U.S. Markets open in 3 hrs 13 mins

Bitcoin Falls; Report Finds QuadrigaCX Stored Ethereum on Other Exchanges

Investing.com - Cryptocurrency prices slipped on Monday, with Bitcoin falling from overnight highs to near two-week lows.

Bitcoin slumped 2.8% to $3,714.90 as of 9:19 AM ET (13:19 GMT) on the Investing.com Index.

Cryptocurrencies overall were down, falling to $125 billion at the time of writing from $130 billion on Sunday.

Ethereum fell 6% to $125.51 and XRP slipped 3.5% to $0.30236 while Litecoin was at $45.775, down 5%.

in industry news, a report from consulting company ZeroNonCense found that digital exchange QuadrigaCX most likely stored a significant quantity of Ethereum on other crypto sites before the death of its founder Gerry Cotten, who was the only one with access to the company’s cold wallet. Cotten died unexpectedly in India in early December.

If ZeroNonCense's claims are true, the funds could allow QuadrigaCX to regain solvency and resume operations.

The report includes testimony from Kraken CEO Jesse Powell and MyCrypto CEO Taylor Monahan and concludes that QuadrigaCX stored 650,000 ETH on other exchanges, including Kraken and Bitfinex.

The digital exchange is reportedly missing C$180 million dollars ($135.39 million) in digital assets. ZeroNonCense has previously said that QuadrigaCX never had the C$180 million in the first place.

QuadrigaCX is facing multiple lawsuits from users who are trying to secure missing funds. It has also lost court rulings against Canadian banks who don't want to manage the exchange's conventional currency assets due to the uncertainty of their origin and alleged money-laundering issues.

Related Articles

Argentina Supports Crypto-Asset Projects through Binance Labs

UK Financial Watchdog Warns Against Firm Claiming to be Authorized With FCA

Litecoin (LTC) Announces Release of Major Upgrade