Bitcoin price extended its decline and traded below the $3,440 support level against the US Dollar.There is a major bearish trend line formed with resistance at $3,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is currently under a lot of pressure and it may slide further towards $3,200 or $3,000.Bitcoin price accelerated losses below the $3,500 support against the US Dollar. BTC bears are in full control and it seems like they are eyeing a test of the $3,000 level.Bitcoin Price AnalysisThis week started with a bearish bias below the $3,500 support in bitcoin price against the US Dollar. The BTC/USD pair traded lower and broke the $3,480 and $3,440 support levels. Sellers got control and pushed the price below the $3,400 support. A new yearly low was formed at $3,374 and the price is now trading well below the 100 hourly simple moving average. Recently, there was a short term correction above the $3,400 level. The price corrected above the 23.6% Fib retracement level of the recent decline from the $3,559 high to $3,372 low.However, the previous supports near $3,440 and $3,450 acted as a strong barrier. The price even struggled to test the 50% Fib retracement level of the recent decline from the $3,559 high to $3,372 low. It is currently trading with a bearish angle below $3,500 and $3,440. An immediate support is at $3,375, below which the price is likely to decline towards the $3,300 and $3,220 supports. The main target for sellers in the medium term could be $3,000. On the upside, there are many hurdles near the $3,500 and $3,440 levels. There is also a major bearish trend line formed with resistance at $3,460 on the hourly chart of the BTC/USD pair.Looking at the chart, bitcoin price is trading in a downtrend below $3,440. There are high possibilities of more losses towards $3,300, $3,220 and $3,150 in the near term.Technical indicatorsHourly MACD – The MACD for BTC/USD is about to move back in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed well below the 30 level.Major Support Level – $3,220Major Resistance Level – $3,460
Archives for January 28, 2019
Nvidia lowers its revenue guidance for the fourth quarter of 2018 sending its shares tanking downwards by 14%. Other chip stocks followed suit. Analysts say Apple’s imminent earnings report means it could get much worse for chipmakers.
Shark Tank co-host Kevin O’Leary says:
I do not want to own semis going into the Apple print.
Apple’s Earnings Will Make Grown Men Weep
The iPhone maker has said it won’t publish an actual number of units sold. Guidance from CEO Tim Cook earlier in January already shows unit sales may have fallen. If Apple’s revenue report reflects this, then, says O’Leary:
We’re going to be light on units, it’s going to make grown men weep in the semi space because the multiplier effect is going to be brutal.
It could mean Apple suppliers, like Broadcom and Analog Devices, join Nvidia in a downward spiral. Broadcom shares have fallen 0.12% during trading today, Analog Devices stock is down 0.34%.
iPhone Maker Talks Up Suppliers but They May Take a Beating This Week
Apple may have been timely with the release of its new US supplier spend figures released today. The iPhone maker says it spent $60 billion with American parts makers in 2018. An increase of 10%.
Apple prices may increase because of the massive Tariffs we may be imposing on China – but there is an easy solution where there would be ZERO tax, and indeed a tax incentive. Make your products in the United States instead of China. Start building new plants now. Exciting! #MAGA
— Donald J. Trump (@realDonaldTrump) September 8, 2018
CEO cook has previously said he didn’t need political pressure to create American jobs, but Apple’s latest report stood out for specifically mentioning its suppliers publicly.
As well as Broadcom, Apple mentions another “semiconductor,” Qorvo Inc, its shares have fallen over 1% too today.
Another supplier, Foxconn, refuted claims it was preparing for massive layoffs this month. However, Foxconn is also planning to open a plant on US soil, in Wisconsin.
Chip Stocks Could Go from Best Day to Worst Week
Intel’s shares also fell 0.70%, Texas Instruments fell 1.66% and Advanced Micro Devices 1.75%.
Just last Thursday chip stocks had one of their best days in ten years. Xilinx, Teradyne, Lam Research, and Texas Instruments all surpassed earnings expectations in reports delivered last week. The performance took the wider sector into the green.
Of 30 companies on the PHLX Semiconductor Index only Qualcomm remained red. The semiconductor index is now down 2.09% today. Xilinx stock has fallen back 0.92% today but Teradyne and Lam Research finished trading on a positive note.
