Forum menu
I've been following this story about the crypto-currency wallets being locked after the founder of the company died and took the passwords to the great beyond, but now it's taken quite the twist.......£103 millions quids worth of a twist
https://www.bbc.co.uk/news/technology-47454528
yes I bet that came as a bit of a surprise once they got into his laptop!
Oooo, that is an interesting development!
Even better:
Social media has now come out and stated that Quadriga Co-founder Michael Patryn is in fact not Michael at all, but rather convicted felon, Omar Dhanani. According to social media, Dhanani was convicted of fraud for operating an online marketplace for identity theft in the USA, and was released in 2007.
The only question is how much Cotten paid to arrange his death and swift cremation in India.
I smell more fish than in the Gangees me.
”owner” of big crypto dies and months before death clears out accounts?
Hmmm... this has familiar overtones and provenance.
🤠💃🕺💃🔥🤦♂️
Was it a canoe accident?
An unregulated currency system set up to allow untraceable payments has been used to steal vast sums of money from Morons users. Well I never!
not overly surprising though. Do they actually have a body, and is it his? arh, cremation, thats handy.
so, do I get this right -
user signs up to quadriga
user gives them fistfuls of cash and/or hands over their bitcoins
company generously "looks after" actual bitcoins
buying / selling / exchanging / speculating / gambling happens, with every transaction quadriga is creaming off a small fee for arranging the transaction
users discovers proprietor has done a runner with an absolute ton of their untraceable money in his untraceable wallets to be used in untraceable ways in a non-extradition country of his choice
Yep.
Thats a correct analogy.
💰💰💰💰💰💰💰💰💰💰
I thought each crypto thing was individually numbered. That means of anyone has cashed them in, the id number is still out there and the transaction recorded somehow?
This is the digital equivalent of this.
It's not untraceable, quite the opposite as every transaction is logged and in the open. That's how they know the "money" has been moved.
Nor is it completely unregulated. There are plenty of tax and money laundering regulations at the borders with fiat currencies, just not of the internal parts.
Whether it's anonymous or not, well the auditors are still investigating.
@scruff9252 - unregulated, yep - but the big crypto outfits have been calling for proper regulation for ages. (There's been KYC regulation for ages on exchanges which is the same level as banks).
Untraceable it ain't. The entire ledger is free and open for anyone to read and trace, every single transaction. Try that with your bank.
As soon as they nail who's allowed to open and own a crypto wallet then there will be no such thing as a "hidden" or "anonymous" transaction.
But that's the point isn't it - it's the young startup (crypto) taking on vested interests (big business, the already-rich) and providing a quicker, cheaper, easier method of currency transaction from which they can't hide their taxable payments.
Funny how the press is unremittingly negative eh?
And here's me believing that 'you can't take it with you when you go' this mon has ain't he.
Proper lol at the matt_outandabout trainspotting picture.