Reddit users has found that some Bitcoin transactions from now-defunct QuadrigaCX exchange came from other exchanges — from HitBTC hot wallet and Bittrex hot wallet.
The users write that before they realized that the addresses are owned by exchanges, they found that some of the addresses appear on multiple High Yield Investment Programs (HYIP), amatorial ransomware research and a post concerning lost funds by another Reddit user.
Further examination suggests that this means that people sent funds from exchanges to HYIP Ponzi schemes, and that hackers attempted to cash in money earned with ransomware through those exchanges.
The Reddit users’ recent findings are seemingly in line with another report, released in March, that QuadrigaCX probably stored a significant quantity of Ethereum (ETH) in other crypto exchanges rather than cold wallets. In this analysis, the author mentioned that nearly 650,000 ETH belonging to QuadrigaCX were most likely stored on the Kraken, Bitfinex and Poloniex crypto exchanges, but did not mention Bittrex or HitBTC.