QuadrigaCX Founder's Cold Storage Wallet Found

Discussion in 'Mining & Cryptocurrency' started by Deleted member 126051, Mar 6, 2019.

  1. Experts apparently hacked into his laptop, found the crypto wallet and got it open.
    It'd been looted, months before the owner's death.

    Cue my surprised face!

    :bored:

    https://markets.businessinsider.com...llion-but-the-money-is-gone-2019-3-1028009684


    https://www.ccn.com/quadrigacxs-wallets-empty-150-crypto-missing


    Stuff like this is why I'll only ever use crypto as an extreme short-term holder of monetary value and eschew it as an "investment".

    As always, when you go to try and recoup large values of cash, you inevitably wind up getting butt-surfed.

    pulp-fiction-rape[1].jpg
     
    sgrinavi likes this.
  2. ryan_975

    ryan_975 [H]ardForum Junkie

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    So crypto is insecure because people gave large numbers of their coin to someone else for safe keeping? That's like saying your checking account is a bad place to deposit your paycheck because you gave the "homeless" guy at the light a blank check.
     
    GoldenTiger, atp1916 and oblox like this.

  3. The likelihood of your bank manager raiding the accounts is...to put it mildly...orders of magnitude less than a crypto exchange.

    How many have gone tits-up and left customers high and dry in the last 6-8 years?
     
    wolfofone likes this.
  4. Brian_B

    Brian_B 2[H]4U

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    Even if the Bank Manager did raid the accounts, that's what the FDIC and NCUA are for.
     
  5. Yep!

    Someone ganks your crypto, or the cash, at an exchange...
     
  6. ryan_975

    ryan_975 [H]ardForum Junkie

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    Quadriga isn't the bank in my analogy
     
  7. N4CR

    N4CR 2[H]4U

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    What do you think the IRS is?
     

  8. Within the scope of my Pulp Fiction reference?

    They're Maynard, waiting for his turn while Zed goes to town...
     
  9. Nausicaa

    Nausicaa [H]Lite

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    Hacker money lol, crypto always getting hacked but money is always being stolen crypto or not

    A previous version of this story incorrectly stated that investigators cracked Cotten's laptop and discovered money was missing. In fact, they have possession of his laptop and identified money was missing through public blockchain records.

    Hahahah
    a
     
  10. mkrohn

    mkrohn 2[H]4U

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    Nobody is keeping LARGE sums of cash on these crappy exchanges. Its basically peanuts from thousands of people will add up to real money pretty quickly. I've accidentally had large sums on weird exchanges because at the time I put them there it was peanuts. last fall I went around logging into every exchange that existed like 4 years ago that I may have been a member on tracking down actually lost/forgotten funds.
     
  11. motqalden

    motqalden [H]ard DCOTM Feb 2018

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    Its not just people who store funds in the exchange that got screwed over here, its getting screwed over during the time you are simply trying to use the exchange to xfer out to fiat. I have a friend who had $30,000 in actual cash in Quadriga and he had been trying to get it out for months prior to the news of CEO death.
     
  12. Archaea

    Archaea [H]ardForum Junkie

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    Wrong

    https://en.m.wikipedia.org/wiki/Madoff_investment_scandal

    65 Billion stolen in just one ponzi scheme.
    More than any crypto scam so far, (and all in total) by an incredible margin.

    The biggest cryoto scam has been about 1/2 a billion.
    https://www.fool.com%2Finvesting%2F2018%2F05%2F09%2Fthe-biggest-cryptocurrency-hacks-in-history.aspx&psig=AOvVaw0RqQlyexxoZe409P4zMhPu&ust=1557371093137669
     
    Last edited: May 7, 2019

  13. Sorry to be late on this.

    Volume of money is not the same as likelihood.
     
  14. Archaea

    Archaea [H]ardForum Junkie

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    Fair
    But countered — likelihood is absolutely 0 if you protect your own private keys adequately and keep your crypto off the exchanges, or a compromised personal phone. Currently, and long into the foreseeable future, BTC private keys are uncrackable mathematically by currently available computational brute force. The algorithms are open source and have been around close to 15 years for community inspection. They are solid.
     
    Last edited: May 11, 2019
  15. ryan_975

    ryan_975 [H]ardForum Junkie

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    BTC (ECDSA) private keys are quantumly insecure. Of course, it might be 50 years before that's a problem though.
     

  16. How do you achieve liquidity without the exchanges?
    Craigslist? Yeahno... Private clearance of BTC is just a scam waiting to happen.

    As a short-term transfer of value (currency), BTC is generally "OK".

    As a long-term store of value, BTC is a gamble...at best.