Business

Steve Kaaru

Kraken offers $100,000 for the discovery of QuadrigaCX coins

It’s been one of the most unique and bizarre cases in the crypto industry. Canadian crypto exchange QuadrigaCX founder Gerald Cotten died in December last year, carrying the keys to over $190 million worth of customers’ cryptos to the grave with him. 

And now, Kraken has offered to lend a helping hand. The exchange announced in a blog post that it’s offering a $100,000 reward for information leading to the discovery of the lost cryptos. The reward will be in either fiat or crypto.

Kraken also touted itself as a big brother to many other crypto exchanges. It has always sought to help other exchanges when disaster strikes them, lending resources and expertise. When disaster befalls one player, it affects the whole industry, Kraken stated in the blog post. One of the exchanges it has assisted is the infamous Mt. Gox.

“Since 2014 we have invested significant resources and lent our crypto expertise to the Mt. Gox trustee and investigators, supporting the return of as much client funds as possible and as soon as possible. Events like this impact the entire industry, which is why we want to get involved if there’s a way we can help.”

The blog post also highlighted the doubts that many in the crypto industry have about the Quadriga incident. Gerald Cotton was supposedly the only person with the keys to the $190 million crypto stash. 

“Some say the events and circumstances surrounding this case are too suspicious to be believed,” the blog stated. 

Cotten died on December 9 while traveling to India due to complications from Crohn’s disease. According to a statement from the exchange three days later, he was on his way to open an orphanage in the country. However, mystery surrounds the death. For one, users had been unable to withdraw their cryptos from the exchange way before he passed away.

The terms of the Kraken reward dictate that the exchange has the sole discretion of deciding which tips are worth rewarding. All the leads submitted will also be shared with the FBI and the Royal Canadian Mounted Police (RCMP). 

Previously, Kraken founder and CEO Jesse Powell had already offered assistance to the RCMP in its investigations. Powell, a popular figure in the crypto industry, tweeted:

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