The disappearance of$ 250 Million in cryptomonnaie explained by an expert

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The world of cryptomonnaies was on alert this week after the disappearance of 250 million dollars invested with the company and QuadrigaCX.

The investments were not available from the access code held only by the CEO of the platform. The problem is that he is dead and that the funds thus seem lost.

To clarify the issue, we contacted Martin Lalonde, head of the Fund Rivemont Crypto.

According to him, the situation Quadriga is explained first by a ” lack of clear governance “. Even within the universe of crypto, it seems totally unacceptable that the funds are kept by a single man without no control mechanism has been put in place.

Similarly, according to Mr. Lalonde, who practises in the investment cryptomonnaies, Quadriga was the subject of a competitive advantage, the accept canadian dollars, but was a recognised platform for its amateurism and its lack of efficiency. “Person in the middle would not have recommended leaving the funds “.

To avoid this kind of inconvenience to the investors, Martin Lalonde gives some recommendations :

  • It is important to use companies or platforms registered with the competent authorities.
  • Keep your funds and your private addresses portfolio. Otherwise, you are not truly the owner of your cryptos.
  • Never store your cryptos on an exchange platform. There are tools to keep them safe, as the cold wallets.

Finally, it is to be remembered that the cryptomonnaies bear the defects of their qualities. If, as pointed out by the President of the Fund Rivemont Crypto, ” this currency, you can be your own bank, and truly own and control your assets “, it also asks you for more responsibilities and provisions.

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When asked what it will be in the position of investors in Quadriga, Mr. Lalonde replied : “That is the question at $ 250 million. It may be that there is a hope of recovery keys, but it is very thin. “

In the meantime, a judge in Halifax has been granted 30 days to the firm to find the funds.

For more information on the cryptomonnaies, listen to the podcast They were talking about money on this topic.

 

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