That awful feeling when without notice the rug is pulled out from you…… chip stocks $NVDA $SMH. Oops. Strong argument for not trying to squeeze the last nickel from strength for longs or weakness for shorts. $SPX $NDX $IWM pic.twitter.com/XqJXyWCzTI
— Kate’s Dad (@KASDad) January 28, 2019
Nvidia led today’s chip stock plunge with a huge fall of 14%. It reduced its revenue guidance down from $2.7 billion to $2.2 billion blaming weaker sales and China’s slowing economy.
Charts from TradingView.com.
The total crypto market cap extended its decline and tested the $106.50B level.Litecoin (LTC) price trimmed gains and traded close to the $30.00 support level.Bitcoin cash price extended losses and it even broke the $112 support level.Tron (TRX) is in a bearish zone and it may soon revisit the $0.0250 support area.Cardano (ADA) price declined sharply and broke the $0.0400 and $0.0385 support levels.Bitcoin (BTC), Ethereum (ETH), ripple, litecoin, bitcoin cash and cardano moved into a bearish trend. The crypto market is under pressure and altcoins may continue to slide in the near term.Bitcoin Cash Price AnalysisBitcoin cash price started a major downside move from well above $125 against the US Dollar. BCH/USD gained bearish momentum recently and broke the $120 and $112 support levels. It even broke the $110 support level and later recovered a few points.If it corrects higher in the short term, the previous supports at $112 and $115 may perhaps act as a barrier for buyers. On the downside, the main supports are $105 and $100.Litecoin (LTC), Tron (TRX) and ADA Price AnalysisLitecoin price spiked above the $33.00 and $34.00 resistance levels this past week. However, LTC failed to hold gains and declined below the $32.00 support. It is currently under pressure and there is a risk of a breakdown below the $30.00 support.Tron price started a downside move from well above $0.0290. TRX price traded below the $0.0285 and $0.0270 support levels to move into a bearish zone. It seems like sellers are now eyeing a test of the $0.0255 and $0.0250 support levels.Cardano price settled below the $0.0400 support level, which is a bearish sign. ADA is currently trading near the $0.0375 and it may continue to move down towards the $0.0365 or $0.0360 support.Looking at the total cryptocurrency market cap hourly chart, there was a sharp decline below the $115.00B support. The market cap even moved below the $112.00B and $110.00B support levels. It recently tested the $106.50B level and remains in a downtrend. Therefore, there could be more losses in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, TRX and other altcoins in the short term.
Ripple price failed to stay above the $0.3000 support and declined heavily below $0.2900 against the US dollar.Yesterday’s highlighted important bearish trend line is in place with resistance at $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair recovered nicely after trading as low as $0.2777, but it is facing sellers near $0.2950.Ripple price declined sharply and gained bearish momentum against the US Dollar and Bitcoin. XRP/USD is currently facing a solid resistance near previous supports at $0.2950.Ripple Price AnalysisYesterday, we saw the start of a major decline below the $0.3100 support in ripple price against the US Dollar. The XRP/USD pair even failed to stay above the $0.3000 support and extended its decline. It broke the $0.2950 and $0.2920 support levels. The drop was sharp and sellers pushed the price below $0.2800. A low was formed at $0.2777 and the price placed itself well below the 100 hourly simple moving average. Later, there was a sharp bounce and recovery above the $0.2850 level.The price traded above the 50% Fib retracement level of the recent drop from the $0.3071 high to $0.2777 low. However, the upside move was capped by the previous support near $0.2950. Moreover, the 61.8% Fib retracement level of the recent drop from the $0.3071 high to $0.2777 low acted as a resistance. More importantly, yesterday’s highlighted important bearish trend line is in place with resistance at $0.2980 on the hourly chart of the XRP/USD pair. Therefore, as long as the price is below the $0.2950 and $0.3000 levels, it remains in a downtrend. On the downside, an initial support is at $0.2880, followed by $0.2840.Looking at the chart, ripple price recovered nicely from the $0.2777 swing low. However, it is struggling to clear the previous key supports just below $0.3000. As long as the price is below $0.3000, there could be more losses.Technical IndicatorsHourly MACD – The MACD for XRP/USD moved back in the bullish zone, but there are still many bearish signs.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered and settled above the 45 level.Major Support Level – $0.2840Major Resistance Level – $0.2980
