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Kroll, Coinfirm to Analyse Data to Be Used in QuadrigaCX Case

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Canadian law firm Miller Thomson has hired consultancy firm Kroll that in partnership with Coinfirm will perform blockchain analytics work related to the ongoing dissolution of QuadrigaCX.

After the death of QuadrigaCX founder Gerald Cotten and the crypto security keys ‘buried’ with him last year, the case regarding customer reimbursement is still going on.

In a bid to present tangible evidence in the court, Canadian law firm, Miller Thomson, has hired consultancy firm, Kroll in partnership with Coinfirm to perform blockchain analytics work.

“Since being founded in early 2016, Coinfirm has created a powerful analytics engine for blockchain tracing exercises,” the case update reported. “The Kroll/Coinfirm partnership will use a combination of professionals as needed with experience in cryptocurrency, asset tracing/searching, asset recovery, fraud investigations, and data analytics.”

According to the update, Kroll will receive a fee of $50,000 CAD ($38,000 U.S.) and is indemnified against any potential lawsuit up to $150,000 CAD ($114,000 U.S.).

Miller Thomson was apparently appointed to represent Quadriga’s former customers last year, alongside Ernst & Young (EY).

QuadrigaCX Case

In a sworn affidavit filed at the beginning of last year with the Nova Scotia Supreme Court, Jennifer Robertson, who is identified as the widow of QuadrigaCX founder Gerald Cotten, admitted the exchange owes its customers roughly $250 million CAD in both cryptocurrency and fiat.

Notably, as of Jan. 31, 2019, the exchange was reported to have roughly 115,000 users with balances signed up on the exchange, with $70 million CAD in fiat and $180 million CAD in crypto owed overall, according to the filing.

The exchange holds roughly 26,500 bitcoin ($92.3 million USD), 11,000 bitcoin cash ($1.3 million), 11,000 bitcoin cash SV ($707,000), 35,000 bitcoin gold ($352,000), nearly 200,000 litecoin ($6.5 million) and about 430,000 ether ($46 million), totaling $147 million, according to the affidavit.

Kroll and Coinfirm on the Case

The case is dragging on so much which is significantly disadvantaging its customers waiting to be reimbursed their cash. Due to banks’ call for total non-disclosure of personal accounts, clear account balances have not been provided to deal with the case.

A fifth payment processor called WB21 is said to be holding roughly $9.2 million USD tota on Quadriga’s behalf. However, WB21 was cited refusing to release the funds or respond to communications from Quadriga on the basis of confidentiality duties.

With the partnership of Kroll and Coinfirm, the case is anticipated to have firm grounds during the oncoming proceedings.

Exchange decentralization is a key thing to consider in future to avoid such incidents when a sole person has control over all customers funds.

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Helping Ethereum Kick the Bucket: Kick.io is Spearheading the Transition to Cardano-based DeFi

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Place/Date: – August 2nd, 2021 at 11:06 am UTC · 3 min read
Contact: Caesar Chad,
Source: Kick.io

Few seasoned analysts would dispute the recent bumpy course of Decentralized Finance (DeFi). Volatile pricing, numerous market adjustments, and creative devastation forces weaken the weakest players and reinforce the visionaries’ leadership. Meanwhile, KICK.IO, a decentralized Cardano Network fund-raising platform, recognized the great chance underlying these significant upheavals. Since Ethereum, the DeFi industry behemoth seems more likely to get started — KICK.IO is pleased to help.

While Ethereum still enjoys the benefits of the customer (i.e., traders cling to it because of ease), experts quickly point out that this status quo does not persist. Cardano is called ‘Ethereum Killer’ and will shortly surpass Ethereum, evaluated by total system transactions. This is because the inefficiencies of Ethereum’s Proof of Work (PoW) consensus method are increasing dissatisfaction, which has resulted in numerous disappointments over the low transaction rates and expensive costs of the network. Ethereum has also damaged its environmental credentials as of recently, with experts wondering if the energy inefficiencies of the protocols may eventually be the leading cause for both ridicule and the rebellion of the investor.

Even with the DeFi industry more ambitious and ecologically aware, traders are always looking for significant challenges for the incumbents. Cardano, created by Ethereum co-founder Charles Hoskinson, is perhaps the contender that most promises to become the next DeFi leader. The first multi-layered blockchain in the world is virtually sure to create ripples – both because of its utterly decentralized nature and its scale. The Proof-of-Stake (PoS) protocol of Ouroboros is a technical wonder. Using a university method based on evidence, Cardano is entering a new age of substantially quicker transactions, cheap fees, and carbon-free crypto transactions.

To enable the DeFi industry to re-orient seismically towards Cardano’s network, the KICK.IO aim is to drive forward this shift. The platform KICK.IO is expected to evolve soon in the place where the vast community of Cardano may fund high-growth initiatives and choose tomorrow’s champions. KICK.IO is led by a team of DeFi and traditional financial professionals committed to implementing leading market skills, providing complete Cardano-based token support and project finance and endorsement skills for all current projects that must be prosperous and prosperous. In seeking our investors’ interests, KICK.IO guarantees that only the most reputable and promising projects – those with the most potential to make a significant contribution to the Cardano ecosystem – are flourishing.

KICK.IO is scheduled to go public on September 15th but will also hold a private sale starting July 28th. Retail and institutional investors have already shown a strong interest in the initiative, and it’s already been oversubscribed. This is the perfect time to demonstrate that DeFi is still alive and well amid the Cardano bull market.

For more news and latest updates please feel free to join KICK.IO community in Telegram and Twitter.





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BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LINK

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Bitcoin (BTC) dropped back below $39,000 on Aug. 2, suggesting that short-term traders were booking profits after the price failed to close above $42,451.67. 

However, lower levels could again attract buying as seen in late July. Data from Santiment showed that Bitcoin held on wallet addresses storing between 100 and 10,000 Bitcoin rose to a new all-time high at 9.23 million Bitcoin on Aug. 1. The previous all-time high for this group of investors was recorded on April 5, just over a week before Bitcoin hit an all-time high of $64,854 on April 14.

Santiment highlighted that the “addresses have accumulated approximately 170,000 more Bitcoin” in the last four weeks. A similar pace of purchase was seen in late December 2020, just before the start of the strong bull move in 2021.

Daily cryptocurrency market performance. Source: Coin360

CoinShares data showed that the assets under management in Bitcoin-focused funds dropped by $20 million last week, its fourth successive weekly decline. Over the past month, Bitcoin funds have witnessed cumulative outflows of $67.8 million.

The data was not all bearish because multi-asset funds attracted cumulative inflows of $7.5 million last week and $11.9 million over the past month.

Could Bitcoin break out of its range and lead the crypto markets higher? Let’s study the charts of the top-10 cryptocurrencies to find out.