Cryptocurrency
$1.7 million in Bitcoin tied to QuadrigaCX has woken up after years of dormancy
Five wallets tied to the defunct Canadian Cryptocurrency exchange QuadrigaCX, previously thought inaccessible, has just been spotted moving $1.7 million worth of Bitcoin after years of dormancy.
Crypto researcher ZachXBT alerted the crypto community in a Twitter post on December 19, highlighting that the five wallets had moved around 104 Bitcoin (BTC) on December 17 to different wallets.
Blockchain records show that wallets have not sent BTC since at least April 2018.
Five wallets attributed to QuadrigaCX unexpectedly moved ~104 BTC on December 17 for the first time in years.
1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe
1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R
1MhgmGaHwLAvvKVyFvy6zy9pRQFXaxwE9M
1HyYMMCdCcHnfjwMW2jE4cv9qVkVDFUzVa
1JPtxSGoekZfLQeYAWkbhBhkr2VEDADHZB– ZachXBT (@zachxbt) December 19, 2022
QuadrigaCX, which was the largest crypto exchange in Canada, declared bankruptcy in April 2019 following the death in December 2018 of its founder and CEO, Gerald Cotten, who was Only responsible for the private keys Exchange wallets.
155,000 exchange users owed up to $200 million in cryptocurrency at the time of its bankruptcy.
In February 2019, a report from Big Four accounting firm Ernst & Young (EY) — the firm that oversees the stock exchange holding — stated that QuadrigaCX has been moved by mistake Transfer 103 BTC on February 6, 2019 to cold wallets in it Only the late Cotten had access To – roughly identical to the amount of Bitcoin transferred recently.
At the time, the company said it would work with the administration to retrieve cryptocurrency from cold wallets.
Related: Crypto’s regulatory fate will be decided in the coming year
The mysterious death of QuadrigaCX’s founder and CEO, followed by a stock market crash, has sparked conspiracy theories that the founder He faked his own death As part of a fraudulent exit scam.
The story was the subject of a 2022 Netflix Documentary.
In 2014, years before his death, Cotten said on a podcast that the best way to keep private keys is to print them out and store them offline in a safe deposit box and Exchange detection Store their private keys offline in the company’s safe deposit box at a bank.
It is unknown if the BTC movement is related to the EY recovery effort. Cointelegraph reached out to EY for comment, but did not immediately receive a response.
Bitcoin investor sentiment is deadlocked amid price faltering in the market. While the digital asset continues to hold the $16,000 level, investors retreat from the market, ensuring that there is no big move either up or down, and as a result, investor sentiment has not moved. the Encryption of fear and greed It shows that Bitcoin investor sentiment has not moved much in the past month. He finished November with a score of 29 which put him right in the fright zone but since then he has been unable to break out of that trend. The score in this indicator over the course of December ranged between 26-30 mostly, maintaining an almost straight line trend over the period. So far, the Fear and Greed Index is at a score of 28 which is up one point from last week’s close of 27. What this trend in the Fear and Greed Index shows is that bitcoin investors are not willing to take any risk. This is why the indicator could not move into the greed zone. On the flip side, selling sentiment has not been as strong as one would expect during a time like this. If investors were to sell more of their bitcoins, it would be obvious given that the index would slide further. Instead, it continues to maintain a roughly consistent point level, which means that the hold sentiment is now dominating the market. Bitcoin is still finding it difficult to regain the momentum it lost over the past month. This reluctance on the part of investors to do anything with the tokens has led to the price of the digital asset following the same path as sentiment. BTC has now refused to break out from the $16,000 price level. As a result, Bitcoin’s volatility dropped to all-time lows. So it is likely that the last two days of 2022 will follow the same trend. A recovery should not be expected in any way as the momentum will continue to decline as people take a break from the markets to celebrate with family. Instead, it is important that BTC holds above $16,000 to close the year. Anything below this level would be very bearish and could lead to more declines in the market as the bears take control. But finishing above $16,000 strengthens investors’ resolve to hold on to their coins. BTC is trading at $16,519 at the time of writing. Its price has decreased by 0.43% in the last 24 hours and 2.01% in the last 7 days. Featured image by Finbold, chart from TradingView.com SEC Head Gensler Discusses Crypto Regulation After FTX Collapse – Says This Field Is ‘Bigly Incompatible’ – Bitcoin News Regulatory Oryen Network is the new face of DeFi, with Pancakeswap and 1 inch showing that sustainable yield is possible. Analysis – Jail fueled Lula’s determination to tackle poverty over profit. By Reuters Jules to enter management after failing to secure new funding China will use the cuts at the appropriate time to keep liquidity ample, Reuters reported, citing state media What does the midterm elections mean for today’s trading: live analysis France to release €5 billion in SDRs for countries at risk under G20 programme. By Reuters European stocks drop as central banks point to more challenges for 2023
Bitcoin investors are still in fear
Fear & Greed Index trends in an almost straight line | Source: alternative.me
Will BTC See A Recovery Soon?
BTC price maintains $16,000 level | Source: BTCUSD on TradingView.com
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