EY Report: QuadrigaCX accidentally sends $500,000 in Bitcoins to inaccessible cold wallets by mistake

• According to the report published by Ernst & Young this Tuesday, QuadrigaCX has lost another $500,000 of its Bitcoins by sending them to its inaccessible cold wallets earlier this month.
• Ernst & Young were court-appointed as an independent third party to monitor the proceedings since Quadriga filed for creditor protection case.

Troubled Canadian crypto exchange QuadrigaCX accidentally lost another $500,000 in bitcoins sending them to its inaccessible cold wallets earlier this month. This was reported in an initial report made by audit company Ernst & Young published this Tuesday. Ernst & Young were court-appointed as an independent third party to monitor the proceedings since Quadriga filed for creditor protection case.

The report stated:

“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 various cold wallets, if possible.”

During the audit, Ernst & Young secured some of QuadrigaCX’s electronic devices which included four laptops, four cell phones, and three fully encrypted USB keys. As stated in their report, the devices are currently in a safety deposit box rented by Ernst & Young.

As reported by FX Street, QuadrigaCX had lost $190 million worth of crypto after it lost access to its cold storage wallets following the death of their founder and CEO Gerald Cotten. Cotten had died in Jaipur, India of Crohn’s disease and he was the only one who possessed the keys to the cold wallets.