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Thread: California Engineer Loses $422,000 in Life Savings after Using QuadrigaCX; Is Help Coming?

  1. #1 California Engineer Loses $422,000 in Life Savings after Using QuadrigaCX; Is Help Coming? 
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    A California-based engineer lost the entirety of his life savings after using QuadrigaCX’s cryptocurrency exchange for remittance.

    Tong Zou, 30, said in an interview to Bloomberg that he had opened a withdrawal request at QuadrigaCX in October 2018. According to his statements, he was planning to move to Canada at that time. Zou thought using a cryptocurrency exchange for remittance would save him money. So, he purchased bitcoins in the US and transferred them to his Canada-based Quadriga CX exchange account for a quick fiat withdrawal.

    “I wasn’t using it for trading — I just wanted to move my money over to my Canadian bank account,” said Zou.

    $190 Million Disappeared
    However, the withdrawal requests made by Zhou and other 115,000 people met a dead-end after QuadrigaCX declared itself insolvent. The exchange announced that it had lost access to $190 million worth of cryptocurrencies after its founder Gerald Cotton died unexpectedly during a humanitarian trip to India. Cotton reportedly was the only person who had access to QuadrigaCX’s cold wallets. After his death, the exchange decided to discontinue services and filed for Creditor Protection at a local court.

    But for clients like Zou, the wait is a nightmare. He told Bloomberg that had had already relocated to Vancouver. But, with all his savings disappeared into QuadrigaCX, he could not afford himself a decent apartment. At the same time, he was planning to look for a job while surviving on his life savings. He cannot do it either.

    “It’s all my savings, so I’m just living on what little I have left and trying to start over,” said Zou. “It pretty much took everything away from me […] I was going to use that money for a deposit on an apartment, but now I can’t do that anymore. And now I’m currently searching for a job, so it’s kind of a bad time for me.”

    Is Help Coming?
    Zou and other QuadrigaCX users are coordinating with each other via a Telegram messaging group. The victims turned to Bennett Jones LLP and McInnes Cooper to represent them in Quadriga’s ongoing creditor protection proceedings in the Supreme Court of Nova Scotia. Their motion will be heard on February 14 at 0930 local time.




    https://www.ccn.com/california-engin...elp-coming/amp
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  2. #2  
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    Screw that, stick with the proven method, cash & a regular bank account.......
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  3. #3  
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    Bitcoin is a scam
    GO LEAFS GO
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  4. #4  
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    30 years old with $422k in the bank. Guy was doing well. Now has to start over
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  5. #5  
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    Quote Originally Posted by slapshot View Post
    Bitcoin is a scam
    It certainly seems so........blockchain on the other hand is the future of electronic money from what I've read......we'll see.
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  6. #6  
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    lol ppl are so stupid with technology
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  7. #7  
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    this the third or fourth (maybe more) major exchange to go belly up
    for whatever reason in the last decade. calling bitcoin a scam for an
    unregulated exchange going out of business is like calling the us dollar
    a scam for an unregulated bank, hedge fund, or processor going out
    of business. however when major cryptocurrency exchanges can
    vanish on short notice, it certainly hurts the value and affects the
    demand for cryptos.
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  8. #8  
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    Could somebody translate what this guy did? Did he move money from his bank acct to cryptocurrency or just from crypto to another crypto?
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  9. #9  
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    Quote Originally Posted by slapshot View Post
    Bitcoin is a scam
    There have been a lot of warnings, both in the media and on sites like the Rx and others that Bitcoin is a horrible scam designed to rip off unsuspecting investors.

    Oddly enough for some reason on this particular site dissing Bitcoin = immediate lifetime ban (in many cases). Not sure why the management of this betting site want to wade into the ongoing Crypto currency scam but there it is

