Kraken Announces $100K Reward to Track lost Quadrigacx Assets

San Francisco based Kraken exchange has announced a reward of $100k to anyone who can lead to any evidence helping them recover the lost quadrigacx coins. The exchange is hoping to bring in more attention towards the case and hopefully trace back some of the lost quadrigacx coins.

Quadrigacx is a Canadian based crypto exchange which lost almost $190 million worth of digital assets belonging to its customers. Two months prior to the discovery of the lost funds, the CEO and founder Gerald Cotten passed away along with the private key to the wallets on the exchange. Gerald was believed to have  holdings of 11,278 BCH, 26,488 BTC, 35,320 BTG, 11,149 BSV, 429,966 ETH, and 199,888 LTC.

Since then there have been several investigations into various activities on the Quadrigacx Exchange, but nothing concrete has been discovered as of now. The amount of the lost funds are too high to be neglected and the circumstances prevailing the loss seems suspicious.

Kraken Comes to The Rescue

Kraken has decided to help out the troubled exchange and has also offered a $100k reward to anyone providing concrete evidence leading to the discovery of lost funds. Kraken announced the bounty through a blog post which explained,

“Some say the events and circumstances surrounding this case are too suspicious to be believed,”

In addition to the bounty offering  Kraken exchange has also released two podcasts detailing the turn of events that led to the loss of funds worth hundreds of millions. Jesse Powell, the Chief executing officer of Kraken has also offered his assistance to the Royal Canadian Mounted Police (RCMP). Jesse believes that they have tabs on a number of wallets which they believe belong to Quadrigacx.

The CEO said,

“[We] are investigating the bizarre and, frankly, unbelievable story of the founder’s death and lost keys. I’m not normally calling for subpoenas but if the RCMP are looking into this, contact Kraken,”

Final Thoughts

This is not the first time that Kraken has decided to help another exchange in tracing the lost amounts. Earlier Kraken also helped the investigation agencies in the Mt.Gox exchange investigations. When enquired about the reason behind helping out their Canadian counterpart, the CEO said that events like these impact the whole community.

If an exchange gets hacked or couldn’t safeguard the funds of the investors and customers it creates a sense of insecurity among the customers. Crypto exchanges around the globe have been the target of various attacks and thefts, however, the current case is quite unique as the matter sounds fishy at best. Hopefully, the offered bounty would lead to some progress in the case.