ETH price failed to bounce back and declined below the $108 and $104 supports against the US Dollar.Yesterday’s highlighted key bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD (data feed via Kraken).The pair tested the $100 support area once and it corrected above the $104 resistance level.Ethereum price declined heavily with bearish moves against the US Dollar and bitcoin. ETH/USD is under a lot of pressure and it seems like sellers could attempt to break $100.Ethereum Price AnalysisYesterday, we saw a sharp decline below the $116 and $114 support levels in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and extended its decline below the $110 level. It even broke the $108 and $104 support levels and traded close to the $100 level. A low was formed near $101 and the price is now trading well below the 100 hourly simple moving average. After forming a low near $101, the price corrected a few points above the $103 and $104 levels.There was a break above the 23.6% Fib retracement level of the recent drop from the $114 high to $101 low. However, the recovery was capped by the $107-108 resistance area. The price even failed to test the 50% Fib retracement level of the recent drop from the $114 high to $101 low. Moreover, yesterday’s highlighted key bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD. The current price action is bearish below $108 and it seems like there could be more losses.Looking at the chart, ETH price might revisit the $100 and $101 support levels in the near term. If sellers remain in action for a long time, there is a risk of a breakdown below the $100 support. The next key support awaits near $95.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently in the bullish zone.Hourly RSI – The RSI for ETH/USD bounced back from the oversold area, but it is still well below the 50 level.Major Support Level – $101Major Resistance Level – $108
CCN had a moment to speak with Ben Fairbank, the general manager of Komodo (KMD), a community-oriented smart contract-centric fork of Zcash. Komodo offers a usable layer between the world’s largest proof-of-work system, Bitcoin, and decentralized applications.
Komodo enables tokenized systems to rely on the security and immutability of the Bitcoin blockchain without having to build directly on top of it. They have pioneered the “crypto conditions” aspect of smart contracts. In layman’s terms, smart contracts can run on Bitcoin-based blockchains with the same degree of usability as Ethereum smart contracts.
Komodo uses something called delayed proof-of-work (dPoW). Delayed proof-of-work provides developers with the ability to conduct fast transactions on their independent blockchains. Within 10 minutes, notary nodes notarize such transactions on the Bitcoin blockchain.
Komodo notaries function essentially as witnesses – they pass along the data to the Bitcoin blockchain in exchange for small amounts of the Komodo base token. Fairbank, who is based in the growing blockchain hub of Vietnam, says:
So basically what it means is that coins that have low hash can actually benefit and leverage from Bitcoin’s hash. It allows you to actually notarize back to Bitcoin’s blockchain, which is particularly useful for any coin that has a low hashrate.
Security for Smaller Blockchains Through Komodo and Bitcoin
One of the coins to do so is EMC2, which has a market cap of nearly $10 million but previously could have been 51%-attacked for a couple thousand dollars. It experiences frequent trading. The primary goal of EMC2 is as a fundraising utility for independent scientific research. Based in Quebec, they were one of the first altcoins (along with Litecoin) to implement the Lightning Network after Bitcoin.
The Einsteinium Foundation writes on the subject:
Firstly, we want to address a large concern expressed by our community. In August, the Einsteinium network experienced fluctuations in hash power which resulted in a number of orphaned blocks. […] Exchanges temporarily disabled withdrawals and deposits as precaution. We apologize for any distress or inconvenience caused by this, but we responded promptly and situation is under control. […]
We have chosen Komodo’s Delayed Proof Of Work (dPoW) as the solution. It increases security tremendously. Using it, every N-th Einsteinium block will be recorded in Bitcoin’s chain and remain there permanently. Those blocks will act as the guardians for the whole EMC2 network.
The Linux Analogy
Community-oriented, none of the dedicated members receive pay. Some development receives funding. ICO funds have been earmarked to pay for Bitcoin transactions for 8 years.
However, Fairbank says that much like Linux, Bitcoin, and other open-source projects, companies are growing up within the ecosystem. Linux was just a passion project of a Finnish college student until companies started to seriously develop code for it and on top of it. The Linux Kernel today has full-time employees from some of the largest tech companies in the world contributing to its development, with its creator Linus Torvalds largely still in charge of final changes.
