Payment Service Square is Hiring Crypto Engineers, Offers Salaries in Bitcoin

United States-based payment platform Square is hiring cryptocurrency engineers and is offering to pay them in digital currency, according to a tweet published by Twitter and Square CEO Jack Dorsey on March 20.

In the tweet, Dorsey announces that “Square is hiring 3–4 crypto engineers and one designer to work full-time on open source contributions to the Bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in Bitcoin!”

Dorsey further commented that the decision to pay employees in digital currency is based on the intention “to make the broader crypto ecosystem better,” thus contributing to the Bitcoin (BTC) community.

Dorsey also noted that this will be the first open source initiative independent from their business objectives as potentially hired engineers will entirely focus on “what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests.”

As previously reported, Square registered $166 million in annual Bitcoin revenue for 2018. The company achieved over $52 million in Bitcoin sales for Q4, surpassing Q3 by $9 million and Q2 by more than $15 million. However, clear profit from the Bitcoin operations, which involve Square’s consumer app Cash, remained low, as purchasing costs account for the vast majority of revenue.

Last month, Dorsey — a known Bitcoin advocate —  again declared that he believes Bitcoin to be the Internet’s native currency:

“[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”

News source CoinTelegraph.com

QuadrigaCX’s Legal Representatives Create Affected Users Committee

A new committee appointed by law firms Miller Thomson and Cox & Palmer will provide guidance in representing affected clients of major Canadian cryptocurrency exchange QuadrigaCX. The development was announced in a court notice on March 19.

In the filing, Miller Thompson reveals that it has established the Official Committee of Affected Users of now-shuttered QuadrigaCX, comprising of seven users affected by the shutdown of the trading platform following the sudden death of its co-founder, Gerald Cotten, last December.

At the time, the exchange reported that it was not able to access its cold wallet holdings, as Cotten had purportedly been the sole person with access to wallets’ keys. With the allegedly inaccessible crypto accounting for the vast majority of the exchange’s assets, QuadrigaCX now owes over $198.4 million to an estimated 115,000 users.

The newly formed committee is set to help the law firms represent all affected users in the court proceedings against QuadrigaCX. The committee can reportedly “retain advisors, experts and consultants to provide advice to and to assist the Official Committee of Affected Users and Representative Council in the exercise of their duties in relation to the Purpose.”

The committee members have varying fields of expertise and include such industry players as Eric Bachour, a creditor of now-defunct cryptocurrency exchange Mt. Gox, and Magdalena Gronowska, who has advisory experience in economic policy development for the Government of Ontario.

Miller Thomson and Cox & Palmer were appointed as QuadrigaCX’s legal representatives in February by a decision rendered by the Supreme Court of Nova Scotia, Justice Michael Wood. The representative council was set to be responsible for “managing communications with users; acting as user liaison for the monitor [Ernst & Young]; advocating for user interests before the court; identify[ing] potential conflicting interest amongst users; and advocating for user privacy.”

As Cointelegraph reported yesterday, QuadrigaCX’s co-founder Michael Patryn was reportedly involved in multiple criminal activities in the past. Patryn and his partner, Lovie Horner, remain two of QuadrigaCX’s largest shareholders, although he has not had any involvement in the company’s operations since 2016 due to a fundamental disagreement with Cotten.

News source CoinTelegraph.com

Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Stellar, Binance Coin, Tron, Cardano: Price Analysis, March 20

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Binance Launchpad completed the sale of $4 million in Celer Network (CELR) tokens within 17 minutes and 35 seconds. This is the third such successful launch by the company. This shows that the market appetite is increasing for new coins that strong use cases.

Avnet, Inc, distributors of electronic components and technology solutions providers and Swiss online retailer Digitec Galaxus will accept cryptocurrencies. We expect many other players to go down the crypto path in the future. This will help bring crypto to the masses and realize the potential of crypto as a medium of exchange.  

Blockchain and cryptocurrencies are path-breaking technologies. However, it is difficult to change the attitude of the people accustomed to using outdated systems and platforms. To give the nascent space a favorable push among the lawmakers, the number of lobbyists working on blockchain technology issues in Washington D.C. tripled in 2018.

Though fundamentals have been improving, the price of cryptocurrencies has been slow to respond. Nevertheless, a few major digital currencies have risen sharply from the yearly lows. Are they good for more, or will the rally stall? Let’s find out.

