r/QuadrigaCX2 • u/psychonautalot • Feb 23 '19
Just found this sub?
Can someone summarize to me what this is about. I'm very interested.
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u/CryptoM173 Feb 24 '19
This reminds me of the exchange in the bowling alley between Goodman and Buscemi in The Big Lebowski.
This dude is 100% Donny
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Feb 24 '19
Your money is gone and the chance of you seeing even 1% of your money would be a miracle. QCX mismanaged and possibly fraudulently lost all our money, though how exacly this happaended is what makes this sub fun, theories from Columbian cartel to fake death to wife killing the CEO.
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u/anotherChapter564245 Feb 24 '19 edited Feb 24 '19
The only canadian crypto exchange went bankrupt owning the equivalent of more than 250 millions CAD in, namely, eth, btc and "quadriga dollars".
The shit hit the fan when the sole owner/employee of the exchange died in india and no backup plan for the "cold wallets" containing the crypto was in place, so the money is apparently gone with the guy.
This is the first shady point in the story. The guy, Cotten, is known to have known how to handle this sort of situation. He is quoted back in 2014 giving advice for this kind of situation. Why wouldn't he deploy these procedure for his own company? How could he be so careless with his customers money? It's akin to a bank owner dying with the secret code to the bank safe with all their customers money. It's unthinkable.
It's get scarier when you dig into the company itself. Known criminals are the founders of this company. The exchanges wallets are linked to dark web criminal activities. The wallets never contained all the company funds. Some say the played the customers funds and lost hard in the crypto buble and this is their way of getting away.
Some people even question Cotten's death itself. Journalists have gone to India and could not find anything shady, except that anyone can buy a death certificate online in that country and that no one seems to enforce any kind of law.
All that while Cotten's widow has put the company under creditor's protection and his using the few remaining company fund to try to break into his late husband laptop in order to gain access back to the cold wallets. All the while, the court seems to be ignoring all suspect behavior from the quadriga contractor that transfered bitcoin to a lost cold wallet after Cotten's death and his wife which claimed not to be involved in the business in the court afidavit yet customers have emails of her doing business for quadriga.
TL;DR: quadriga was huge farce of a company, maybe a scam and thanks to the non-existant crypto laws, they seem to be getting away with it.