>A California-based engineer lost the entirety of his life savings after using QuadrigaCX’s cryptocurrency exchange for remittance.
>Tong Zou, 30, said in an interview to Bloomberg that he had opened a withdrawal request at QuadrigaCX in October 2018.
>According to his statements, he was planning to move to Canada at that time. Zou thought using a cryptocurrency exchange for remittance would save him money. So, he purchased bitcoins in the US and transferred them to his Canada-based Quadriga CX exchange account for a quick fiat withdrawal.
>“I wasn’t using it for trading — I just wanted to move my money over to my Canadian bank account,” said Zou.
>However, the withdrawal requests made by Zhou and other 115,000 people met a dead-end after QuadrigaCX declared itself insolvent.
>The exchange announced that it had lost access to $190 million worth of cryptocurrencies after its founder Gerald Cotton died unexpectedly during a humanitarian trip to India.
>Cotton reportedly was the only person who had access to QuadrigaCX’s cold wallets. After his death, the exchange decided to discontinue services and filed for Creditor Protection at a local court.
>“It’s all my savings, so I’m just living on what little I have left and trying to start over,” said Zou. “It pretty much took everything away from me […] I was going to use that money for a deposit on an apartment, but now I can’t do that anymore. And now I’m currently searching for a job, so it’s kind of a bad time for me.”
ccn.com
A California-based engineer lost the entirety of his life savings after using QuadrigaCX’s cryptocurrency exchange...
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why is anyone else responsible for him being a dumbass?
He left it on the exchange lol what an idiot
So he didn't want to pay American taxes by cashing out in the country he was living in while he bought the BTC. Sounds like Zou was trying to skirt the IRS on this and was left holding a bag of Quadriga Bucks for his trouble.
If he weren't being a thieving cunt he could have sold into fiat in Gemini, moved the fiat to his bank for no fee. Moved the money to Interactive Brokers used the Norbert Gambit to get the money over the border and into clean CAD.
Tong Zou only did it the way that he did because his first instinct was to scam the money into Vancouver and try to escape taxation on both sides of the border.
what a fucking idiot, i bet this story isnt even real tho
>California-based
>based
What did they mean by this
larp
Hahahahahaha hahahaha
LARP. I refuse to believe someone this retarded exists.
This. Fucking chinks every time
The chink gooked himself. There's so many darkies and slant eyed bug men who got caught up in this scam. Thank you based Cottan.
>Retarded chink loses his entire life savings after keeping all his internet meme coins on sketchy leaf exchange
And if you listened closely you could hear world's smallest violin playing faintly in the background.
Lets all press F for the good man who literally shit himself to death to build an orphanage in India while simultaneously fucking over a bunch of leafs
F
>If he weren't being a thieving cunt
>assuming the u.s. governemnt aren't theifs themselves
You're a fucking idiot.
F
Even if this is real the dude is a fucking retard
HAHAHAHAHA
Dumb dirty chinkoid btfo.
>only one guy has the keys to the gold vault, if he dies it's all lost forever
HAHAHAHHAHAHAHAH
Fuck chinks. And fuck canadians and would-be canadians, too. At least his canada goose down jacket will help him while he's homeless.
He deserves it for putting his life savings into crypto.
>gets bogged trying to bog the IRS
absolutely and unequivocally based
What guarantees that an exchange like binance wouldn't fall under the same predicament? This is the problem with centralized exchanges, what is the ceo is the sole holder of the keys?
the leaf exchange exit scammed you brainlet, the coins were tracked
there he is, have at him boys
Nothing but let the brainlets in the thread stew over it for a while. Zhou had more money in cash than most will see here in their entire life, he's only 30 too, he'll come back. Can't say the same for r9k and pol trash infesting this board
I'm more interested in celebrating the fact that a dirty thieving tax dodging chinkoid lost 400k trying to get smart with his shit and fuck over papa tax man. Fuck chinks. And fuck californians and canadians, too.
>what guarantees
Y'all make fun of fiat all the time, but here's how it is. USD is guaranteed by the military, financial (companies, real estate, production, resources, civil, and consumer), and political powers that be of the entirety of the USA, the largest economy in the world, spanning half a continent with hundreds of millions of population, tens of thousands of companies, and like 100s of trillions of dollars of physical assets tied down to its landmass, and the strongest military force the world has ever seen.
Buttcoin and exchanges are guaranteed by well-wishes, viral hype, and sketchy overseas code monkeys working under scammer bosses.
>but taxation is theft
It is. But if I gotta play by the rules, dirty chinks should, too.
USD and fiat simply are more trustworthy to hold wealth in than magic internet shekels. Sorry cryptofags, once again btfo.
>but inflation
About 3% a year, known and predictable. Not an issue.
I wouldn't trust a new bank, let alone a new exchange with all my savings. It's sad that no one teaches people how to handle money. Really, that extra money he would have had to pay for a normal transfer is the cost of security.
There’s a ticket for a free helicopter ride with your name on it
Ni hao tongzhen
Funds are SAFU. Also, Binance is too big to fail. Really QuadrigaCX realized that those canucks were a limited market so the best way to make real profit was to steal. Binance is bathing in cash and if they exit-scammed they would make less than if they just kept existing.