BTC/USD

Bitcoin (BTC) has been trading in a tight range between $3,950 and $4,035 for the past three days. Usually, a tight consolidation is followed by a range expansion. We expect the bulls to propel the price towards the overhead resistance of $4,255. This level will also act as a stiff resistance. But if the digital currency breaks out and sustains above $4,255, it will complete a double bottom pattern that has a target objective of $5,273.91.

Both the moving averages are sloping up and the RSI is in positive territory. This shows that the bulls have the upper hand.

Contrary to our expectation, if the BTC/USD pair turns down from the current levels and breaks below the uptrend line, it can dip to the 50-day SMA. If this support also breaks, a fall to $,3575 is probable.

The trend will turn negative on a breakdown to new yearly lows. Such a move will dent the sentiment and can prolong the existing bear market. Therefore, traders can keep the stop loss on the long positions below $3,236.09.

ETH/USD

Ethereum (ETH) is holding the 20-day EMA for the past two days. But it has failed to breakout and rally above $144.78. We anticipate a strong decisive move within the next few days.

If the bulls scale $144.78, a quick rally to $167.32 is likely because there is no resistance in between these two levels. On a close (UTC time frame) above $167.32, the ascending triangle pattern that has a target objective of $251.64 will complete.

Conversely, if the bears sink the ETH/USD pair below the 50-day SMA, a fall to $116.3 is probable. Traders can protect the remaining long positions with stops at $125.

XRP/USD

Ripple (XRP) continues to consolidate in a tight range. This shows a balance between buyers and sellers. The flat moving averages and the RSI close to 50 suggests that the range bound action might continue for a few more days.

The next trending move will start either on a breakout of the overhead resistance of $0.33108 or a breakdown from the uptrend line of the ascending triangle.

On the upside, the target levels to watch out for are the resistance line of the descending channel and above it $0.40. Above this level, the XRP/USD pair is likely to pick up momentum. On the downside, $0.27795 is an important support, below which the slide can deepen to $0.24508. Therefore, traders can retain the stops on the long positions below $0.27795.

LTC/USD

Litecoin (LTC) is trying to bounce off the support at $56.910. If the bulls can push it above $62.45, it will indicate strength. The next level to watch on the upside is $65.561 and above it $69.2790.

Both the moving averages are sloping up, which shows that the bulls have the upper hand. Still, we continue to watch the negative divergence on the RSI closely.

If the LTC/USD pair reverses direction and plummets below the 20-day EMA, it can drop to the 50-day SMA. Therefore, we suggest traders keep the stop loss on the remaining long positions at $52.

EOS/USD

The bulls again bought the dip below the 20-day EMA, which indicates demand at lower levels. However, EOS is facing resistance close to $3.8723. The price is largely stuck between these two levels. We expect the digital currency to break out of the overhead resistance or break down of the 20-day EMA within the next few days.

On a breakdown below the 20-day EMA, the EOS/USD pair can slide to the 50-day SMA and below it to $3.1534. We anticipate a strong support around these levels, hence, we propose a stop loss of $3.10 on the remaining long positions.

Conversely, if the bulls push the price above $3.8723, a rally to $4.4930 is probable. The up-sloping moving averages and the RSI in the positive territory suggest that the path of least resistance is to the upside.

BCH/USD

Bitcoin Cash (BCH) has been trading close to the overhead resistance of $163.89 for the past three days. This shows that the bulls are in no hurry to book profits. The moving averages have started to slope up gradually and the RSI is close to the overbought zone. This shows that the bulls are in command.

A breakout and close above the BCH/USD pair will carry the price to $175 and above it to $220. Eventually, we expect the pair to reach the stiff overhead resistance of $239. Therefore, traders can keep the stop loss on their long positions at $116.

Contrary to our assumption, if the digital currency turns down from the current levels, it can correct to the 20-day EMA and below it to the 50-day SMA.

XLM/USD

Stellar (XLM) rallied to the resistance line on March 18 but could not break out of it. Profit booking has again pushed the digital currency back into the range. However, the 20-day EMA is sloping up and the RSI is close to the overbought zone. This suggests that the bulls are at an advantage.

If the XLM/USD pair breaks out of the resistance line, it can rally to $0.13250273 and above it to $0.14861760. We expect the 20-day EMA to act as a support on any dip.

Our bullish assumption will be negated if the pair plunges below the 20-day EMA and slides to the 50-day SMA. For now, traders can retain the stops on the long positions at $0.08. We shall soon trail it higher to $0.10.

