Discover and read the best of Twitter Threads about #quadrigacx

Bill The Investor 7668.bit (💙,🧡)

So one thing I've learnt if you are a money launder or scammer stay away from #vatfraud. Ripping off citizen's is low risk but if you tax authorities they will hunt you down. check @nicolaborzi article.
ilfattoquotidiano.it/in-edicola/art…

European #vatfraud appears to be such a small world. reading through the article I recognised the reference to a MTIC VAT fraud scheme.

As it was #vatfraud that brought down #dannybarrs
founder of #globaltransactionservices and his associated #onestopshop favoured by #ponzi promoters for almost a decade.

Read 20 tweets

@billtheinvestor

【常识】中心化交易所钱包/密钥管理流程：
1、（充值）用户首次充值时生成钱包地址/密钥对，地址提供给用户做为充值地址，密钥存储数据库
2/（资金归集）收到充值代币后从交易所热钱包转入少量燃油费，然后通过存储密钥将代币转到交易所的几个热钱包
🧵

3/热钱包代币余额超出设定上限时，将超出部分转至冷钱包，热冷钱包余额比例通常是30%:70%~10%~90%，冷钱包密钥绝大多数情况由交易所老板控制
4/（提币）用户提币由热钱包余额转出，如热钱包余额低于设定值老板用转账签名方式由冷钱包转至热钱包，我们经常遇到交易所通知提币延迟可能是老板喝多了
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这种资金管理模式的两个致命风险：
1/用户资金完全在一个人手里，不受任何监管，（案例：#FTX）
2/交易所老板如果挂了，又没有密钥备份的话，所有用户资产立马纷飞湮灭（案例： #QuadrigaCX 交易所）
🧵

Read 4 tweets

Duo Nine

@DU09BTC

1/ Just watched this documentary on Netflix about the Canadian crypto exchange #QuadrigaCX that collapsed in 2018.

The CEO basically ran a ponzi & gambled away $150 mil in user funds when he was making 2% in fees on transactions - out of over $1 bil in volume!

What an idiot. 👇

2/ Guy was addicted to gambling and his plan from the start was to create a crypto exchange and scam users.

Yet, his exchange became the most successful in Canada and he would have been rich on a legitimate business. My god!

Greed kills people and this guy literally died.

3/ Gerald (the CEO) basically moved all user funds to other exchanges and gambled them away while he credited users with "fake" crypto / CAD.

Once the 2018 crash happened, he could not process withdrawals as people exited crypto and the exchange collapsed.

Users money lost.

Read 7 tweets

Nicola Borzi

@nicolaborzi

1 - So, whoa! At the end of the day mr #Devasini and mr Daniele #Sestagalli, the Italian man behind Wonderland ($Time), Popsicle Finance ($ICE), and Abracadabra ($MIM) projects in #Switzerlandmistress are connected. During last drawdown Sestagalli cashed out 30 mln to #Bitfinex

2 - One of the #Wonderland #Sestagalli project managers is a well known name of #QuadrigaCX scandal, @0xSifu aka Michael #Patryn aka Omar #Dhanani, see

https://twitter.com/MidasTheFool/status/1486649232744353795

3 - there's plenty of "stolen money" in this story

Read 19 tweets

So was just thinking....I don't remember seeing a Reg Fowler. But then I do a search of the archives....and apparently I do.
#cryptocapital #fowler #yosef

Sometimes things are hiding in plain sight

#gts #valoris #magestic #bredersuasso

Read 6 tweets

Feels like a good time to remind everyone about #tcabank and #legacy dodgy shellco's #cryptocapital was peddling for #quadrigacx payouts...

#quadrigacx monitors counsel making a mash of flagging their concerns that they may be spending funds that someone may make claim to...

...and there it is.....the someone is.....the govt.

When you don't keep accounts...you don't file your corporate returns...you don't pay your taxes. When you accumulate $9m in assets there's potentially a large outstanding tax bill....and the tax man doesn't generally like standing at the back of a queue as an unsecured creditor

#QuadrigaCX I think everyone needs to take a chill pill. Lets stop throwing stones, giving sermons and end the angry retaliation. This is bigger than one or 10 people and right now there are alot of people motivated to contribute.

Before you post use someone else as sounding board, the more contentious sound out more peers. Some advice or direction back is better than throwing rocks.

none of us are perfect. I acknowledge that I've pulled the trigger on a couple of posts and not because they are factually incorrect but because it could have been far better utilised, engaging and useful.

#quadrigacx E&Y budget

@dividebynine check out the number requested....$2m...... :)

out of $300k loan (that is secured by #quadriga assets) only $150k is left in the tin. $150k spent on advice pre CCCA -interesting to see the use of funds? wonder how much more has been spent on advice for protecting the estates assets (obviously separate to the $300k)