.
3.2 - Float Values and Skins
Skins float ranges are determined by their creators.
The only skins that have 0.06 min floats are usually valve-made skins (such as fire serpent, safari mesh, etc.) and most other skins are usually 0.00x - 1.00.
Notable exceptions are AWP/M4 Asiimov (0.18 - 1.00) and Galil Chatterbox (0.35 - 1.00.)
4.0 - Key Trading 101
Keys are the universal currency of the Counter-Strike economy. So how exactly do they work?
If your item is regularly listed on the steam market (and doesn't have any special stickers/patterns), then the typical way to list it is to use SteamAnalyst's averages, and multiplying them by 0.80-0.90 depending on the item's desirability. 0.8 is 80%, which is usually considered a quicksell. 85%-90% are considered quicksells by some and normal prices by others. Note that no item should sell for 100% of steamanalyst if it has no special traits, unless the person wants the item very fast.
4.1 - High Tier Key Trading
For items over 130 keys, the most common thing to do is to look on Reddit (or lounge, depending on your style) and find similarly listed items that actually sold at that price recently. These are the community's agreed prices on these items. If you're using items that are regularly listed on the steam community market to trade for high tier items, then you will need to use the 80-90% averages as explained above.
4.2 - Key Prices
When buying keys with real cash, the price for you depends on several factors.
The Price for keys varies depending on these factors. Basically, the more reputable you are, the easier it is to get cheaper keys (Via Bitcoin rates are usually $1.8-$2.0). This completely depends on the above factors though.
5.0 - Souvenir Items 101
Souvenir items are items that were dropped from Souvenir packages, which were dropped from Valve-Sponsored Counter-Strike: Global Offensive Majors. These are all of the majors that have happened so far:
5.1 - Which Stickers Add Value?
This is a debatable subject.
Stickers based on rarity (Rarest to Most common):
In the latest two 2015 tournaments, signature stickers were added, and some of these add significant value to guns. These are the stickers that add the most value.
Most other signature stickers don't add significant value. These are just the most noteworthy ones.
6.0 - Stickers on Guns
Up until mid 2015, stickers adding value to guns was considered to be a joke by the general trading community. Once the Katowice 2014 stickers skyrocketed, people realized that the look was actually worth paying for, and Kato 14 collectors started to grow. Now, stickers are considered to be an important part of the trading meta if their value is > 10 keys.
6.1 - Calculating Sticker Values
Before anything else, check these factors:
Unfortunately, the price from stickers varies too greatly based on these factors as well as trivial things such as StatTrak and all of that, so I will not be adding back the general pricing.
7.0 - Trading FAQs
Q. What are steam levels and why do they matter?
Steam levels are a level (ofc) that is determined based on the number of badges a user possesses. Each badge is worth 100 XP (with a few exceptions) and they cost money to craft (usually). High steam levels have spent considerable amounts of time & money, and usually don't want to risk their high level account as it is hard to replicate. This does not mean that someone with say a level 300 account isn't scamming, but it is much less likely for someone with a steam level > 200 to scam then someone with say a 50 level. (Though there are scammers and legit dealers at all levels.)
Q. I got scammed, what do I do?
Report it to Steam Support and on the Steamrep Forums & Partner communities. GoTrade itself is a great place to report scammers.
Q. Why are Katowice Stickers and some souvenirs so expensive?
Simply because of the fact that they are from a time when CS was newer and less popular, so there is a small supply of them.
Q. Why do traders pay so much just for a certain float or pattern?
Because of the rarity, uniqueness, and look.
Q. How do I get started on cash trading?
The best way to get started on cash trading is to deal with well known traders in small amounts to build a rep.
That's the end of the guide (For now). If there is anything that I should add to it, please let me know as I will be expanding it in the future. It took a considerable amount of time to make this, so I would very much appreciate your feedback!!
submitted by CobaltTheDragon to GlobalOffensiveTrade [link] [comments]

What Are the Biggest Alleged Crypto Heists and How Much Was Stolen?

What Are the Biggest Alleged Crypto Heists and How Much Was Stolen?

As the appeal of cryptocurrency has grown, so has the opportunity for scammers to part naive investors from their money. 2019 has been no exception, with cryptocurrency and blockchain forensics company Ciphertrace dubbing it “the year of the exit scam.”
Exit scams are not a new phenomenon, with a 2018 report conducted by Statis Group revealing over 80% of initial coin offerings (ICOs) in that year to have been fraudulent. Here, Cointelegraph explains exit scams and how to spot them, as well as a look at some of the biggest scams that have been discovered by various researchers.

