Anonymous ID: ff2a89 March 2, 2019, 8:37 a.m. No.5463916   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>4120 >>4141 >>4326

Quadriga Mystery Deepens After Auditors Find Bankrupt Exchange's 'Cold Storage' Wallets Were Drained

 

Quadriga's house of cards has finally collapsed.

 

For nearly three months now, customers of the Canadian exchange that declared bankruptcy in January have been questioning the company's official narrative - outlined in a series of court filings - that it had suddenly lost access to more than $150 million in customer deposits due to the sudden death of its founder, Gerald Cotten. And as it turns out, everybody who thought the company was hiding something by refusing to disclose the public keys to the "cold storage" wallets purportedly holding the lost crypto fortune, has now been proven right.

 

Because, as Bloomberg reported Friday night, an auditor hired by the company has determined that the company's wallets have been empty since April - eight months before Cotten died suddenly from Crohn-disease-related complications.

 

When Quadriga Fintech Solutions Corp. founder Gerald Cotten died, account holders feared the encrypted access keys needed to recover C$190 million ($143 million) of cryptocurrencies held by the exchange in offline storage could be lost forever.

 

It looks now like the storage Quadriga is known to have used - dubbed cold wallets - has been empty since April.

 

While exactly what happened to the coins isn't yet known, the revelation is the clearest indication yet that the exchange's 115,000 customers - some of whom lost their life savings in the collapse - likely won't see a dime of that money returned. And Cotten, who ran the exchange entirely from his laptop and was purportedly the only person with access to customer deposits, is now (on paper, at least) dead. Though it's worth noting that the evidence for his death - as far as the Canadian courts are concerned - exists solely in signed affidavits attesting that he died in Jaipur, India in December.

 

rest at link

https://www.zerohedge.com/news/2019-03-02/quadriga-auditors-confirm-bankrupt-exchanges-cold-storage-wallets-have-been-empty

Anonymous ID: ff2a89 March 2, 2019, 9:01 a.m. No.5464228   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

US Auto Sales Tumble To 18 Month Low As SUV Demand Hits A Brick Wall

 

SUVs were, until this month, one of the sole remaining bright spots in the rapidly slowing U.S. auto market. Despite the fact that they were crippling traditional sedan sales, Americans' transition to SUVs was seen as a silver lining, prompting many automakers to make infrastructure changes to account for the change in demand.

Those days, however, seem to be over, according to the latest, February U.S. auto sales data. Fiat Chrysler posted its first monthly sales decline in a year, according to Bloomberg. The kicker? Jeep, the company's driving force for the past several years, showed a rare back-to-back drop in deliveries. Charlie Chesbrough, senior economist of Cox Automotive said: โ€œThe results today suggest a much bigger story: The sales pace has finally shifted into a lower gear.โ€

 

The fact that Jeep sales have slowed is a warning indicator that the SUV "boom" in the U.S. could be coming to an end. Mired by higher interest rates and continued tightening of credit, buyers are forcing once record high SUV sales and prices back down again. As a result, Fiat's Jeep Wrangler sales fell 5.9% in the month, as inventory continued to pile up at dealerships. Fiat joined companies like Toyota, Honda and Nissan, as virtually every OEM both missed analyst estimates for the month and posted an annual sales decline.

rest at link

https://www.zerohedge.com/news/2019-03-02/us-auto-sales-tumble-18-month-low-suv-demand-hits-brick-wall