QuadrigaCX Users Demand Details On How EY Lost 103 Bitcoins

The users of the now defunct cryptocurrency exchange from Canada, QuadrigaCX, are requesting further information about the recent loss of 103 Bitcoins (BTC) which occurred during the recovery of the funds. The QuadrigaCX users, as the altcoin news show, are concerned and want to know how the Bitcoins with value of $468,675 to cold wallets were lost.

As we reported back in February, one of the Big Four accounting firms – Ernst & Young (EY) – was appointed by the QuadrigaCX exchange as an independent third party that will monitor the proceedings in a creditor protection case.

As EY announced at the time, “Quadriga inadvertently transferred 103 Bitcoins valued at approximately $468,675 to Quadriga cold wallets, which the Company is currently unable to access.” This is why the QuadrigaCX users demand to know how the coins were lost – coins which would now be worth $1 million.

The latest cryptocurrency news show that six months after the accident, the auditor (EY) has not given any insightful information about the loss or how it happened. As the article shows, all of the information that was disclosed came from the report released by EY in February, where the company declared that the loss was caused by a platform setting error.

This is what the QuadrigaCX users know from Ali Mousavi who is a Quadriga creditor. His statement went viral in February on many best cryptocurrency news sites, when he said:

“This sounds like gross negligence to us and many of us want to hold EY accountable for what happened. […] Instead of giving us the details, they [struck] a deal with [law firm Miller Thomson] to keep the details confidential and [are] making it harder for us to hold EY accountable.”

The QuadrigaCX users still don’t know anything about the case, despite another creditor named Xitong Zou who said that “EY does not seem like they want to explain what happened when that’s the very least they could do” since “it was our money, after all.” He also claims:

“A lot of people want [Miller Thomson] replaced. […] Although I don’t think that’s going to happen.”

EY managed to recover about $25 million so far, with a judge awarding $1.6 million in fees and costs to all of the firms that were involved in the case.