BNB/USD

Binance Coin (BNB) has dipped below $15.9100517 and is retesting the support at $15. The small uptrend line also lies at this level and the 20-day EMA is just below it. We expect this support zone between $15 and the 20-day EMA to hold.

Both the moving averages are trending up and the RSI is close to the overbought zone. This suggests that the bulls are in command.

If the BNB/USD pair rebounds from the support zone, it will again attempt to break out of the overhead resistance and move towards its target objective of $18. On the other hand, a breakdown of the 20-day EMA can sink the price to the 50-day SMA. Traders can, therefore, keep the stop loss on the remaining long positions at $14.

TRX/USD

Tron (TRX) has been trading close to the 20-day EMA for the past six days. The small trading ranges suggest a balance between buyers and sellers. However, this is unlikely to continue for long. We should see an increase in volatility within the next few days.

A breakout of the 20-day EMA can carry the TRX/USD pair to the critical overhead resistance of $0.02815521. If the bulls break out and sustain above the range, the pair is likely to start a new uptrend.

On the other hand, if the digital currency turns down from the current levels, it can drop to $0.02094452 and if this level also breaks, the slide can stretch to $0.01830.

ADA/USD

Cardano (ADA) has again risen above the overhead resistance of $0.051468. This is the second time the bulls have scaled the resistance within four days. Now, if the price moves above $0.05650, it is likely to start a new uptrend.

The first target on the upside is $0.066121, above which the move can extend to $0.080. Therefore, traders can initiate long positions above $0.05650 and keep a stop loss at $0.044. We shall soon trail it to $0.048.

Our bullish view will be invalidated if the ADA/USD pair falls back into the $0.036815 to $0.051468 range. Such a move will extend the consolidation for a few more weeks.

Мarket data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

News source CoinTelegraph.com

Major Coins See Mixed Signals, Gold Reacts Positively to US Federal Reserve Decision

Wednesday, March 20 — cryptocurrency markets are seeing mixed signals today after moderate growth yesterday. Most top coins are slightly down, with Bitcoin (BTC) trading at around $4,060 at press time.

Market visualization from Coin360

Market visualization from Coin360

BTC is down around 0.13 percent over the last 24 hours, and is trading at around $4,063 at press time. The leading digital currency has seen low volatility during the day, having dropped to as low as $3,993, while the intraday high reached $4,079.

As reported earlier today, multiple respondents have filed comments with the United States Securities and Exchange Commission on the latest proposed rule change for the VanEck/SolidX Bitcoin exchange-traded fund (ETF). Among the seven comments filed thus far, six strongly urge the regulator not to approve the VanEck/SolidX proposal.

Bitcoin 24-hour price chart. Source: CoinMarketCap

Bitcoin 24-hour price chart. Source: CoinMarketCap ​​​​​​​

Ethereum (ETH) is down by 0.83 percent on the day, trading at $139.11 at press time. Today, the second largest coin saw $136.85 as its lowest price point, with a high of $140.02.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is also down a slight 0.23 percent, trading at $0.318 at press time. The altcoin’s weekly chart is showing its price increasing by 1.05 percent.

Ripple 24-hour price chart. Source: CoinMarketCap

Ripple 24-hour price chart. Source: CoinMarketCap

Of the top 20 cryptocurrencies, Ontology (ONT) is the biggest winner on the day, up by almost 15.32 percent and trading at $1.29 at press time. Monero (XMR) is up by 1.83 percent over the day and is currently trading at $55.94.

Total market capitalization of all 2,115 coins on CoinMarketCap is around $140.9 billion at press time, dipping as low as $139.4 during the day. The daily trading volume of all cryptocurrencies is around $32.8 billion.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Oil prices have seen a surge today, with U.S. crude reaching $60 for the first time in around four months, according to CNBC. West Texas Intermediate (WTI) is up over 1 percent on the day, trading at around $60.12 to press time, while Brent has gained around 1.15 percent and is trading at $68.39 at press time.

Gold price reportedly increased by 0.64 percent today to $1314.9 per ounce after the United States Federal Reserve decided not to raise interest rates. At press time, gold is up by 1.85 percent and is trading at around $60.12.

News source CoinTelegraph.com

Most Respondents File Negative Comments for SEC’s Review of VanEck/SolidX Bitcoin ETF

Multiple respondents have filed comments with the United States Securities and Exchange Commission (SEC) on the latest proposed rule change for the VanEck/SolidX Bitcoin (BTC) exchange-traded fund (ETF). Comments to date were submitted between Feb. 13 and March 12.

