QuadrigaCX Bankruptcy - Revision history

Azoundria: 30 minutes. Integrated information from McKercher LLP on the impacts of the QuadrigaCX bankruptcy on Canadian law. Restructuring initial about section information to create a shortened description with just the essentials of the case. Moved much of the rest of the information into other sections about the exchange and collapse. Reviewing of ProofOfResearch tweet.

2024-04-19T21:12:23Z

30 minutes. Integrated information from McKercher LLP on the impacts of the QuadrigaCX bankruptcy on Canadian law. Restructuring initial about section information to create a shortened description with just the essentials of the case. Moved much of the rest of the information into other sections about the exchange and collapse. Reviewing of ProofOfResearch tweet.

Show changes

Azoundria: Some minor changes during contract edit.

2023-11-29T21:49:37Z

Some minor changes during contract edit.

← Older revision		Revision as of 15:49, 29 November 2023
Line 1:		Line 1:
	{{~~Imported~~ Case Study ~~2\|source=https://www.quadrigainitiative.com/casestudy/quadrigacxbankruptcy.php~~}}[[File:Quadrigacx.jpg\|thumb\|QuadrigaCX]]QuadrigaCX became known through the Vancouver bitcoin community in 2013, and was one of the first exchanges in Canada to be FINTRAC registered as a valid money services business. Gerald Cotten was a well known sponsor of the local bitcoin meetup in Vancouver and even held regular office hours early in QuadrigaCX history. In 2015, Quadriga had a Chief Financial Officer and full staff of directors, and was pursuing public listing on the Toronto Stock Exchange. While other firms went bankrupt and folded, QuadrigaCX was able to continue operating for 6 years, occupying 80% of the market at one point.		{{Case Study Under Construction}}[[File:Quadrigacx.jpg\|thumb\|QuadrigaCX Website/Founder]]QuadrigaCX became known through the Vancouver bitcoin community in 2013, and was one of the first exchanges in Canada to be FINTRAC registered as a valid money services business. Gerald Cotten was a well known sponsor of the local bitcoin meetup in Vancouver and even held regular office hours early in QuadrigaCX history. In 2015, Quadriga had a Chief Financial Officer and full staff of directors, and was pursuing public listing on the Toronto Stock Exchange. While other firms went bankrupt and folded, QuadrigaCX was able to continue operating for 6 years, occupying 80% of the market at one point.

	QuadrigaCX's success was the result of a few factors. Regulatory and banking challenges forced out most of the competition, leaving Gerald Cotten as the only serious remaining competition in 2014. Gerald Cotten officially operated in legal gray areas, avoiding any classification of the cryptocurrencies as securities, nor customer funds as deposits. Where other firms would not dare enter for fear of being shut down and losing their invested capital, Gerald Cotten had a long background of running ponzi schemes since early childhood. By creating fake accounts to trade against clients, Gerald Cotten was able to increase the volume on the platform, and improve the "profitability" of customers who left funds on the platform. Quadriga Coin Exchange raked in hundreds of millions of dollars in client deposits, and Gerald Cotten personally held the keys to all of the funds. Being able to spend customer funds for growth, marketing, and development provided a competitive advantage over other Canadian firms.		QuadrigaCX's success was the result of a few factors. Regulatory and banking challenges forced out most of the competition, leaving Gerald Cotten as the only serious remaining competition in 2014. Gerald Cotten officially operated in legal gray areas, avoiding any classification of the cryptocurrencies as securities, nor customer funds as deposits. Where other firms would not dare enter for fear of being shut down and losing their invested capital, Gerald Cotten had a long background of running ponzi schemes since early childhood. By creating fake accounts to trade against clients, Gerald Cotten was able to increase the volume on the platform, and improve the "profitability" of customers who left funds on the platform. Quadriga Coin Exchange raked in hundreds of millions of dollars in client deposits, and Gerald Cotten personally held the keys to all of the funds. Being able to spend customer funds for growth, marketing, and development provided a competitive advantage over other Canadian firms.
Line 12:		Line 12:

	https://www.reddit.com/r/QuadrigaCX2/comments/amg266/quadrigacx_litecoin_cold_wallet_address_found_and/		https://www.reddit.com/r/QuadrigaCX2/comments/amg266/quadrigacx_litecoin_cold_wallet_address_found_and/

			<ref>https://www.trustnodes.com/2019/02/03/a-canadian-mystery-mobilizes-a-global-crypto-community-what-happened-at-quadrigacx (Nov 29, 2023)</ref><ref>https://blockonomi.com/dead-quadrigacx-founder-lost-80-million-bitcoin/ (Nov 29, 2023)</ref><ref>https://medium.com/canadian-cryptocurrency/quadrigacx-timeline-eb5faf045721 (Nov 29, 2023)</ref>

	== About Gerald Cotten ==		== About Gerald Cotten ==

Azoundria: Another over 30 minutes complete. Interview from CoinDesk on Netflix documentary.

