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Widow Of QuadrigaCX’s Founder Will Use Her Funds To Repay Users

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Widow of QuadrigaCX’s founder Gerald Cotton, Jennifer Robertson will transfer more than $9 million in assets to EY Canada which is the bankruptcy trustee for the now-defunct crypto exchange. The announcement was made for our latest crypto news.

Robertson announced in a statement on Monday saying that after her husband’s death last year she made a lot of efforts to assist the recovery of the funds of the exchange that went missing. Robertson and other Quadriga-affiliated entities realized that they do not have the assets to the company’s cold wallets after the exchange got hacked and therefore were not able to access any of the funds that the exchange held. In the statement that Robertson made we can read that:

 “I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected Users. These assets originally came from QCX at the direction of Gerry.”

The settlement is still pending for approval from a judge. According to the new report by EY Canada, Roberston will be turning over all assets except for roughly $162,700 in personal assets including cash and retirement savings, jewelry and personal furnishings including some outstanding shares of Quadriga and affiliated entities. The previous report estimated that the total value of Cotten’s estate including $9 million in assets including luxury vehicles and a lot of properties in Nova Scotia. EY stated on for the Monday’s report that it intends to liquidate these assets for Quadriga’s stakeholders and the users who lost funds when the exchange got hacked.

The report noted that the settlement allowed the parties to avoid all of the unnecessary legal fees that would be incurred by litigation. As a part of the settlement, the widow of QuadrigaCX’s founder added she will no longer receive any payments under a previous court order and she said that she had ‘’no direct knowledge’’ of how the exchange operated and was unaware that Cotten had possibly scammed the clients and stole corporate founds:

 “Specifically, I was not aware of nor participated in Gerry’s trading activities, nor his appropriation of the Affected User’s funds.’’

Robertson will provide a sworn statement with all of the assets detailing what she owns or owned in the past five years as a part of the agreement and we will read further in the blockchain news.

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Blockchain News

South Korean Blockchain ID Service Raises $8M In Funding

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A South Korean blockchain startup named ICONLOOP which provides digital identification services recently got its first venture capital investment through a $8 million Series A funding round, as the company said.Right now, ICONLOOP is a subsidiary of DAYLI Financial Group which is one of the largest fintech companies in Asia. As the blockchain news today show, the financing round was led by the quasi-government agency Korea Technology Finance Corporation (KOTEC). An additional six investment companies including T.S. Investment also backed ICONLOOP in this round.The proceeds will be used to launch the digital identification service "my-ID" and expand a group of expected clients called my-ID Alliance which right now holds 27 companies under it. The client group also has a range of companies and organizations including banks, security firms, e-commerce firms and manufacturing companies. The South Korea blockchain ID service is expected to launch during the first half of 2020 for commercialized uses, the company noted.Founded in 2016, the fintech firm primarily designed an ID service that is based on blockchain technology for non-face-to-face openings of banking accounts, as the company revealed in June. The South Korean financial regulator which is the Financial Services Commission (FSC) included the firm and its 'my-ID' service in the "Innovative Financial Services and Regulations" Sandbox.
“The blockchain technology is evolving into practical applications such as decentralized ID services in line with the global trend giving users back the personal data sovereignty,” a KOTEC spokesperson recently said.
The cryptonews also show that the South Korean blockchain ID service ICONLOOP has another flagship product - the ICON public blockchain network which uses a loopchain protocol to connect different blockchains. The project is supported by the ICON Foundation, which held an initial coin offering (ICO) for ICX. The coin was the 58th largest cryptocurrency by market cap as of October 11. 
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TRON And Stellar Are Part Of A New Blockchain Education Alliance

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Tron and Stellar - in fact the Stellar Development Foundation - are featured in the news as being part of a new alliance which will provide university students with a working knowledge about blockchain technology.As a news release shared in the latest crypto news shows, the top crypto projects Tron and Stellar will actively work together to form a new educational alliance which will provide university students with the connections and knowledge they need to successfully enter the blockchain industry workforce.Tron and Stellar are part of a 11-member project which will focus on the Blockchain Education Alliance as an organization that will jointly develop and fund a number of educational initiatives in order to bring blockchain technology to the masses.The new alliance is currently spearheaded by the blockchain accelerator MouseBelt - which is the key player that wants to build a network of industry leaders and bring blockchain technology to the forefront. The Stellar news show that TRON and Stellar will be active members in this initiative.As the director of MouseBelt Ashlie Meredith recently said, students are eager to be educated by blockchain experts. She added:
“Universities need established experts in the space to help develop curriculum and projects — and Stellar, TRON, Hedera, ICON, Ontology, Wanchain, Harmony One, Nervos, Orbs, LTO Network, Emurgo, NEM, and ETC Labs are well positioned to share valuable knowledge. We have an opportunity to have a positive impact on how blockchain technology is introduced to students, which will result in more blockchain developers, more innovative research, and higher quality companies.”
Tron and Stellar are now in the focus of the news for their potential of bringing more funding to students' activities and expand their educational opportunities in the field.The blockchain education initiative is seen as a major success already, supporting research and entrepreneurship in students. Before this, MouseBelt has launched a similar initiative in August at UC Davis, UC Los Angeles and UC Santa Barbara in order to support blockchain-focused education, too.
“We aim to help these universities become a driving force for innovation in the blockchain space, as well as provide students and researchers with the opportunity for both theoretical and industry experience,” Meredith said at the time.
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29-Year Old Man Faces 34 Years In Prison For Illegal Crypto Mining

