$1.7M Worth Of Bitcoin Awakens From Dormant Wallets Linked To QuadrigaCX

After years of dormancy, five wallets linked to the now-defunct Canadian cryptocurrency exchange QuadrigaCX have been spotted moving around $1.7 million worth of Bitcoin BTC/USD. 

What Happened: Over 104 Bitcoins were transferred to various wallets from these previously inaccessible wallets, said crypto researcher ZachXBT in a tweet on Monday.

Five wallets attributed to QuadrigaCX unexpectedly moved ~104 BTC on Dec 17 for the first time in years.

145nEVR515JsB8NB94DYmA4W8NDTNYhAQw
145nEVR515JsB8NB94DYmA4W8NDTNYhAQw
145nEVR515JsB8NB94DYmA4W8NDTNYhAQw
145nEVR515JsB8NB94DYmA4W8NDTNYhAQw
145nEVR515JsB8NB94DYmA4W8NDTNYhAQw

— ZachXBT (@zachxbt) December 19, 2022

On-chain data indicates that these wallets had not sent or received any BTC since April 2018. 

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Once the largest crypto exchange in Canada, QuadrigaCX declared bankruptcy in April 2019 following the unexpected death of its founder and CEO, Gerald Cotten. This news sent shockwaves throughout the crypto industry, as Cotten was the sole custodian of private keys for the exchange’s wallets. 

At the time of its bankruptcy, QuadrigaCX owed up to $200 million in crypto to about 155,000 exchange users. 

In February 2019, a report released by Ernst & Young, the accounting firm overseeing the exchange’s estate, revealed that 103 Bitcoins had been accidentally transferred to inaccessible cold wallets. The exact same amount of Bitcoin has recently been moved, further deepening the mystery.

Price Action: At the time of writing, Bitcoin was trading at $16,793, up 0.38% in the past 24 hours, according to Benzinga Pro data.

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