As reported, CBOE’s BZX Equity Exchange — the exchange that would prospectively list the Bitcoin ETF — had temporarily withdrawn its application for a rule change on the ETF in January, citing the negative impact of the U.S. government shutdown on the SEC’s operations. CBOE then resubmitted the application for the SEC’s consideration at the end of the month.

On Feb. 19, the SEC announced that it would shortly be commencing the formal countdown period to approval or disapproval of the product, soliciting feedback from the public.

Among the seven comments filed thus far, six strongly urge the regulator not to approve the VanEck/SolidX proposal.

The sole response that affirms the positive value of the Bitcoin ETF approval is from respondent Sami Santos on March 12, who engages with the SEC’s previously given rationale for disapproving other ETF proposals:

“[Disapproval of] an ETF because of manipulation and […] the protection of investors is contradictory, because without an investment fund the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments.”

Noting that VanEck “offers insurance to cover possible losses,” Santos argues that ETF approval would create greater market security in providing more “liquidity, transparency and safe custody of assets that will have credibility for large investors.”

The lengthiest negative comment — from respondent Sam Ahn on Feb. 13 — focuses on Bitcoin’s lack of intrinsic value. Ahn accuses the ETF applicants and the 2008 Bitcoin white paper itself of “grand[ly] exaggerat[ing]” the mathematical complexity involved in Bitcoin mining. The applicants’ wording, he claims, “works like a moat around the castle of bitcoin mining, keeping us away from the reality of bitcoins.”

Other, more concise comments — echoing Ahn in part — focus on Bitcoin’s alleged lack of value as a financial product, its volatility and market manipulation “by the very few.”  One respondent, D. Barnwell, does provide an argument that proposes:

“I would ask the SEC […] to take a ‘watch and wait approach’ […] [t]he true game changer is the underlying technology Blockchain, not the cryptocurrency. And to make inroads into this industry-changing technology, one does not need to have a financial product based on the cryptocurrency.”

As previously reported, SEC chairman Jay Clayton has recently stated that there “may be a case where a Bitcoin ETF could satisfy our rules.”  He suggested the technology is “demonstrating significant promise in the places where it’s consistent with our approach to capital raising in the past.”

As Cointelegraph reported yesterday, the SEC is also soliciting industry input as it potentially reconsiders existing custody rules in specific cases of digital asset trading and settlement.

News source CoinTelegraph.com

Silvergate Bank Onboarded 59 New Crypto Customers in Q4 2018

Crypto-supportive Silvergate Bank has signed on a slew of new cryptocurrency customers in the fourth quarter on 2018, according to a recent filing with the United States Securities and Exchange Commission (SEC).

The filing reveals that as of Dec. 31, 2018, Silvergate had 542 digital currency-related clients including cryptocurrency exchanges and miners, custodians and global investors, among others. This marks an increase of 59 crypto-related customers since a previous filing in September 2018.

By Dec. 31, 232 cryptocurrency customers were purportedly in various stages of the bank’s customer onboarding process, including regulatory compliance.

The bank further says that it believes that acceptance of digital currency by traditional financial institutions will continue to grow, highlighting the following data:

“Currently, there are over 300 institutional investment funds with aggregate estimated assets under management of between approximately $7.5 billion to $10 billion. Over $8.3 billion has been invested in digital currency-related projects, excluding initial coin offering funding, since December 31, 2013. Approximately $1.3 billion in venture funding was raised in the digital currency and blockchain market in the 12 months ended June 30, 2018, which is the most recent date such information is available.”

Per the document, in the fourth quarter of 2018 the bank saw two exchanges, 33 companies, and 24 investors among its new clients, including software developers, cryptocurrency miners, and service providers.

Throughout the whole year, Silvergate’s deposits derived from cryptocurrency customers reportedly increased by $150.4 million, or around 11.4 percent. Digital currency investors’ deposits saw a growth by $4.8 million to $577.5 million, while other startups’ balances increased by $46.4 million, reaching $273.9 million.

Last February, the Digital Currency Group (DCG), a cryptocurrency venture capital firm, announced that they had invested in the Silvergate Capital Corporation, which contains the Silvergate Bank. As the Corporation later revealed on its website:

“Proceeds from this placement will support further growth in the Bank’s nationwide fintech deposit initiative and its business banking and residential lending activities.”