What are exit scams?

The premise of cryptocurrency is simple, a new ICO launches, claiming to offer lucrative returns for investors. Investors can’t believe their luck and clamor to buy in. The business runs for some time on the back of the invested capital, but, sooner or later, disaster strikes and the company shuts down, often with no explanation.
After a while, it becomes obvious that the company is gone for good, along with the invested funds. The poisoned chalice of crypto’s decentralized nature often means that investors are left in the dark when trying to recoup or trace their pilfered funds.

How to spot an exit scam

Many exit scams have tell-tale signs that investors should look out for. The financial content site Investopedia has a handy list of key characteristics.
First, exit scams often have inconsistent or misleading information about the team behind the project. When scouting potential investment opportunities, investors should scour for information on key members of any ICO.
It’s important to remember that online credibility can be faked by purchasing likes, profiles and followers on social media. Celebrity endorsements with verified accounts could also ring alarm bells for investors. A fake Twitter account purporting to be Elon Musk, with a supposedly verified twitter account, raised over $155,000 as part of a 2018 Bitcoin scam.
Investors should verify the credentials of backers, team leaders and promoters of cryptocurrency projects. Although individuals may seem to be legitimate at first glance, brand new social mediaprofiles and few followers or connections should raise eyebrows.
The most significant characteristic unifying exit scams in cryptocurrency is the promise of a huge return on investment (ROI) — chances are that it’s probably too good to be true. Investors should always look through even the smallest details of what they are required to invest and what the company purports to be able to give back to them.
ICOs usually come with a white paper, setting out the design details of the project along with a business plan and other information. Investors should pursue all available information for ICOs, as any vagueness in the white papers should signal a big red flag.
When investing in an ICO, it’s vital to get an understanding of the business model. Investopdia writes that anything powered by concept alone should be a warning to anyone tempted to buy in. Although cryptocurrency projects can and do launch off the back of technological advances, investors should be wary of projects looking to gather millions of dollars before taking a sober look at the project’s ability to return the investment from the published information.
Heavy promotion of an upcoming ICO can also be a sign of an exit scam. Past scams have employed bloggers to promote via numerous forums. Ads both online and in print media could also be suspicious.

$2.9 billion PlusToken scam could be largest exit scam ever

A 2019 report shared with Cointelegraph by the cryptocurrency and blockchain forensics company Ciphertrace dubbed 2019 the year of the exit scam and highlighted the billions of dollars stolen in multiple scams this year alone.
The report shines a light on what, if confirmed, could be the biggest crypto scam ever, with an estimated loss of around $2.9 billion after Chinese police uncovered an alleged Ponzi schemeinvolving the South Korean wallet provider and exchange PlusToken. Although more is being uncovered about PlusToken, mystery still surrounds the key events.
Ciphertrace reports that the platform has enshrouded several Chinese nationals, the government of Vanuatu, the Chinese police and the company’s co-founders — a South Korean man operating under the alias of “Kim Jung Un” and a Russian known only as “Leo.” The alleged PlusToken scam centers around an app with which the wallet provider claimed investors could invest in PlusToken (PLUS).
According to the report, the firm claimed that the token, based on the Ethereum blockchain, was developed by a major technology company. PlusToken is also said to have falsely stated that it could deliver wallet holders an ROI of between 8% and 16% per month, with a minimum deposit of $500 in crypto assets.
Ciphertrace also reported that no verifiable source of revenue existed other than the proceeds from new membership. Those were onboarded per the traditional method of a Ponzi scheme, which require a constant stream of new investment in order to support its semblance of growth. Investors were incentivized to recommend new users with an invitation, which was the only way to join.
Although this was enough for some members to dismiss the legitimacy of the project outright, Leo, the company’s co-founder, published a press release that claimed he had met with Prince Charles, the future head of the English royal family, providing photos as proof. Ciphertrust reported that it had contacted the Prince Charles Foundation, which confirmed that Leo had indeed attended the event, but would not provide other information about the individual due to European Union General Data Protection Regulation, or GDPR.
PlusToken’s fate was seemingly sealed on June 28, after members of the Chinese police touched down in Vanuatu, detained six people involved with the project and extradited them back to mainland China. Ciphertrace reported that the so-called “PlusToken Six” were either Vanuatu citizens or applying for citizenship at the time of their arrest.
Soon after, PlusToken members found that they were unable to withdraw funds from their accounts. Customers were informed that withdrawals via the app were frozen due to “technical difficulties.” By June 20, the PlusToken app had ceased operations due to purported system maintenance.
For investors, there seems to be no secure lead on the final resting place of the allegedly billions of dollars of stolen funds. The Chinese government has yet to comment. A July 12 post from PlusToken stated that the six Chinese individuals were simply service users and not actually involved with the running of the company itself, stating that users should ignore the rumors and not try to log in until they receive confirmation that the servers are back online.