The ecosystem is growing organically, says Fairbank, based on the demands of security and usability. Komodo offers an interesting crossroads between Bitcoin and Ethereum worldviews – on the one hand, you want a lot of hashpower backing your blockchain, and on the other, you want to be able to deploy smart contracts with similar ease to Ethereum. This is the thrust of Komodo’s aims.
Industries Picking up Komodo
In conclusion, we asked Ben Fairbank what industries he thinks will pick up Komodo the most in the coming years. As we’re often hearing these days, the word “gaming” came up a lot. The gaming industry is one of the few that has not experienced a slow-down in for almost a decade, if not longer.
I think that the industries that will make the most use of Komodo those that need more exceptions than a basic smart contract. Our platform is currently geared more toward gaming and rewards points programs. […] It will be able to automate a lot of these processes. The new crypto conditions contracts mean that any business could utilise the komodo technology to build on.
Fairbank believes that Komodo is nearing its Red Hat moment. While it is a partner with Amazon Web Services in building a 1-million-transaction-per-second product, he thinks one of the big hold-ups in blockchain is companies that help others implement and actually use blockchain technology. He personally believes that at least one or two companies will crop up within the Komodo ecosystem to facilitate more adoption.
Featured Image from Shutterstock. Price Charts from TradingView.
A report from Chainalysis, a blockchain analytics firm based in the U.S. and Denmark, has revealed that just two groups have stolen more than $1 billion worth of crypto in the past several years.
Based on the transactions and addresses traced by the firm, the hackers obtained around $90 million per hack on average, running a lucrative criminal operation spanning out many major crypto markets.
How are Stolen Funds Cashed Out?
Blockchain analytics companies like Chainalysis work with major cryptocurrency exchanges to stop suspicious transactions from entering the system of trading platforms.
Binance, for instance, the world’s largest crypto exchange by volume, partnered with Chainalysis in October 2018 to tackle money laundering.
For exchanges, cooperating with blockchain analytics firms significantly decreases liability in dealing with transactions or addresses potentially involved in criminal operations.
Earlier this month, when a New Zealand-based crypto exchange Cryptopia was hacked, Binance was able to immediately freeze the stolen user funds.
Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them. https://t.co/i0PeahLzic
— CZ Binance (@cz_binance) January 16, 2019
However, for well maintained criminal organizations like the two groups Chainalysis examined in its recent research, it is difficult to trace suspicious transactions if they come from hackers that are patient and sophisticated in confining data.
The two groups mentioned in the report of Chainalysis, named Alpha and Beta, are said to wait on average 112 days to convert and launder their funds to ensure that the authorities cannot trace the transactions.
Beta, for instance, waited for nearly two years on one occasion to withdraw funds stolen in a hacking attack to eliminate evidence that could be used to tie the organization to the transaction.
The report read:
The hackers typically move stolen funds through a complex array of wallets and exchanges in an attempt to disguise the funds’ criminal origins. The hackers then often observe a quiet period of 40 or more days in which they don’t move funds, waiting until interest in the theft has died down. Once they feel safe, they move quickly.
Speaking to The Wall Street Journal, Chainalysis chief economist Philip Gradwell said that it is challenging even for major crypto exchanges with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies in place to crack down on stolen funds hitting exchanges.
Primarily due to the improvement in methods employed by hackers in disguising transactions, the researchers at Chainalysis emphasized that the only way to stop suspicious transactions from going through is for exchanges to cooperate with each other.
“Cooperation between exchanges also goes a long way to help fight crime in this ecosystem. Neutral intermediaries between exchanges can play an important role in this effort,” the researchers added.
Crypto Exchanges in South Korea are Forming an Association
This week, Bithumb, UPbit, Korbit, and Coinone, four of the largest crypto exchanges in South Korea, formed an association to crack down on money laundering using cryptocurrencies.
The four exchanges said in a statement obtained by Hani, a mainstream media outlet in South Korea, that cooperation between exchanges, banks, and authorities will increase the efficiency of KYC and AML initiatives.