2023-11-27T17:59:50Z

Another over 30 minutes complete. Interview from CoinDesk on Netflix documentary.

← Older revision		Revision as of 11:59, 27 November 2023
Line 400:		Line 400:
	\|A Death In Cryptoland Podcast		\|A Death In Cryptoland Podcast
	\|The CBC publishes the first episode<ref>[https://web.archive.org/web/20210429144739/https://www.cbc.ca/listen/cbc-podcasts/904-a-death-in-cryptoland A Death In Cryptoland - CBC Podcast Archive April 29th, 2021 8:47:39 AM MDT] (May 9, 2023)</ref> of a new "A Death in Cryptoland" podcast on the QuadrigaCX story<ref name="cbc-1166" /><ref name="cbc-7529" />. TBD more details?		\|The CBC publishes the first episode<ref>[https://web.archive.org/web/20210429144739/https://www.cbc.ca/listen/cbc-podcasts/904-a-death-in-cryptoland A Death In Cryptoland - CBC Podcast Archive April 29th, 2021 8:47:39 AM MDT] (May 9, 2023)</ref> of a new "A Death in Cryptoland" podcast on the QuadrigaCX story<ref name="cbc-1166" /><ref name="cbc-7529" />. TBD more details?
			\|-
			\|April 5th, 2022 1:19:00 PM MDT
			\|CoinDesk Interview With Andrew Wagner
			\|CoinDesk publishes an interview asking "BlockRaiders Guild Co-Founder Andrew Wagner"<ref name=":14">[https://web.archive.org/web/20220411194754/https://www.coindesk.com/video/recent-videos/netflix-crypto-king-documentary-participant-on-relationship-with-gerald-cotton/ Netflix ‘Crypto King’ Documentary Participant On Relationship with Gerald Cotton Archive April 11th, 2022 1:47:54 PM MDT] (Nov 27, 2023)</ref><ref name=":15">[https://www.coindesk.com/video/netflix-crypto-king-documentary-participant-on-relationship-with-gerald-cotton/#:~:text=Netflix%20'Crypto%20King'%20Documentary%20Participant%20On%20Relationship%20with%20Gerald%20Cotton,-Apr%205%2C%202022&text=BlockRaiders%20Guild%20Co%2DFounder%20Andrew,with%20QuadrigaCX's%20founder%20Gerald%20Cotten. Netflix ‘Crypto King’ Documentary Participant On Relationship with Gerald Cotton - CoinDesk] (Nov 27, 2023)</ref>, a participant in the Netflix documentary, about whether he believes that Gerald Cotten is dead, and he says that "more likely than not" Gerald is dead, but he's not sure "how he's dead" or "the nature of it"<ref name=":16">[https://twitter.com/CoinDesk/status/1511423247958646789 CoinDesk - ".@Netflix's "Crypto King" revived conspiracy theories around the untimely death of QuadrigaCX's Gerald Cotten. "I think more likely than not, Gerald is dead," says documentary participant @TheAndrewWagner." - Twitter] (Jan 13, 2023)</ref>. "Be careful who you trust with power in our industry." In Canada, securities got very involved in the incident and are already here. He feels regulation should ensure platforms are fully backed but not be extended too far<ref name=":17">[https://www.youtube.com/watch?v=KShjbQ11xH8 CoinDesk - Netflix Crypto King Documentary Participant On Relationship with Gerald Cotton - YouTube] (Nov 27, 2023)</ref>.
	\|-		\|-
	\|April 9th, 2022 8:45:00 AM MDT		\|April 9th, 2022 8:45:00 AM MDT
Line 646:		Line 650:
	* 1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe<ref>https://www.blockchain.com/explorer/addresses/btc/1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe</ref>		* 1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe<ref>https://www.blockchain.com/explorer/addresses/btc/1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe</ref>
	* 1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R<ref>https://www.blockchain.com/explorer/search?search=1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R</ref>		* 1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R<ref>https://www.blockchain.com/explorer/search?search=1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R</ref>

			=== Netflix CryptoKing Documentary ===
			Netflix released a documentary on the QuadrigaCX situation in 2022.

