Bitcoin Daily: EY Reveals QuadrigaCX Owes $150M; Binance To Resume Transactions After Cyberattack


QuadrigaCX’s final report revealed that the defunct exchange still owes around $160 million.

The bankruptcy trustee Ernst & Young is now looking to recover additional funds from the QuadrigaCX payment processors.

“The Monitor identified various TPPPs who provided fiat processing services to Quadriga. Efforts to retrieve and review accounting records from these organizations and recover, where applicable, residual Quadriga cash held on deposit at these TPPP institutions is ongoing,” Ernst & Young reported, according to Cryptovest.

It was also discovered that the exchange in bankruptcy owes a variety of creditors around $216 million valued in fiat, both in cash withdrawals and in personal trader cryptocurrency wallets.

In other news, Binance announced that it will resume deposits and withdrawals on its platform after it suffered an attack that saw hackers steal over $40 million worth of bitcoin.

“Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later,” the company wrote in a blog post. “We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt.”

And Flexa announced a limited launch of its network and mobile app to enable instant cryptocurrency payments that allow merchants to accept bitcoin, ether, Bitcoin Cash, and the Gemini dollar from consumers who have the new SPEDN mobile wallet app.

“This is the first real instance of decentralized global retail payments, with the power to make commerce more efficient and accessible for billions of citizens globally,” Tyler Spalding, Co-Founder and CEO of Flexa, said in a press release. “The legacy payment systems are complicated and costly. This solution provides a way for cryptocurrencies to solve these problems and allow merchants to conduct inexpensive and fraud-resistant transactions.”



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.