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ARTICLE · 16 JULY 2020

The Rise And Fall Of Quadriga, A Canadian Crypto Exchange Ponzi Scheme

Siskinds LLP
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We may only be a few years away from a Netflix special on the Quadriga collapse.

CanadaTechnology
Siskinds LLP
Siskinds LLP
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We may only be a few years away from a Netflix special on the Quadriga collapse. There would be plenty to fill a script in last month's release of an investigative report from the Ontario Securities Commission, which found that Quadriga was a fraud and Ponzi scheme (the "OSC Report").

The OSC Report is the culmination of 10-month investigation into Quadriga's meteoric rise and spectacular fall, which left more than 75,000 investors with losses. It concludes that "downfall of crypto asset trading platform QuadrigaCX (Quadriga) resulted from a fraud committed by Quadriga's co-founder and CEO Gerald Cotten (Cotten)".

Quadriga launched in 2013 as Crypto Platform marketed to Canadians - it allowed investors to buy and sell cryptocurrency easily. The OSC Report states that over 95% of its clients were Canadian residents. Quadriga was attractive to Canadians because it marketed itself as a "safe" way to invest in cryptocurrency and altcoins. Investors had varying degrees

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