The QuadrigaCX saga gets a new twist
In December 2018, QuadrigaCX abruptly closed its doors due to sudden operational complications that arose following the unexpected death of its founder and CEO, Gerald Cotten. News soon surfaced that nearly CA$200 million belonging to customers had gone missing. Apparently, Cotten had kept control of all user funds outside the company's exchange platform in order to protect them from hackers or other potential bad actors.
When he died suddenly of Crohn's disease while on a honeymoon trip in India, the keys to these accounts were lost with him. When officials searched Cotten's computer they found that he had been mismanaging client funds as well as transferring large sums into personal accounts instead of holding them in cold storage wallets as per company procedure.
The failed exchange filed for protected bankruptcy shortly after shutting down. The Quadriga CX investigation only managed to recover a small portion of the sum.
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