“The cooperation between exchanges will improve the efficiency of anti-money laundering policies. If exchanges work together in obtaining identities of customers through a strict know-your-customer system and monitoring transactions, it will prevent money laundering using cryptocurrencies and create a safer environment for cryptocurrency trading,” the exchanges said in a statement translated by CCN.
If the general trend of the cryptocurrency exchange market moves toward increasing cooperation amongst exchanges, it could prevent money laundering in crypto markets at a large capacity, disincentivizing hackers from targeting trading platforms.
Featured Image from Shutterstock
The Central Bank of Iran appears set to prohibit “unapproved” cryptocurrencies from being used for payments in the country, according to a draft report obtained by CoinDesk.
According to a translation of the draft report entitled “Obligations and Rules Regarding Cryptocurrencies,” “any cryptocurrency wallets will be used only for holding and transferring cryptocurrencies and integrating any kind of services in wallets using cryptocurrencies is forbidden.”
If the plan is ultimately approved, the central bank will effectively seek to block the use of unapproved cryptocurrencies as a means of payment. However, the report indicates that the Central Bank of Iran will not directly restrict anyone from personally holding or transferring small amounts of approved cryptocurrency.
It’s not immediately clear which cryptocurrencies will receive approval, though a source with knowledge of the process told CoinDesk that regulators want all bitcoin transactions in the country to be settled in the Iranian rial and don’t approve of its use as an official means of payment.
As it stands, the report is in its first draft and is not yet official policy within Iran, according to sources. The report will be discussed during the Electronic Banking and Payment Systems conference in Tehran that starts on Jan. 29, they said.
Plus, Iranians could be barred from holding large amounts of cryptocurrency in the same way they are officially restricted from owning more than 10,000 euros outside of their regulated bank accounts, according to the report.
A Tehran-based cryptocurrency advocate and developer, who spoke to CoinDesk on the condition of anonymity, said that the community in Iran is “shocked” by the developments and that “this may be worse specifically for businesses that receive bitcoin from foreign customers, since there is little KYC [know-your-customer] procedures with foreign customers and now also businesses can’t have their bitcoins directly.”
Several local sources contended this was a move by the Iranian government’s effort to protect the fiat Iranian rial from competition.
Notably, the report states that tokens pegged to fiat currencies, precious metals and commodities are similarly prohibited as means of payment. That said, tokens pegged to the Iranian rial are allowed provided that they are issued by the central bank itself – a move that Al Jazeera has reported is set to be unveiled at this week’s conference.
The report also states that Iranian exchanges are now obligated to seek licenses, although the document itself offers little clarity on when that process will begin or how exchanges can go about doing so. Further, the report indicates that the central bank will create and update a list every three months for cryptocurrencies that are allowed to be traded on exchanges.
Currently, Iranian exchanges collect know-your-customer information, such as addresses and government-issued IDs, but they otherwise operate more like independent sellers than their corporate counterparts abroad.
“Getting an exchange license is not an easy task,” an anonymous blockchain entrepreneur in Iran told CoinDesk, arguing that these regulations could cripple the nascent industry.
On the other hand, he said that at least the government finally recognizes bitcoin as an asset and didn’t completely outlaw it, as there is still some degree of allowance for people to hold and transfer small amounts of crypto for non-commercial purposes.
Still, an anonymous cryptocurrency miner told CoinDesk:
“The nature of cryptocurrencies is they are decentralized. And [this] limit to them eliminates that spirit.”
