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Ethereum [ETH] gains additional support from Abra wallet

Priya

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Ethereum [ETH] gains additional support from Abra wallet
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Recently, Abra, a fintech company operating an all-in-one cryptocurrency wallet and exchange app, announced native support for the second-largest cryptocurrency by market cap, Ethereum. The official announcement pertaining to this was made on their official website.

This announcement means that users can now buy, sell and hodl Ethereum [ETH] using their Abra wallets. Furthermore, the blog also stated that users can move their coins from other wallets to the mobile application. Prior to adding this support, the coin was listed on Abra as a synthetic asset, allowing users access to only price movement information.

In a YouTube video, Bill Barhydt, Founder and CEO of Abra, stated that this support will enable users to convert their native Ethereum into any other currency available on the Abra app, both fiat and crypto. He also stated that this step allowed Abra to “set the stage” and launch native ERC 20 support. The platform, in particular, is looking forward to add support to a “bunch of stablecoins.”

According to a report by Cryptoninjas, Joseph Lubin, the co-founder of Ethereum and Founder of Consensys, said,

“Hundreds of thousands of technologies and developers around the world are working to build applications and platforms that will bring the potential of Ethereum’s decentralization world to life. And while ether was intended to be the fuel that powers applications on the Ethereum platform”

He further added,

“we are moving into a world where an enormous variety of tokens can start to be used on the payment side of a transaction. We’re thrilled to see the elegant Abra non-custodial wallet natively support ether and Ethereum as another powerful step towards integration amongst various cryptocurrencies, crypto tokens, and state-issued money via banks and credit cards.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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QuadrigaCX Curtain Call Part 3: Private Jets, yachts, a major bombshell and maybe a biopic?

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QuadrigaCX Final Call Part 3: Private Jets, Yachts, a major Bombshell and possibly a biopic?
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Ernst and Young, the audit giant, the court-appointed third-party monitor and now the bankruptcy trustee of the QuadrigaCX proceedings, released its fifth report on the QuadrigaCX episode. Part 1 & 2 of AMBCrypto’s coverage can be found here, and here.

The TOYS

Gerald Cotten did what any fraudster would do; swipe all the money from his business, use it to enrich himself and his family and fail to pay anyone affected. The monitor was unable to ascertain any “records in respect to fees or compensation” paid to anyone by the exchange. Further, Cotten did not file tax returns in 2014, 2015 and 2017. However, in his statements from 2016, no income from QuadrigaCX was claimed.

The report identified several fiat transfers between Cotten and his wife, Jennifer Robertson, and the duo acquired significant “real and personal property” either personally, or via third-party corporations. Cotten and Robertson also frequented various vacation destinations using private jet services. No other income apart from the funds emanating from QuadrigaCX was used for these lavish adventures, the report said,

“The Monitor has been advised that neither Mr. Cotten nor his wife had any material source of income other than funds received from Quadriga.”

An Asset Preservation Order placed on Robertson and her property by the monitor in April listed out the assets as real properties in Nova Scotia and British Colombia, securities, cash holdings, a “personal sailing vessel,” a “personal aircraft, “several luxury vehicles,” and gold and silver coins with a total value of $12 million.

The EXPERT

Evan Thomas, a commercial litigator who delved deep into the QuadrigaCX case, stated that the ability of the exchange and its CEO to carry out such fraudulent acts right under the noses of the authorities and its customers stemmed from its lax internal governance. Cotten made sure that the administrative activities would not be logged. The litigator stated,

“Quadriga apparently had no internal controls or accounting records, no segregation of customer assets from Quadriga’s assets, and no visibility into its own profitability, ever.”

On the topic of the funds’ movement between QuadrigaCX and the aforementioned unnamed exchanges, Thomas stated that Cotten may have used fake accounts under pseudonyms to avoid suspicion and then credited these accounts with fiat and cryptocurrencies which were then “used to trade against the Quadriga users.”

Thomas stressed the link between the Markay account and the competitor exchanges where Gerald Cotten was known to control accounts under different names. He stated,

“Again, these withdrawals were primarily to other exchanges where Cotten held accounts in his name or to other parties trading with Cotten personally. Some of the transfers were to wallets controlled by unknown parties.”

Succinctly summarizing the entire QuadrigaCX debacle, Thomas concluded,

“The biggest bombshell, foreshadowed in earlier reports, is that Cotten set up fake accounts, funded them with hundreds of millions of dollars of fiat and crypto that didn’t exist, bought real crypto from users and then moved the crypto off Quadriga.”

QuadrigaCX has been a tale like no other, or every other, depending on how deep and detached you are from the world of financial frauds. It has been the ideal scam; man sets up a fake business, takes in millions of dollars worth of funds, scatters the funds in different pools under anonymous names, enriches himself and his family, before the mastermind behind it all dies, leaving the authorities clutching thin air.

Who knows? A QuadrigaCX biopic might be in the works with Ryan Gosling (Another Canadian) in the lead. Martin Scorsese should be licking his lips now.





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