On April 9, 2018, two ICOs — iFan and Pincoin — operating under the umbrella of company Modern Tech based in Vietnam, went silent after reports outed them as scams that had scalped 32,000 investors out of an alleged $660 million in tokens, according to Tuoi Tre News.
Victims claim that the damages amount to roughly 15 trillion Vietnamese dong ($660 million) in token sales. Angered investors held a demonstration outside Modern Tech’s Ho Chi Minh City headquarters on April 8.
One of the initial characteristics that could have alarmed investors was the fact that Pincoin offered service users bonuses for successfully bringing other people on board. Pincoin did initially pay out cash until January 2018, when the company switched to iFan tokens, TechCrunch reported.
The owner of Modern Tech’s office building said that the company left its offices in March and that no one knew their current whereabouts. The firm left behind only an incomplete website that is now inactive. Modern Tech initially tried to pass itself off as a mere representative of both coins in Vietnam, prior to media reports confirming that seven of its Vietnamese executives were in fact behind the projects.
TechCrunch reported that the ambiguous mission statement from the then-functional site is typical of the vague and jargon-filled copy used by exit scammers:
“The PIN Project is about building an online collaborative consumption platform for global community, base on principles of Sharing Economy, Blockchain Technology, and Crypto Currency”
Financial scam directory Behindmlm released a report in February 2018 that found its buy-in method was typical of an ROI Ponzi scheme. Pincoin’s website is currently down, though iFan’s is still online.

QuadrigaCX — regulators catch on

The death of 30-year old Gerald Cotten shook the crypto world — not only because Cotten was the co-founder and CEO of Canada’s largest cryptocurrency exchange, QuadrigaCX, but also because his control of the passwords and keys to accounts rendered all the assets on the exchange forever inaccessible after his death. Cotten took over $195 million of stolen cryptocurrency with him to the grave.
Related: QuadrigaCX Users Lose $190M as Speculations Over Cotten’s Death Swirl
Commenting on the May 9 Ernst & Young report, Ciphertrace said Cotten had played fast and loose with customer funds for many years in order to support a lavish lifestyle for both himself and his wife. Cotten allegedly exercised complete control over the exchange and used his position to perform “unsupported deposits” — i.e., fabricated transactions not represented by either fiat or cryptocurrency.
Cotten also used significant volumes of customers’ cryptocurrency via transfers from the platform into other exchanges he controlled. As per the EY report, Cotten shifted significant amounts of fiat and cryptocurrency between alias accounts, although less than 1% of these transfers was supported by documentation. Ciphertrace notes that as the admin, Cotten was in a perfect position to hide his fraudulent activities.
In a pattern that may now seem familiar, Cotten used customer funds to pay for QuadrigaCX operating costs after the company suffered liquidity issues due to his reported fraudulent use of user deposits. As QuadrigaCX began to struggle to stay afloat, EY reported that Cotten gambled customer funds in off-platform margin accounts to meet margin calls.
The report also states that Cotten traded unsupported deposits for legitimate funds thereby generating artificial trading markets, abused his position to override Know Your Customer requirements and hoarded all passwords:
“The Monitor understands passwords were held by a single individual, Mr. Cotten and it appears that Quadriga failed to ensure adequate safeguard procedures were in place to transfer passwords and other critical operating data to other Quadriga representatives should a critical event materialize (such as the death of key management personnel).”
As of April 12, EY estimated that Quadriga held around $20.8 million in assets and around $160 million in liabilities. The debts and assets are spread over three subsidiary companies, 0984750 B.C. LTD. (the “Quadriga Estate”), Quadriga Fintech Solutions and Whiteside Capital Corporation. On July 31, the Supreme Court of Nova Scotia approved over $1.6 million in fees for parties seeking remuneration from the exchange, according to court documents.PDF) seen by Cointelegraph.