The draft report (written in Farsi) can be found below:
IT Reg Cryptocurrency 0.0 by on Scribd
Bitcoin and Iran rial image via Shutterstock
It is no secret that Chicago’s history is intertwined with finance. It therefore comes as little surprise that the city seems to be embracing the coming Bitcoin and cryptocurrency revolution too.Already home to proportionately large numbers of Bitcoin ATMs, Chicago is about to get a lot more, courtesy of Lux Vending. The decision was made to target the city based on its higher-than-average cryptocurrency adoption rates.New Bitcoin ATMs Coming to Crypto-Friendly ChicagoAccording to a report in Chicago Business, the city is about to receive an additional 30 cryptocurrency ATMs. These will be provided by Lux Vending under the brand, Bitcoin Depot.The new terminals will allow customers to trade physical dollars for Bitcoin, Ether, and other digital assets. They will join an ever-growing number of such machines in the city. However, Bitcoin Depot are not alone in providing ATMs to Chicago. Other startups have already setup shop in the area.These include Red Leaf Chicago, who own 60 of the city’s machines. This represents 30% of their 200 machines currently operational across 21 states. Alongside Bitcoin Depot and Red Leaf Chicago is Athena Bitcoin. This startup only owns three ATMs in Chicago since it has set its sights further afield at the international market – particularly in South America, where digital assets are constantly gaining in popularity, largely through necessity.Despite not choosing to target the city as heavily as others have done, the CEO of Athena Bitcoin, Eric Gravengaard, told Chicago Business that he could see why the location was popular based on “a large degree of adoption.”The adoption that Gravengaard is referring to is largely driven by Chicago’s vibrant history with the financial industry. This has helped the city embrace cryptocurrency too. Such an embrace is particularly evidenced by the fact that local traditional exchange companies CBOE Global Markets and the CME Group both launched the United States’s first Bitcoin futures contracts late in 2017, at the height of that year’s bull run.Other signs of Chicago’s warming to cryptocurrency include the large base of operations Coinbase has in the city and the number of crypto-related startups from there, such as ErisX and SeedCX – both of which are developing trading platforms of their own.Could Bitcoin ATMs Drive Adoption More?Although the proliferation of Bitcoin ATMs is certainly a net positive for the industry, they may not be as good for adoption as they appear on face value. This is because of the fees they charge. Bitcoin Depot machines reportedly require users to pay between ten and twenty percent of the total amount of dollars they wish to exchange for Bitcoin. Evidently, this is a large problem and will limit the use of such machines.Bitcoin ATMs are becoming more commonplace globally. Do they really drive adoption though?Take this, along with the fact that only 30% of Bitcoin Depot machines actually allow users to sell cryptocurrency back to the terminal, and it is very difficult to see a use case for the ATMs being installed in Chicago and elsewhere around the globe. There are many other ways that are just as quick and convenient to get exposure to digital assets. It does not matter what the purpose of that exposure is – shopping online or investing – no one wants between ten and twenty percent of their purchase amount to be immediately taken to cover fees. Related Reading: Major Milestone: New York Licenses Bitcoin ATMs, Now Fully RegulatedFeatured Images from Shutterstock.
Troubled crypto exchange QuadrigaCX, whose customers have been unable to withdraw funds for months, has been inaccessible for several hours.
The Canadian company, which has faced a prolonged banking fight and said its CEO and founder died last month, blamed a system upgrade for the Monday outage. It was not immediately clear when the exchange would go back online.
Moreover, the status message on the website appears to be fluid. A previous message timestamped 21:07 UTC on Jan. 28 explains that “an upgrade is being performed on QuadrigaCX and we should be back online shortly,” alongside an apology “for any inconvenience.”
However, a later message simply states that the site is down for maintenance:
Earlier this month, QuadrigaCX said on social media and through emails sent to customers that it was making progress toward returning their money, after resolving a legal fight with the Canadian Imperial Bank of Commerce (CIBC), which previously froze funds held by the exchange’s payment processor.
An email sent by interim CEO Aaron Matthews on January 15 said the exchange would work to return customer funds “within two weeks” – a period that ends tomorrow.
However, Jose Reyes, owner and managing director of Billerfy, the payment processor working to endorse the bank drafts on Quadriga’s behalf, said at the time he did not have a firm timeline on when funds might be returned.
“[N]o banks have the appetite to take the drafts so we are looking around for crypto-friendly banks,” he told CoinDesk then. As such, he could not commit to the two-week timeframe laid out by Matthews.
The company was expected to hold a shareholders’ meeting on Friday to elect new officers, following a petition to the Supreme Court of British Columbia filed by Jennifer Robertson, identified as the widow of QuadrigaCX founder Gerald Cotten and the executor of his estate.
The petition claimed Cotten’s death left no officers with the company. However, it is not clear if the meeting took place and, if so, what the results were.
Requests for comment to QuadrigaCX and Reyes were not immediately returned.
Closed sign image via Shutterstock