    So yes, Bitcoin is a scam. Get your money out and buy land, imho and ymmv

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  10. #10  
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    Quote Originally Posted by fightgood View Post
    Could somebody translate what this guy did? Did he move money from his bank acct to cryptocurrency or just from crypto to another crypto?
    Sounds like Bank to Crypto Exchange then was going to send to Canadian Bank sounds like the worse timing for him
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  11. #11  
    Retired; APRIL 2014 Thank You Gambling tatehill2000's Avatar
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    Quote Originally Posted by sharky99 View Post
    Sounds like Bank to Crypto Exchange then was going to send to Canadian Bank sounds like the worse timing for him
    yep... too bad.. timing couldn't of been worse.. why that exchange? Sure seems odd?? Why not bitcoin? Lol jesus,, im asduming he saved 200 bucks by using them and not bitcoin???
    GOLD is the Money of the KINGS, SILVER is the Money of the GENTLEMEN, BARTER is the Money of the PEASANTS, but DEBT is the Money of the SLAVES!!!
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  12. #12  
    you can't fix Liberal rolltide's Avatar
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    read about this guy a few weeks ago. sounds like he ruffled some feather in the CAN banking industry and then ended up dead. don't understand a company running with only 1 guy knowing the wallet codes though


    regarding the engineer his actions make no sense. certainly if he's relocating to vanc he's been there before. Why not just open an account months ahead of time and then move the money from us bank to can bank versus paying bitcoin fees and risking a potential drop in accumulated funds?
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  13. #13  
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    Quote Originally Posted by tatehill2000 View Post
    yep... too bad.. timing couldn't of been worse.. why that exchange? Sure seems odd?? Why not bitcoin? Lol jesus,, im asduming he saved 200 bucks by using them and not bitcoin???
    Curious as to why you bold your text when you write.
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  14. #14  
    you can't fix Liberal rolltide's Avatar
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    Quote Originally Posted by Enfuego View Post
    Curious as to why you bold your text when you write.
    the voices in his head tell him to do it
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  15. #15  
    Retired; APRIL 2014 Thank You Gambling tatehill2000's Avatar
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    Quote Originally Posted by rolltide View Post
    read about this guy a few weeks ago. sounds like he ruffled some feather in the CAN banking industry and then ended up dead. don't understand a company running with only 1 guy knowing the wallet codes though


    regarding the engineer his actions make no sense. certainly if he's relocating to vanc he's been there before. Why not just open an account months ahead of time and then move the money from us bank to can bank versus paying bitcoin fees and risking a potential drop in accumulated funds?
    Were missing something here rolltide,,, are there ZERO american/canadian banks? lke, are there no CHASE branches up there in Van?? No Wells Fargos??

    im sure with diff countries that there are diff laws governing them,, but you said it,,, just transfer the funds,, gesus,, its 50 fkn bucks,,
    GOLD is the Money of the KINGS, SILVER is the Money of the GENTLEMEN, BARTER is the Money of the PEASANTS, but DEBT is the Money of the SLAVES!!!
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  16. #16  
    Retired; APRIL 2014 Thank You Gambling tatehill2000's Avatar
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    Quote Originally Posted by Enfuego View Post
    Curious as to why you bold your text when you write.
    before I did it as my eyes were getting weak, and it just helped me type/see better,, now I have glasses, so thats not the issue, but I guess Its easier to read it still just the same,,
    GOLD is the Money of the KINGS, SILVER is the Money of the GENTLEMEN, BARTER is the Money of the PEASANTS, but DEBT is the Money of the SLAVES!!!
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  17. #17  
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    Quote Originally Posted by tatehill2000 View Post
    Were missing something here rolltide,,, are there ZERO american/canadian banks? lke, are there no CHASE branches up there in Van?? No Wells Fargos??

    im sure with diff countries that there are diff laws governing them,, but you said it,,, just transfer the funds,, gesus,, its 50 fkn bucks,,
    No Chase and Wells Fargo North of the border .... seems real reckless having one person having the codes but in the Crypto World will minimal rules its kind of like the old wild west.
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  18. #18  
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    Quote Originally Posted by tatehill2000 View Post
    Were missing something here rolltide,,, are there ZERO american/canadian banks? lke, are there no CHASE branches up there in Van?? No Wells Fargos??

    im sure with diff countries that there are diff laws governing them,, but you said it,,, just transfer the funds,, gesus,, its 50 fkn bucks,,
    i think he was trying to save pennies from the USD-> CAD conversion
    nonetheless incredibly stupid
    he was prob hoping the value would go up as well during the transfer to get a little extra boost i bet.
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