CFTC action launched after $147 million BTC scheme

On June 18, 2019, the United States Commodity Futures Trading Commission (CFTC) initiated a civil enforcement action against now-defunct Control-Finance Limited for a scheme involving $147 million worth in Bitcoin.
It is alleged that Control-Finance Ltd. defrauded over 1,000 investors by laundering around 22,858 Bitcoin. In mid-September 2017, its website was abruptly taken offline, payments to clients were suspended and advertising content from social media accounts was deleted.
The firm initially said that it would reimburse customers by late 2017. However, the company allegedly began transferring laundered Bitcoin by using the crypto wallet service CoinPayments. According to Ciphertrace’s Q2 2019 Anti-Money Laundering (AML) report, the CFTC complaint charges the company and its founder Benjamin Reynolds with:
“Exploiting public enthusiasm for crypto assets by fraudulently obtaining and misappropriating at least 22,858.22 Bitcoin from more than 1,000 customers through a classic high-yield investment (HYIP) Ponzi scheme called the Control-Finance Affiliate Program.”
Per the CFTC, the company claimed that investors who buy Bitcoin through the firm would be guaranteed daily profits thanks to their team of expert cryptocurrency traders. The complaint also stated that the firm falsely claimed market volatility would ensure funds invested through Control-Finance would result in profit.
The CFTC also alleged that Control-Finance misleadingly promised that it could earn customers a 1.5% ROI daily and 45% monthly. Control-Finance is also reported to have sent partial amounts of new clients’ BTC deposits to other customers, which were disguised as profit from trading, a tactic typical of Ponzi schemes. The legal action seeking civil monetary penalties and permanent trading bans continues.

Co-owner of Bitmarket found shot dead after alleged exit scam

On July 8, the Poland-based exchange Bitmarket shut down, citing liquidity issues. According to Ciphertrace’s Q2 2019 AML report, the shutdown cost users around 2,300 Bitcoin, approximately $23 million. Users attempting to log on to the site were met with the following message:
“We regret to inform you that due to the loss of liquidity, since 08/07/2019, was forced to cease its operations. We will inform you about further steps.”
Ciphertrace reports that Bitmarket had a history of partners pulling out. In 2015, the firm lost payment processors CashBill and BlueMedia after the companies' banks requested they end their working relationship with Bitmarket. PKO Bank Polski, Bitmarket’s own bank, also terminated its relationship with the firm only six months after Bank BPH had done so earlier in 2015.
Bitmarket’s two founders, Marcin Aszkiełowicz and Tobiasz Niemiro, have contradicting accounts about the misplaced user funds. Aszkiełowicz claimed that the exchange had been hacked for 600 BTC in 2015, an incident from which the company was unable to recover.
Niemiro, however, claimed that he was not responsible for activities on the exchange. Niemiro also purported to have been told that the company was purchased with a deficit of 600 BTC, which he allegedly repaid with his own money. Niemiro said he could not confirm that his partners had indeed used the money to purchase the 600 BTC.
Two weeks after the interview, Niemiro was found dead in a forest near his home with a gunshot wound to the head, which the police deemed to be self-inflicted. The District Attorney’s Office stated that it is not looking into the involvement of third parties in Niemiro’s death, but are still actively investigating the misappropriation of funds.
submitted by Rajladumor1 to omgfin [link] [comments]

WSJ: A Crypto-Mystery: Is $140 Million Stuck or Missing?