News source CoinTelegraph.com

Cryptopia Crypto Exchange Resumes Trading on 40 Crypto Pairs

New Zealand-based cryptocurrency exchange Cryptopia has resumed trading on 40 trade pairs, according to a tweet from the firm on March 18.

In the tweet, the company announces that it has “resumed trading on 40 trade pairs that we have quantified as secure. We will continue to expand this list as we clear more coins.” The update follows the exchange’s recent announcement of the plans to reopen trading on its platform by the end of March, following a $16 million hack in mid-January.

In January, Cryptopia suspended services after detecting a major hack that reportedly “resulted in significant losses.” The platform had initially informed the public it was undergoing unscheduled maintenance, issuing several updates before officially disclosing the breach.

After the initial reports of the hack, further evidence reportedly surfaced that hackers were siphoning crypto out of the exchange as late as two weeks later.

As previously reported, Cryptopia’s co-founder Rob (Hex) Dawson said that the company re-launched its website in read-only form on March 5, however the platform showed the balances as they were at Jan. 14, 2019, the date of the hack. The exchange explained that the website could be used to reset passwords and two-factor authentication credentials, which is also a top priority issue in terms of client support at the current stage.

Hex also specified that users who had lost their cryptocurrencies would start to see a section dubbed “Withdraws on your account for those coins.” He explained that transaction IDs (TXIDs) for the withdraw orders will not exist on the network, but include details on how the coin had been impacted during the event.

Today’s tweet faced a mixed reaction from the community, with some users welcoming the company back and others accusing Cryptopia of trading manipulation:

“Cryptopia manipulate trading at some extent. they open trading with wallet offline and no announcement.”

Another user said:

“what are you talking about? you took my BTC  i saw withdraw history : INTERNAL WITHDRAW: on March 18 2019….. i want my BTC back!!!!!!!”

News source CoinTelegraph.com

Kakao Affiliate Dunamu Launches Blockchain Service Platform

Dunamu, the fintech arm of South Korea’s largest Internet corporation Kakao, is reportedly launching a blockchain service platform designed to help companies start businesses using blockchain. Korea’s JoongAng Daily reported the news on March 19.

The platform, which is called Luniverse and supervised by blockchain technology research lab Lambda256, is geared to help IT startups develop blockchain-based services. The platform reportedly has a high level of security and an automated scaling function, that can adjust blockchain sizes in accordance with the amount of data stored on it.

To implement the service, Dunamu reportedly collaborated with blockchain companies that provided various blockchain apps and products following clients’ business fields. Park Jae-hyun, CEO and former research head of Lambda256 said that “in the past, a lot of companies built their own blockchain, but an alternative is outsourcing the establishment of a blockchain in the form of a service offered on cloud systems.”

Yesterday, Kakao announced the integration of its cryptocurrency wallet in its messaging app KakaoTalk, which will purportedly enable more than 44 million South Korean KakaoTalk users to send peer-to-peer transactions using Kakao’s crypto-powered wallet.

Also in March, Cointelegraph reported that Kakao will repeat its initial coin offering after netting $90 million from investors. Klaytn, the blockchain platform which is the responsibility of spin-off firm Ground X, will now seek to raise another $90 million. In December 2018, Kakao had first announced that it was planning to raise around $300 million through Ground X to develop its own token.

As reported in February, in the fourth quarter of 2018 Kakao’s operating expenses related to new businesses, such as blockchain and artificial intelligence, was 65 billion won ($57.5 million), which reportedly led to a net loss for the whole period. Kakao’s consolidated operating income was 4.3 billion Korean won ($3.8 million).

News source CoinTelegraph.com

Major Cryptocurrencies See Slight Gains, Palladium Hits $1,600 for The First Time

Tuesday, March 19 — cryptocurrency markets are mostly trading in the green zone, with Bitcoin (BTC) hovering above the $4,000 mark.

Market visualization from Coin360

Market visualization from Coin360

During the day, BTC has been trading in a narrow corridor between $4,031 and $4,082. At press time, the leading coin is trading at around $4,059, up around 0.62 percent on the day.

Today, major cryptocurrency exchange Binance announced that its new service “Binance Lite” will enable the exchange’s Australian customers to purchase Bitcoin with fiat currency from supported newsagents.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

The second largest crypto by market capitalization, Ethereum (ETH), is trading at $139.88, having gained 0.19 percent on the day at press time. Today, the altcoin dipped to its lowest price point of the week at $139.15, following an intraweek high of $144.43 on March 16.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is currently trading at $0.318, seeing slight growth in price during the day by 1.10 percent. The coin began the day at $0.314, while its highest price mark on the day was $0.319.

