Quadrigacx founder traded user’s money on competing exchanges

Quadrigacx was a Canadian crypto exchange whose money disappeared when its founder Gerald Cotton died. We have previously written about this on Trijo News.

Now, a report by Ernest & Young, commissioned by a Canadian court, reveals that Gerald Cotton traded with his customers’ cryptocurrencies on other exchanges, Cointelegraph writes.

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Close to $180 million disappeared

“Significant volumes of cryptocurrency were transferred from Quadriga to personal accounts on competing exchanges controlled by Cotten. It appears that user cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten”, the report reads.

Close to $180 million of customers’ money disappeared when Gerald Cotton died. The debt to customers is at the time of writing about $160 million, Cointelegraph reports.

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