Paywall free link:
Original link:
A Crypto-Mystery: Is $140 Million Stuck or Missing?
A Canadian cryptocurrency exchange says about $140 million worth of customers’ holdings are stuck in an electronic vault because the company’s founder, and sole employee, died without sharing the password.
But two independent researchers say publicly available transaction records associated with QuadrigaCX suggest the money may be gone, not trapped.
They say it appears Quadriga transferred customer funds to other cryptocurrency exchanges, although it isn’t clear what might have happened to the money from there.
Their research is the latest twist in what is shaping up to be a bizarre case, even within the often murky and unpredictable world of cryptocurrencies.
Gerald Cotten launched Quadriga in December 2013. The exchange claimed to be one of the largest in Canada, allowing customers to trade a handful of cryptocurrencies, including bitcoin and ether.
On Jan. 15, the company announced on its website that Mr. Cotten had died on Dec. 9 from complications related to Crohn’s disease while building an orphanage in India. He was 30 years old. Two weeks later, the exchange filed for bankruptcy protection in a Nova Scotia court.
Quadriga said its customers have accounts with a total balance of about C$250 million. Only about C$70 million of those customer funds is in cash. About C$180 million, or about $140 million, is in cryptocurrencies held in a reserve account maintained on Mr. Cotten’s laptop, the company said in its bankruptcy filing. Quadriga would need control of that account to send those cryptocurrency funds to customers.
Mr. Cotten ran the business out of his home in Fall River, Nova Scotia, his widow, Jennifer Robertson, stated in an affidavit. Ms. Robertson said Mr. Cotten was the only person who moved funds from an active account—called a “hot wallet” in crypto circles because it is connected to the internet—to the reserve account, which is an offline “cold wallet.” The company said it has been unable to break into Mr. Cotten’s laptop to try to recover the access keys.
If the laptop can’t be accessed, the funds could be permanently frozen. On Tuesday, a judge in the Supreme Court of Nova Scotia granted the company a 30-day stay of proceedings as it tries to untangle its finances.
There are no standards or regulations in the cryptocurrency world that would prevent a situation such as at Quadriga, where one person runs an exchange that handles millions of dollars in virtual currencies using a laptop computer, and has sole access to crucial passwords.
Some cryptocurrency specialists aren’t waiting for Quadriga to figure things out. James Edwards, a cryptocurrency analyst who publishes research on a website called Zerononcense, said he reviewed the exchange’s claims based on an examination of publicly available transaction histories.
He says he found no evidence that Quadriga controlled any wallets that held the large amounts the company claims. “It appears that there are no identifiable cold wallet reserves for QuadrigaCX,” he wrote in a report. Quadriga didn’t respond to a request for comment.
The analysis Mr. Edwards performed is possible because bitcoin and other virtual currencies have publicly available digital records that allow anybody to trace the entire transaction history of a specific currency. This type of forensic analysis has become more common over the past few years in the cryptocurrency world.
Mr. Edwards collected information from more than 50 Quadriga clients and then performed an analysis of those transactions, drawing a picture of Quadriga’s money flows. Transactions from the customers to Quadriga revealed the existence of its active accounts. But Mr. Edwards couldn’t find any transactions going to the kinds of reserve accounts Quadriga says it has.
If the reserve accounts existed, Mr. Edwards said, then at some point transactions either to or from the active accounts should have appeared.
“None of the withdrawal addresses provided by customers led to a wallet that could be considered anything comparable to a ‘reserve’ wallet,” Mr. Edwards wrote. Mr. Edwards told The Wall Street Journal there was evidence wallets once existed that had larger balances, but those balances were currently much lower. The largest wallet currently, he said, appeared to be the hot wallet, or the one used for transactional purposes.
The exchange appeared to be satisfying withdrawal requests from the hot wallet, he said, but only after enough new deposits came in from other customers to cover the withdrawals.
Mr. Edwards focused mostly on Quadriga’s bitcoin holdings. Another analytics firm, Elementus Group, traced the exchange’s ether holdings, and came to the same conclusion.
“It is extremely likely that there aren’t any cold wallets,” CEO Max Galka told the Journal. Most of the funds appeared to be going out to other exchanges, he said, including Bitfinex, Poloniex, and ShapeShift.
Poloniex said it identified accounts that could be related to Quadriga, and is working with appropriate authorities. Bitfinex did not immediately reply to a request for comment. ShapeShift declined to comment.
Jesse Powell, the CEO of online exchange Kraken, also doubted Quadriga’s claims. He said on Twitter Sunday that his exchange had wallets known to belong to Quadriga and was investigating the “bizarre” story. He suggested the Royal Canadian Mounted Police contact him. Mr. Powell declined to comment.
The researchers’ analysis isn’t conclusive, though. “In my opinion, that’s an impossibility to determine,” said David Jevans, the CEO of CipherTrace, another firm that does analytics in the sector. It is possible Quadriga had a number of accounts that served as cold wallets, rather than one, which wouldn’t have shown up in the searches of Mr. Edwards and others. “It very well could be they took the money, moved it out to the cold wallets, and tragedy happened,” he said.
While those suspicious of Quadriga acknowledge the public transactions don’t provide certainty, some say there is a way to determine if the exchange’s money is indeed trapped. A crypto developer named Amaury Sechet suggested Quadriga should publish the addresses of the cold wallets. This would allow anyone to see how much cryptocurrency is in them, even if they couldn’t access it.
Poloniex said it identified accounts that could be related to Quadriga, and is working with appropriate authorities. Bitfinex did not immediately reply to a request for comment. ShapeShift declined to comment.
“Over time trust will build as the coins remains (sic) untouched,” he wrote on Twitter. “If they cannot do this, their story is not credible.”
(credit to u/quippurr in /QuadrigaCX2, the non-Quadriga controlled reddit)
submitted by LonelyGuava to QuadrigaCX [link] [comments]