Ripple 7-day price chart. Source: CoinMarketCap

Ripple 7-day price chart. Source: CoinMarketCap

Stellar Lumens (XLM) — which was today added by major United States-based cryptocurrency exchange Coinbase —  is trading at around $0.1138 at press time. The altcoin has dropped by 1.79 percent on the day.

On the health scale recently introduced by CoinMarketCap, XLM is sitting at the 725 points at press time.

Stellar Lumens 7-day price chart. Source: CoinMarketCap

Stellar Lumens 7-day price chart. Source: CoinMarketCap

Binance Coin (BNB), the native token of major crypto exchange Binance, has lost around 0.70 percent over the past 24 hours, and is trading at $15.53 at press time.

Earlier today, Binance Launchpad, Binance’s token launch platform, completed a $4 million sale of Celer Network tokens (CELR). The tokens sale was completed in 17 minutes and 35 seconds, with all 597,014,925 CELR tokens sold in a single session.

The total market capitalization of all cryptocurrencies is currently around $140 billion, down by around $1 billion from its weekly high of $141.5 billion.

7-day total market capitalization chart. Source: CoinMarketCap

7-day total market capitalization chart. Source: CoinMarketCap

Today CNBC reported that palladium climbed over $1,600 for the first time, however at press time the asset is trading at around $1,597. Platinum reportedly rose by almost 3 percent, and is trading at around $852.9 at press time.

The Dow Jones Industrial Average reportedly closed lower for the first time in five days, exposed by declines in Apple, while investors are concerned about conflicting reports over the progress of United States-China trade negotiations.

News source CoinTelegraph.com

QuadrigaCX Co-Founder Michael Patryn Is Actually Convicted Criminal Omar Dhanani: Report

A co-founder of controversial QuadrigaCX exchange was reportedly involved in multiple criminal activities in the past, Bloomberg reports on March 19.

Michael Patryn, who co-founded Canadian crypto exchange QuadrigaCX along with Gerald Cotten in 2013, was previously known as Omar Dhanani, a person that was involved in multiple crimes in the United States, Bloomberg states.

$145 million in clients’ crypto assets was found to be missing from the QuadrigaCX exchange after its co-founder and CEO Cotten died at the age of 30 from complications of Crohn’s disease in December 2018. The exchange is now ongoing legal and financial proceedings amid the controversy over the missing funds, having appointed Ernst & Young as an independent monitor in its creditor protection case.

Patryn reportedly left QuadrigaCX in 2016, citing a fundamental disagreement with Cotten over the listing processes for the firm. According to Canadian newspaper Globe and Mail, Patryn and his partner, Lovie Horner, remain two of QuadrigaCX’s largest shareholders, although he has not had any involvement in the company’s operations since 2016.

While Patryn has recently denied the allegations that he and Dhanani are the same person, Bloomberg reportedly acquired official Canadian records saying that Patryn legally changed his name twice — first losing his last name, Dhanani and then replacing his first name, Omar — in 2003 and in 2008.

Dhanani, one of the alleged past identities of Patryn, was reportedly sentenced to 18 months in the U.S. federal prison for being involved in identity theft related to both bank and credit card fraud back in 2005. According to Bloomberg, 22-year-old Dhanani pleaded guilty to operating shadowcrew.com in 2002, a now-defunct marketplace that trafficked over 1.5 million stolen credit card and bank card numbers.

In 2007, Dhanani also admitted guilt in separate criminal cases for for burglary, grand larceny and computer fraud, Bloomberg reports, citing California state court records.

Per Bloomberg’s allegations, Patryn reinvented himself as a Bitcoin (BTC) entrepreneur after he was deported to Canada. According to Patryn’s LinkedIn profile, he is now based in Vietnam, and has been serving as founder and chairman at fintech Ventures Group (FVG), a Canada-based blockchain incubator.

Patryn provided few details about his 13-years working experience before QuadrigaCX on LinkedIn, only specifying that he worked in many digital currency-related firms from 1999 to 2013.

Recently, Cotten’s widow Jennifer Robertson revealed that Cotten was funding the exchange with his own money while it was in litigation with a major Canadian bank.

News source CoinTelegraph.com