RT @RyanSAdams: The largest crypto exchange in Canada just “lost” all of its crypto
Any funds on the exchange are gone
Everyone should read this thread before using a custodial exchange
I don't know what's more hilarious: that a bunch of criminals are using such a transparent excuse for why the money is gone... or the possibility that it's actually true, and they did lose millions of customer dollars and destroy their company because they misplaced a piece of paper.
Don't spend or invest that money. It they ran a Ponzi, the people who come and clean up the mess will claw back any gains you had to pay creditors who lost money.
and the U.S.:[https://bernsteinlaw.com/publications-list/investor-beware-what-everyone-should-know-about-clawback-litigation/](https://bernsteinlaw.com/publications-list/investor-beware-what-everyone-should-know-about-clawback-litigation/)
I don't see how you could make the legal argument this was a Ponzi scheme - it was not structured as an investment company where you expected some return on your capital deposit, it was merely an intermediary to exchange dollars for crypto and vice versa. And distributions can hardly be considered preferential when they were initiated at the request of the individual account owner.
> Thats a good way to get underground crazy international assasin on your ass. A scam this large, im sure they where holding a lot of coin that where owned by the type of guy that you just dont rob easy like that.
Lol, butters are the people I would worry least about retaliating.
This exact same thing happened to me with my credit union. The CEO went on vacation to the Bahamas and died or something. They say before he left he withdrew everyone's money and buried it in a secret location only he knew about. We lost everything 😔
I can assure you the opposite is true. None of them understand it. Canada is filled with people who don't understand technology outside of their smartphones.
Plus you can't be "too highly educated" to get into crypto... literally the smarter you are the easier time you'll have understanding it
This sub will be **amazing** when that happens. I actually don’t know if Bitcoin’s price would be supported even at $3000 if two large exchanges went down. And most altcoins are, at best, thinly traded as it is.
If Coinbase ends up being the last man standing, a whole lot of bags would be a whole lot heavier...
The "dead" owner got 'em on the way out too:
> Probably a small issue in relation to what some people have lost. But what will happen to all of the personal information Quadriga has on 10,000s of people who sent photos with ID/passports banking info etc.?
> Gerald sold it to the Indians. That's why I've been receiving so many fake CRA/RCMP calls lately from India....
> Holy shit. That's why I've been getting so many lately
Quite the clusterfuck over on that sub now. All these people that were saying "just wait until monday" or "it is gonna be alright guys" and shilling for quad were delusional from the start. I've said it before and I'll say it again, I am so fucking glad I stayed away from this exchange.
Yes, and after all this a lot of them still aren't quite getting it. Quite a few of them saying things like "glad I was owed cash, at least we will get our share of the bank drafts, the people holding crypto have lost everything", not realising that all creditors are going to get pooled before they all get their 10 cents in the dollar or whatever in two or three years.
And the ones saying "phew, glad I got my cash and/or crypto out in December", not realising that they will probably have to pay it back as it constitutes a preferential payment. Not up on Canadian insolvency law, so maybe someone can confirm that I am right in thinking that Ernst & Young will theoretically be able to reverse cash and crytpo withdrawals going back up to three months (ie to the start of November)?
> Pity there is not a medicine for scammers
Indeed, but fortunately there are specialized establishments where those who suffer from that condition can be hosted for years, in an environment designed to prevent it from manifesting itself; and some even recover during their stay.
*Most* people can keep it in remission with proper medication and diet, true. But then again it's a highly variable condition, so *most* people also have a relapse every now and then. Could be months, could be years. Mine tends to be every two-three years, and I got discharged from hospital only too weeks ago, after spending some quality time there, including half a week in ICU. Good times.
Still, better than bits-coin, scammery and SFYL, and whatever that entirely voluntary lifestyle encompasses.
> Pity there is not a medicine for scammers, but perhaps they wouldn’t take it.
Indeed. Just like some people with psychiatric conditions actively refuse medication, thinking it's "bad" for them.
Hey now, the wallet's not *lost*! The funds are *completely safe* now. Nobody can take them! And the keys aren't lost either, they're just... *really* well hidden. In a ^(maybe) dead guy's brain. Anyway, this is final, incontrovertible proof of that blockchain is the best way to secure your funds against theft.
What, you want to *access* your money? Blasphemy! The First Commandment of Crypto is to HODL, you fiat-addled heathen! What? No, no, that Commandment only applies to the partially enlightened. You HODL, I sell. I'm more important than– er, I mean, more *economically literate* than you. Yes, there's very complicated economics stuff going on here; take a look at this technical analysis I did.
It doesn't make any sense? See, what did I tell you. You have no idea how markets work. I'll bet you don't even know what a log scale is. Truly sad. But don't worry, for the low price of $20 a session, I can enlighten you. Ah, I don't accept Bitcoin, sorry– transaction fees, you know.
No? Well, I suppose success isn't for everyone. Very well, go back to your statist cave and wallow in your filthy lucre. I'm sure that any day now Bitcoin will moon and you'll quiver and tremble in the shadow of my lambo. All you nocoiner hate only makes us stronger. This is good for Bitcoin. Amen.