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ARTICLE · 02 JULY 2019

Details Emerge On QuadrigaCX Fraud And Recent Cryptocurrency Exchange Hacks

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According to a recent report from a global professional services firm, Canadian cryptocurrency exchange QuadrigaCX's late founder/CEO transferred roughly $200 million USD in cryptocurrency out of customer accounts...

United StatesTechnology
Simone O. Otenaike
Simone O. Otenaike
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According to a recent report from a global professional services firm, Canadian cryptocurrency exchange QuadrigaCX's late founder/CEO transferred roughly $200 million USD in cryptocurrency out of customer accounts and into his personal accounts on competitor exchanges. The funds were reportedly used to furnish the late founder's luxury travel, real estate investments and trading habits. The late founder also allegedly created fake accounts on QuadrigaCX, credited them with nonexistent fiat amounts and used the nonexistent fiat to purchase actual cryptocurrency from customers. The report also detailed QuadrigaCX's deficient accounting practices and failure to maintain a contingency plan for the loss of funds or its founder. The global professional services firm serves as the court-appointed monitor and trustee for QuadrigaCX's bankruptcy estate, which consists of roughly $24.5 million assets to cover $190 million in liabilities. Both the FBI and Canadian authorities are

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