Field Notes: “QuadrigaCX, The Aftermath — Are Your Funds Recoverable?”

Here at Shyft, we’re always taking an active interest in events that focus on privacy and security in the blockchain space, doubly so in the weeks following the QuadrigaCX disaster. So last night, we swung by the Yesbit offices for second in their “QaudrigaCX: The Aftermath” event series. The theme of this instalment was straightforward: “Are Your Funds Recoverable”? Appropriately, anyone who could provide proof they were a Quadriga customer could attend the event free. The discussion was chaired by our SVP of Global Partnerships, Suzanne Ennis.

Panelists at this event included Yesbit CEO Jian Qin, Blockchain Lawyer CEO Addison Cameron-Huff, Coinberry CEO Andrei Poliakov, Certified AML Specialist Rodney McInnes of Outlier Solutions, and Evan Thomas, a Senior Associate at Osler Hoskin & Harcourt LLP.

Despite the title of the night’s event, ultimately, panelists were more concerned in asking pertinent questions than providing hard answers, which of course aren’t really in place just yet. One thing panelists did want to make clear is just how perilous and unsafe the entire current organization of crypto exchanges is. “If you have crypto on an exchange, it’s not yours anymore. It’s a balance on their accounts owing to you.” The Quadriga implosion offers a fresh reminder of that cold truth.

While there was much discussion of the role regulators can play in making the space less perilous, Andrei stressed the need for consumers and companies to take the lead in educating themselves. “No amount of government regulations will replace consumer education…we need to provide consumers with proper information.”

Participants also stressed the need for exchanges and other companies in the space to embrace much greater operational transparency in order to gerner greater user trust. This is certainly among our key values at Shyft, where our Network has been designed with easy auditability and user autonomy in mind.

While the questions and concepts being discussed are still very much subject to the whims of an ongoing conversation (in much the same way the Quadriga investigation is still ongoing), public discussion and debate around where the responsibility for change lies and what the best paths for future improvement look like are a fine remedy for the uncertainty and anxiety currently experienced by many users and enthusiasts in the space today.

We want to thank Yesbit and all the participants for making this event happen!