Uh ..no that was all money, post-tax. He didn't want to pay 20-25k in bank fees changing USD to CAD. Thought he could transfer money to Quadrigacx and make a small profit before transferring out to negate fees. Basically he was trying to pick up pennies in front of a bulldozer.
Well the exchange is clearly responsible...
my family is from jaipur , india where ther scammer deceased. Please give me more information on the orphanage he was trying to set up. I can find out 100% if you guys can help me. I lost 43,2224,376.6 rupees from this exchange, please help
there is no way this guy really dead -_-;
Most obvious exit scam in history.
>Sounds like Zou was trying to skirt the IRS
Don't be high and mighty, you would have done it too.
>didn’t actually die
>instead just fucked over a bunch of leafs and the occasional “California based” chink
F
Cuck.
Us binancebros are not in danger, r-right?
If you don't keep the vast majority of your btc, eth, xmr and other high-cap coins in cold storage on a trezor or ledger nano, you're a fucking retard
Fundus are safu
as long as nobody looks too closely
How do people even find these small exchanges
>implying he had that much money and isn't just lying aboot it
>>Tong Zou
Tong Zou has been ZhouTong'ed.
gotta be sorry to be the bearer of bad news. america has a really shitty army.
it was the main exchange used in Canada i think. Probably that's how
>Tong Zou
heres a list of everybody who cares:
Don’t forget burning 190 million usd worth of BTC for the rest of us, god bless’em
this.
Sounds like you are making excuses. QuadrigaCX sure looked credible for most of its existence before the last few months began to show serious troubling sign. Seems odd you are calling anyone an idiot when you think the same thing couldn't happen on ANY crypto exchange, let alone Binance.
Tong can tounge my nuts. Go back to Canada.
i forget when i pulled it out my funds were tiny though.
there's been rumblings for at least a year that QuadrigaCX was in trouble. there was the whole "QCX premium" remember? That must have been April 2018 or so. Everything on the exchange cost more because people weren't able to cash out, but they were able to withdraw BTC and ETH.
Anyway I feel for the guy having lost 40k before. Must feel like blowing his brains out.
>not your keys not your bitcoins
if you dont understand this by 2019 kys
He's pretty fucking stupid for an engineer.
Well, to be fair my crypto assets are distributed between 3 exchanges, almost equally. And those assets make less than 10% of my net worth. If one exchange died on me I would probably be a bit sad, but I would be able to go on. Though if one exchange actually died on me I would just withdraw everything from the other two and look into getting out of crypto for a while.
When on earth would you put 400 grand on an exchange, let alone your life savings in crypto alone without diversifying.
Also this. Exit tax at 40% sucks and although it shouldn't be a thing. He tried to cheat the system in the stupidest possible way.
... or he could just have used a decent bank/broker and paid
>strongest military
The US lost a war to Vietnam. Strongest military, my ass. Lmao
Jealous commies like you will get the bullet
This. I say this as a retard that has learned this the hard way, through losing hundreds of corn. Memorise your private keys, stop using retarded exchanges, never have your whole stack on one.
>the benefit of a centralized entity is that they can be held responsible, you can sue them
Lel
Same here
>chink
Yeah no sympathy
This
30yo boomer engineer
I get he was a chink, but 422k net savings after california... the math doesn't add up
Tale home message for goys is probably: don't buy bitcoin, don't leave california.
this whole thing reeks of fake news. bloomberg ran this same piece. google this faggot and find his youtube and blog. neither have been updated since like a decade ago. you would think he'd be talking about it on either of those if this story was real.
case in point: twitter.com/gofishus
If he's living with his parents or lives in a city with rent control, it's very possible to save that much money.
Not everyone is into social media.
Currency of the future, guys.
checked
>yup they don't make banks like they used to
>chineemanii shit wanting to come to canada
good fucking riddance we dont need more of their kind
WHAT? you mean engineers aren't the unequivocal geniuses they claim to be?
his money was on the blockchain and could be accessed from anywhere on the planet
why did he think he had to move it because he was relocating?
Literally where? I have been looking at this problem but the best I found was TransferWise and they take 0.5% which is way too much on large amounts.
I am actually surprised he had so little.
>Man who doesn't want to submit to literal highway robbery is a "thieving cunt"
kys moron. Niggers who don't understand property rights and other pinko scum get the rope first when the time comes.
kys
Not just an exchange, but "cold storage" only accessible by someone other than yourself.
???
I zero addressed 1500 ETH a few years ago. I feel his pain.
Kid. Listen. When you mess with crypto, you don't trust exchanges. Period.
This. The whole point of crypto is that it's yours.
>Tong Zou
justice
Why don't you move your goddamn coins to a private wallet instead of hoping nothing bad happens to them?
.5% on 400k is $2,000. Far better than trying to game the system and losing it all.
We really calling Chinese people 'chink' during Chinese New Year??? FFS
>Tong Zou
>400k on an exchange called QueefSEX
I can't stop laughing
KEKT AND REKT
> Lost
> Because we didn't make starving dying people say they loved us
We could have flatened the entire country if we wanted, our goal was retarded.