The monitor of the QuadrigaCX case Ernst and Young released their first report to the Nova Scotia Supreme Court where they stated that the exchange moved about $370,800 in Bitcoin to the deceased CEO of the exchange. As we are staying on track with the developments in this case, in today’s crypto news we read more about the report of EY.
The report read:
“On February 6, 2019, Quadriga inadvertently transferred 103 bitcoins valued at approximately CAD $468,675 to Quadriga cold wallets which the Company is currently unable to access. The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.”
Over the past few weeks, many rumors have shown up about the missing assets from the cold wallets of the exchange. The CEO passed away and he was the only one who had access to the company’s cold wallets that cannot be restored.
EY noted that the hot wallets of the exchange have less than $1 million in them which is not enough to pay off the users who lost their money. However, sending as much as $400,000 in Bitcoin from a hot wallet to a cold one is the same as sending the same amount of money to a wrong bank account that you have no control over and is funny that it even happened.
In the report, EY stated:
‘’The Applicants and the Monitor will continue with their efforts to access Mr. Cotten’s devices, find and access any Quadriga cold wallets that exist, and locate any other cryptocurrency belonging to Quadriga and report back to the Court in respect of these activities.’’
Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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