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A 29-year old man from Singapore is now facing 34 years in prison after getting in illegal crypto mining by stealing Amazon AWS and Google Cloud computing power and services as we are about to find out more in the blockchain news below.Ho Jun Jia or better known as Matthew Ho was taken into the custody of the Singapore Police Force after being charged for illegal crypto mining under a 14-count indictment. According to the reports, he stole credit card and ID information from California residents, India and Texas to run a large-scale illegal crypto mining operation. The mining of the Ethereum and Bitcoin cryptocurrencies is noted as having taken place between 2017 and 2018. In an unsealed indictment document we can read that:
‘’Beginning in late 2017, which followed the surge in popularity of cryptocurrencies, Ho used victims’ personal and stolen credit card information, along with phony email addresses, which he created, designed to spoof the authentic email account of identity-theft victims, to open accounts and to obtain access to cloud computing services.’’
During the illegal crypto mining operation, he managed to steal up to $5 million in unpaid cloud computing bills and the department of justice issued a press release saying that for a brief period, Ho’s operation was one of the largest consumers of data usage by volume. The press release states that the wire fraud is punishable by up to 20 years in prison and the access device fraud is punishable by 10. The aggravated identity theft is punishable by mandatory two years in prison. According to the indictment, Ho made a few payments for goods and services on the victim’s stolen credit cards.At least 16 payments were made with varying amounts and they even reached about $240,000 on the only credit card. Some of the money went towards payments on Google Cloud Services and crypto mining expenses. In 2017, the press release shows that he made payments amounting up to $135,861 to a victim’s credit card toward the balance owed on the Amazon Web services account. What we can further learn from the statements in the altcoin news today is that with the illegal crypto mining operations, Ho sold and exchanged the goods on various sites even at localbitcoins.com in order to obtain fiat currency.
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Voatz Blockchain Voting App Was Unsuccessfully Hacked: FBI

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The Voatz blockchain app that was responsible for the voting process in West Virginia is now under investigation by the FBI after being ‘unsuccessfully hacked.’’ Let’s find out more about this information in the blockchain latest news today.After securing $7 million in funding to expand its blockchain voting app, Voatz is on shaky ground now as the FBI started the investigation. The midterm elections are also under investigation after the app was hacked. The secretary of state of West Virginia Andrew Warner confirmed at a press conference on Oct.1 that ‘’someone’’ tired to hack the Voatz app right when the elections took place. The attack was reportedly unsuccessful but it had a slight impact, enough to raise the FBI’s concerns about the legality of the elections. Warner stated:
‘’In last year’s election, we detected activity that may have been an attempt to penetrate West Virginia’s mobile voting process. No penetration occurred and the security protocols to protect our election process worked as designed. The IP addresses from which the attempts were made have been turned over to the FBI for investigation. The investigation will determine if crimes were committed.’’
144 voters from West Virginia used the blockchain-based smartphone Voatz app to cast their votes. Although it seems like a small number, in tight races it could be enough to balance the score in favor of one of the candidates. For example, in West Virginia, four seats in the House of Delegates were won by less than 150 votes. This is not the first time that the Voatz app was used in elections. Both Utah and Denver used it for their municipal and primary elections. However, the researchers say that the concerns emerge over various issues. One of the issues is the lack of willingness from the company to cooperate with the investigators.While the app requires multifactor authentication and claims to use a paper trail as a backup, it seems like the voters are unable to verify the printout. There is also the fact that electronic voting is a massive target for hackers. Voatz may be more secure than voting via email but the company’s lack of transparency over its processes is very concerning as well. The democratic candidate for the 2020 presidential race Andrew Yang called blockchain voting ‘’essential’’ as we previously read in the crypto news. However, this hack attack makes it even less likely that this technology will be used in any way in elections.
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