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Bitcoin Scams

QuadrigaCX Users Lose $190 Million Following Founder’s Death

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The cryptocurrency community has been in awe over the past couple of months following the death of Gerald Cotten, who was the founder of the QuadrigaCX exchange. The 30 year old founder and CEO reportedly died in India from a fatal disease in December last year. However, before the passing, he took the virtual keys for digital wallets and moved them into cold storage. Now, QuadrigaCX users are left without a trace of the money that they lost, in combined value of $190 million.

As you probably know and as many best cryptocurrency news sites reported, QuadrigaCX first appeared in 2013 and quickly became one of the largest Canadian crypto exchange out there. The platform allowed its users to get cash or cryptocurrency via an online trading service by storing digital assets on the blockchain. These were only available in the same alphanumeric code, and because of that, Gerald Cotten was the only officer and director.

The QuadrigaCX users benefited when the market was young. However, little they knew that there are always sensitive issues linked to large losses of money and hacks. Since the market is also young, something like this should be expected from every exchange.

When the altcoin news showed the death of Cotten, it hit some people very hard – especially when it was revealed that he supposedly transferred the users’ funds from the exchange and used them as a security for his own margin trading on other platforms. The QuadrigaCX users then lost about $190 million as a result of this – and began a noisy trial.

The latest cryptocurrency news show that it is true that this may be a possible crypto fraud. The truth is, QuadrigaCX began experiencing difficulties with banks in the autumn of 2018 because of the inability to access their funds.

The case, however, did not develop until some QuadrigaCX users reported that they could not access their accounts. Even though in the beginning no one seemed worried about the case, users later began to gain momentum and asked for more details regarding Cotten’s death.

At the end of the day, almost all QuadrigaCX users are asking the same question now – “is Cotten really dead”?

No one can know the truth. For a man who does not have a history of life-threatening diseases, the case is really weird and suspicious. It is hard not to dwell on who stole the money and how much. The lesson that we can all learn from this is that users must (at first) protect themselves and check as much and as deep as they can to prevent issues like these from happening.

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Bitcoin Scams

Big BTC Price Boom Will Bring To Consolidation: Market Experts

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big btc price boom
Big BTC price boom is expected soon that should lead to a consolidation moment for the number one cryptocurrency as we can read in the coming altcoin news below. Since the start of July, the bitcoin price declined from the $13,000 price range to $10,500 which is down by more than 18 percent against the US dollar. On its lowest point this month, the price of the number one cryptocurrency came close to reaching the $9,000 level but only dropped as low as $9,090. Although there can be seen some strong recovery over the past week, Bitcoin struggled to break out surely above the $11,000 price range which acts as a key resistance level for the cryptocurrency until July ends. Mike Novogratz, the CEO of Galaxy Digital stated previously that Bitcoin will likely consolidate before starting its next move higher:
 “If BTC goes to $100, it is game over. It won’t. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. BTC is consolidating before its next move higher.’’
The crypto technical analyst Josh Rager indicated that from a technical perspective, Bitcoin has still not broken out of the $10,850 resistance level:
 “Daily time frame resistance did its job & price closed under after that $400+ wick It’s always good to wait for a retest to make sure a broken resistance holds as support & this is a clear example Neutral at the moment & still in range.’’
The big BTC price boom is expected to bring the price above the $11,000 level and it is expected to start a consolidation phase. The traders indicated that the $10,850 resistance level should be breached in order to confirm a bullish trend:
 “10.4 met. No violent reaction, no rejection – BTC looking decent. Let’s see reaction at this next resistance. Punch and close above $10,850 and things start looking substantially bullish.’’
As it was explained in the analysis in the best cryptocurrency news sites, Bitcoin was not able to reclaim the $10,850 position despite the action which led the cryptocurrency to surpass the $11,000 on July 20. As the price slumped, precious metals such as gold and silver are having the best times of their lives. However, according to Equity Armor Investments executive Brian Stutland, says that crypto assets will appeal to investors if the interest rates fall.
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Bitcoin Scams

