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$1.7 million in Bitcoin tied to QuadrigaCX has woken up after years of dormancy

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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.

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.