In this edition of The Daily we cover a number of developments related to different cryptocurrency exchanges. A report shows that Quadriga has “lost” another half a million dollars, Bithumb is expanding its reach to the UAE, and Coinbase has launched a controversial new cloud backup service. Additionally, Chainalysis has raised further funding to help it spy on more blockchain transactions.
EY Issues Quadrigacx Report
Quadrigacx, formerly Canada’s largest cryptocurrency exchange by trading volume, appears to keep digging itself into a hole. Ernst & Young Inc. (EY), which was appointed as the monitor in the case of the company’s bankruptcy, has issued its first report to the Supreme Court of Nova Scotia. The document exposes that last Wednesday, just a day after EY was appointed as the monitor, the exchange team for some reason sent out considerable funds to a wallet it now claims not to control.
The report reads: “On February 6, 2019, Quadriga inadvertently transferred 103 bitcoins valued at approximately $468,675 to Quadriga cold wallets which the Company is currently unable to access. The Monitor is working with Management to retrieve this cryptocurrency from the