Bitcoin Reaches The Second Inning As Bakkt Launch Nears

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Bitcoin Reaches
Bitcoin reaches the second Inning as the launch of the crypto exchange bakkt is nearing since it is considered as the major driver for institutional crypto adoption and the bull market. In the coming altcoin news today, we take a closer look at the cryptocurrency and what the Bakkt launch will bring us. Bakkt was supposed to be launched already but as we can see, it is still pending. This increases the chances that the 2019 bitcoin bull run has just started since the bitcoin exchange company is boosting the Wall Street companies with the promise of uncorrelated returns to the stock market. The launch has taken longer than expected but the work is ongoing. The User acceptance  testing (UAT) is scheduled to begin soon according to the exchange and a Fundstrat research report:
 “Bakkt’s launch is expected late in the current quarter.”  “Bakkt could be a huge catalyst for institutional participation in the crypto market.”
Bakkt hosted a summit this week at the NYSE and the company behind it-ICE stated that the things are looking quite bullish for the bitcoin cryptocurrency in the latter part of the year. According to the Fundstrat note, there is a robust turnout at the conference of more than 100 investors. The Commodity Futures Trading Commission which is the most important agency in the launch of Bakkt’s bitcoin futures contracts also had representation. Fundstrat’s reports show that the CFTC  is seeing massive growth in demand and interest for Bitcoin futures from the Public. The bitcoin futures contracts by the CME and CBOE are still considered as the mark of the beginning of the crypto bull market. This is why bitcoin reaches the second inning since soon it will be clear whether the history will repeat itself again. As the latest cryptocurrency news report, Ari Paul, the CIO of BlockTowerCapital participates in the Bakkt event and he is helping with the new addition of users into space. The report also shows that Paul believes that retail adoption will be massive once the app and UI make crypto on-ramps safe and easy to use as PayPal.  
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Bitcoin Scams

Australian Couple Loses $900,000 In A Crypto Scam

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Australian Couple Mike Taylor and his wife Karen in their mid-seventies lost more than $900,000 after investing in an elaborate cryptocurrency scam according to the reports we have in our latest cryptocurrency news below. The Australian Couple told the 7News local station that the losses included their lifetime savings:
 “That was the whole of our superannuation – that’s now gone.”
They didn’t explain how the scheme actually worked but Taylor commented that it was during a crypto trading scam website that promised high returns. He added that they decided to invest because the site ‘’looked legitimate.’’ The couple decided during a trip around the country to invest in the scam. They stated that the money basically disappeared and left the couple and many other Australians in the bankruptcy. Taylor told 7News that he had to go back to work and sell his old 1965 Pontiac in order to make the ends meet. This is not an isolated case according to the reports. On the contrary to what people think, crypto scams have increased massively since 2017 according to the reports issued by the Australian Competition and Consumer Commission since 2018 that the losses generated by the crypto scams reached about $6.11 million which shows a massive 190 percent increase over 2017. With the new addition of the $990,000 already gone, 2019 sets a new trend for crypto scams and the Australian Securities and Investments Commission is aware of this happening. There is a 32 percent increase in fraud since 2018 with more than 2,400 reported cases. The Australian watchdog announced the new corporate action plan for 2018 that the crypto sectors and ICOs are the number one priority. If the new policies become a success the country will be able to reduce the crypto scam phenomenon. One strategy that showed to be successful among the scammers is to usurp the identity of celebrities to deceive users. The most popular case was the one of High Jackman which guaranteed returns of more than 10,000 percent. The cryptocurrencies have characteristics that could complicate the protection of users in times of fraud mainly because the transactions are irreversible which makes it impossible for any entity to return funds to a scam victim. Also, the network is decentralized and removes the control from the bank but also there is a high level of anonymity which makes it difficult to know who owns a particular wallet as noted in the altcoin news reports.
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Bitcoin Scams

Hacked Bitpoint Exchange Finds $2.3 Million In Stolen Crypto

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Hacked Bitpoint
The Japanese cryptocurrency exchange Bitpoint, which was all over the latest cryptocurrency news last week, has managed to discover part of the stolen funds. The hacked Bitpoint exchange discovered more than 250 million yen ($2.3 million USD) in cryptocurrency which is only  a small part of the $32 million that they lost due to hacker attacks. The local English language daily The Mainichi first reported about this on July 14. According to the publication, Bitpoint found the stolen cryptocurrency on overseas exchanges which were using a trading system provided by Bitpoint Japan. The hacked Bitpoint exchange told the source that the recent discovery brings the total sum of lost founds down from 3.5 billion yen ($32 million) to 3.02 billion yen ($28 million) as the latest altcoin news show. For those of you who did not follow the news, the hacked Bitpoint exchange was initially compromised on July 12. More than 2.5 billion yen ($23 million) of the stolen funds in the hack belonged to customers, while 1 billion yen ($9.2 million) belonged to the exchange. As many best cryptocurrency news sites showed, the hackers stole Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and Ripple (XRP) from the hot wallets of the exchange. The hacked Bitpoint exchange then suspended all of the services following the hack, while the parent firm of the exchange, Remixpoint Inc., managed to shed 19% following the theft. Remixpoint went untraded in Tokyo after the attack due to a reported glut of sell orders. The recent incident that involved Bitpoint follows a record-breaking hack of the Japanese exchange Coincheck. The truth is, the hacked Bitpoint exchange is not even close to the sum that Coincheck lost - when more than $534 million worth of NEM tokens were directly stolen from the exchange's low-security hot wallet. What hurts people the most is the fact that Bitpoint was one of the several exchanges that received a business improvement order from Japan's finance watchdog - the Financial Services Agency (FSA) - in June of last year. One of the FSA's main concerns was the exchanges' compliance with Anti-Money Laundering as well as Know Your Customer requirements. The agency also expressed their concerns about customer funds not being kept sufficiently separate from those of the exchanges.
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