Quadriga better business bureau report

BBB File Opened:28/7/2015Type of Entity:Private Limited Company by Shares (LTD)
Alternate Business Name
Business Management
Additional Contact Information
Phone Numbers
According to a statement issued on January 14, 2019 Gerald Cotten, co-founder and CEO of QuadrigaCX. died December 9, 2018.
Social Media
Business Categories
Currency Exchange, Virtual Currency


BBB Investigation Results
In December of 2018 BBB began an investigation into the business practices of QuadrigaCX. This investigation was prompted by the number complaints alleging that their currency exchanges from virtual currency to Canadian Dollars were not being completed in the advertised time frame.
Our investigation uncovered a lawsuit ( click here ) which disclosed that approximately 26 million dollars were frozen by the financial institution where the accounts were held. This suit also states that these funds were traced to transactions by 388 Depositors. On November 9, 2018 the frozen funds were ordered to be deposited with courts for determination as to entitlement of the disputed funds.
Some of the transactional behaviour described in the suit is not typical of currency exchange. The suit indicates that a third party processor used a personal bank account to deposit money that was intended to fund currency exchanges on behalf of QuadrigaCX and QuadrigaCX clients.
Currency exchange in Canada is regulated. Currency exchange transactions are required to proceed through bank accounts that are associated with Financial Institutions or Money Service Businesses rather than personal accounts. Financial Institutions & Money Service Businesses are regulated business types, with legal reporting requirements. Money Service Businesses are required to register with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
At this time in Canada, virtual currency (aka crypto currency) exchanges are not required to register as a Money Service Business. BBB verified this on December 5, 2018 with FINTRAC.
When an individual purchases crypto currency with QuadrigaCX they are engaging in currency exchange. The purchase of currency is currency exchange. Purchasing Bitcoin (BTC) with Canadian Dollars (CAD) is changing one currency to another.
According to the QuadrigaCX website, a person first purchases QuadrigaCX bucks, those QuadrigaCX bucks are then used to purchase the desired currency. Typical transactions are CAD or USD used to purchase QuadrigaCX bucks, which is then used to purchase the crypto currency of choice, and the reverse.
QuadrigaCX bucks may not have value outside of the QuadrigaCX platform. This means that if QuadrigaCX ceases operations it may not be possible to redeem the value of those QuadrigaCX bucks. QuadrigaCX does not provide information on what happens to QuadrigaCX bucks during transactions that have not completed.
On December 10, 2018 BBB sent an email to [[email protected]](mailto:[email protected]) requesting information relating to the information discovered during the course of our investigation. As of January 7, 2019 BBB has not received a response.
These were the questions asked by BBB: 1. Does QuadrigaCX have a storefront? If yes, what is that address? 2. If a client has an issue to what address should they send any legal correspondence? 3. Who is your current payment processor(s), are they operating from a fully transparent business account? 4. A Financial Institution froze ~ 26 million of client funds in an account in 2018, these were recently ordered to be released, why have there been delays in the transfer of funds to other clients? 5. Complaints to BBB indicates that delays well beyond the stated deposit time-frames have occurred with no explanation to those clients. Can you clarify why the delays occurred? 6. Where does QuadrigaCX disclose what happens to QuadrigaCX Bucks if QuadrigaCX closes or ceases operations. These are purchased by clients to fund purchases of other currencies. If they remain in an account because of processing delays or business or account closure how are clients refunded? Are they refunded the original purchase price of the QuadrigaCX Bucks or the market value, and in which currency, fiat or crypto?
Should BBB receive a response the business review will be updated with a summary of the information received.
Business Alert
On January 31, 2019 QuadrigaCX declared that they ave made an application for creditor protection. Clients who believe they are owned money may find the information contained on the Office of the Superintendent of Bankruptcy of Canada's website about the Companies' Creditors Arrangement Act (CCAA) useful. That information can be read at
The following is the statement posted on QuadrigaCX's website, January 31, 2019
Dear Customers,
An application for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was filed today in the Nova Scotia Supreme Court to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers. The Court is being asked at a preliminary hearing on Tuesday February 5 to appoint a monitor, Ernst & Young Inc., as an independent third party to oversee these proceedings.
For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing.
submitted by cryptotrader1234 to BitcoinCA [link] [comments]

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