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Ethereum’s [ETH] Vitalik Buterin and others express disappointment over presence of ‘BSV shills’ at Deconomy 2019

Akash Anand

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Ethereum's [ETH] Vitalik Buterin and others express disappointment over presence of 'BSV shills' at Deconomy 2019
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The recently concluded Deconomy Forum included a lot of proponents from the cryptocurrency space who talked about the developments and updates in the industry as well as the future of digital assets. The roster included luminaries and critics of the space, ranging from Ethereum’s Vitalik Buterin to Nouriel ‘Dr.Doom’ Roubini.

Vitalik Buterin, who has been an avid supporter of the Bitcoin ABC camp since the Bitcoin Cash hard fork, confirmed his allegiance yet again when he spoke against the Forum including “BSV shills” in its panel. Buterin tweeted:

“Kinda disappointed @Deconomy_forum  is again giving airtime to BSV shills, this time a panel of them.At least there’s some hilarious quotes… my favorite was that Segwit is bad because separating signatures from transactions “has legal ramifications”

The part of “Segwit is bad” is something that was built on a shaky foundation because recent reports had shown that SegWit-spending payments had reached an all-time high, nearing almost 50 percent. Segwit spending basically refers to:

“A transaction that spends one or more SegWit outputs is considered a SegWit-transaction. The organization then aggregates the payments from SegWit-transactions per day and compare them to the number of total payments per day resulting in the percentage of SegWit-spending payments.”

The Ethereum co-founder was not the only one who expressed his disappointment over BSV supporters speaking at the conference as he was also joined by personalities like Andreas Antonopoulos and Luke Dashjr.

Antonopoulos, the author of Mastering Bitcoin, commented:

“Yeah, disappointing. There’s a general click-bait attitude in the selection of topics and sessions. I guess this kind of drama sells tickets, but it imposes a cost for the entire industry.”

Luke Dashjr said,

“Ironically, they’re not even separated (except by some definition of “separated” which is inherently ALWAYS true, because you can’t sign the signature).”

Not everyone agreed with Buterin though and was crticized by Peter McCormack. McCormack called out Buterin and asked,

“Why do people from Ethereum have more right than people from BSV to be at the conference?”

 





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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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