QuadrigaCX founder moved customer funds into his personal account - auditor

Author: Adam Button | Category: Cryptocurrency

CEO died in December

CEO died in December
Canadian crypto exchange QuadrigaCX was virtually a complete fraud. Auditors Ernst & Young moved large sums of customer assets into his personal accounts at other exchanges. From there he withdrew funds and traded on margin, incurring "substantial" losses.

About 76,000 users lost $214.6 million after the scheme unraveled following CEO Gerald Cotton's death in December. The auditor has recovered $32 million in currency and $1m in crypto along with approximately $12 million in assets owned by Cotten and his widow.

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