Analysis News TheBitTimes.com

Canadian authorities are petitioning courts to force QuadrigaCX co- found er Michael Patryn to explain how he came to be in possession of 45 gold bars, a diamond-studded Rolex watch, and more than $250,000 in cash. As reported by Bloomberg, the Director of Civil Forfeiture in British Columbia has asked for a court order that would force Patryn to explain the assets which were seized in June 2021 two years after Quadriga’s collapse. A 2020 investigation concluded that the exchange’s 2019 implosion was caused by fraudulent activity committed by the exchange’s other founder, Gerry Cotten. Cotten died in mysterious circumstances while on his honeymoon in 2018. The probe also found that Patryn cut ties with QuadrigaCX after 2016 before the majority of the fraudulent activity took place . However, according to the most recent filing, chat records from 2014 and 2015 appear to show the founders discussing how they could appropriate customer funds and make it look as though Patryn had l...

Alexis Ohanian is extremely bullish on cryptocurrency, even using the proceeds from his early Ether investment to found a crypto-focused venture capitalist firm. The co- found er of the social media website Reddit, Alexis Ohanian, reportedly bought 50,000 Ether (ETH) for just $15,000 during the cryptocurrency’s presale in 2014, a cost of just 30 cents per coin. Ohanian, who left the social media giant in 2020, told Forbes in a Feb. 21 article that he found the idea of a decentralized store of value to be very attractive partly due to his Armenian heritage, prompting him to take an early gamble on Ethereum. “Any group of people who have in their consciousness, or in their collective history, some idea of persecution, especially by a state, makes the idea of a store of value that is not controlled by any single state very attractive. And so, in some ways it was hardwired in me then, and made me in a way receptive to the idea of a decentralized currency.” At current prices, this investm...