February 2, 2023

Five Bitcoin wallets linked to the now-defunct QuadrigaCX crypto exchange have moved 104 Bitcoin (BTC) worth $1.75 million for the first time in years, according to an on-chain researcher.

Pseudonymous on-chain sleuth ZachXBT points out the development to his 339,400 Twitter followers.

The on-chain researcher notes one of the wallets sent about 69 BTC ($1.16 million) to the Bitcoin mixing service Wasabi.

A crypto mixing service is a tool that bundles and aggregates the digital assets of many different users in an attempt to obscure the source and owners of the funds.

The CEO and founder of QuadrigaCX, Gerald Cotten, reportedly passed away in India in 2018 from health complications due to Crohn’s disease.

After Cotten’s death, QuadrigaCX’s management claimed it was unable to access a large number of digital currency reserves that the exchange held on behalf of its users.

The company claimed that Cotten was the only one who owned the passwords to the exchange’s cryptocurrency wallets with $137 million in digital assets.

The sudden death of the 30-year-old led to the abrupt closure of the popular Canadian crypto exchange, which reportedly had 115,000 active traders.

After the announcement of Cotten’s death and the loss of millions in crypto assets, rumors circulated that Cotten staged a hoax to make off with the money.

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