			A later interview with Andrew Wagner<ref name=":16" /> published on CoinDesk<ref name=":14" /><ref name=":15" />. Andrew Wagner knew Gerald as a member of the Vancouver Bitcoin COOP in those early days. Gerald was described as friendly, not dominant or extroverted, and didn't speak as much as his business partner (Michael Patryn). He definitely did not seem to be someone who was sinister or likely to cause problems. He seemed rather benign. None of them knew Jennifer Robertson, and the wife was always rather mysterious. He had never experienced her personality. Michael Patryn's name recently came up with the separate [[Wonderland Money Sifu Scandal\|Wonderland]] scandal. In the beginning, Gerald Cotten was a co-founder, and there was a point where Michael Patryn's power got reduced. Mike wanted to go public with the company, which would have brought scrutiny to Gerald Cotten. Disagreed heavily on that. They used to be friends, and then they weren't. Andrew learned to be cautious and people who are generous. From the bitcoin coop perspective, there were no salaries or payments, and needed sponsorships to get booths and student club. Purchasing goodwill by helping the non-profit volunteer organization, they made themselves look benevolent. It would have been nice if other organizations had been more willing to help others, such as BitPay or other companies. For a while, Quadriga was their only options. He uses international exchanges, not Canadian exchanges. CoinBase, BitStamp as example. Take on the documentary. He thinks the documentary is an interesting story. Not sure if it makes crypto look good or bad. Crypto is just at tool. "Be careful who you trust with power in our industry." In Canada, securities got very involved in the incident and are already here. He feels regulation should ensure platforms are fully backed but not be extended too far<ref name=":17" />.<blockquote>Journalist: Do you believe that he's still alive?

			Andrew: I doubt it. Umm... You know, I think the journalists did a good job of uncovering things and, I think more likely than not, Gerald is dead. Umm... You know, and that's that's not saying how he's dead or why or what killed him, or the nature of it, uhh... because there's all kinds of ways that people have speculated that he could have died, but - I don't think he's still alive out there somewhere. No.</blockquote>

	== Total Amount Recovered ==		== Total Amount Recovered ==

Azoundria: Another 30 minutes complete. Additional sources merged in.

2023-10-13T20:37:39Z

Another 30 minutes complete. Additional sources merged in.

@@ Line 8: / Line 8: @@
 https://twitter.com/ProofofResearch/status/1091471776251551745
 == About Gerald Cotten ==
@@ Line 404: / Line 408: @@
 |Amy Castor Summary Published
 |Amy Castor publishes a summary of articles related to the Quadriga Coin Exchange<ref name="amycastor-634" />. TBD more detail.
 |}
@@ Line 410: / Line 438: @@
 TBD - need to fill in more details.
 == Total Amount Lost ==
@@ Line 554: / Line 590: @@
 == Ultimate Outcome ==
 === Conversion From CCAA Process To Bankruptcy ===
 "The ruling by Nova Source Supreme Court Judge Michael Wood means that QuadrigaCX, which has been operating under the Companies’ Creditors Arrangement Act (CCAA) since the end of January, will file for bankruptcy, entering what is likely to be the final chapter in the exchange’s history." "Please be advised that on April 11, 2019, the Supreme Court of Nova Scotia issued a Termination and Bankruptcy Assignment Order outlining the process by which the Quadriga CCAA proceedings will be converted to bankruptcy proceedings under the Bankruptcy and Insolvency Act. A copy of the Termination and Bankruptcy Assignment Order is accessible via this link." "The transition to bankruptcy will give EY, which will become the exchange’s trustee, greater investigative powers over the company’s missing funds, as well as allow it to begin selling off assets such as its trading platform, which could generate some revenue to make its customers whole."
@@ Line 591: / Line 625: @@
 === Featured on CryptoCurrency Hack Lists ===
 The situation was widely known and featured on the CryptoXDirectory list<ref name="cryptoxdirectory-2276" />.
 == Total Amount Recovered ==

Azoundria: add source

2023-07-26T19:59:49Z

add source

← Older revision		Revision as of 13:59, 26 July 2023
Line 6:		Line 6:

	Unfortunately, while on that honeymoon, there was an unexpected complication from his Chron's Disease that was fatal. At the exact hour that Jennifer Robertson left the hospital to get his laptop, the doctor reported that Gerald Cotten was dead. The body was embalmed by some local college students and sent back to Canada where a closed casket funeral was held. A month later, Quadriga coin exchange users were notified of the tragic passing of the CEO who held the keys to all of their funds. Then became the justice system getting involved. First, Ernst and Young started up the Quadriga platform, triggering the automatic disbursement of funds to the cold wallets held only by Gerald Cotten. Next, a retainer of $2m from client funds was set up for Miller Thompson, which was extended to $4m after the suggestion to proceed into bankruptcy. Finally, the CRA decided that they wanted to perform an audit. The end outcome remains unknown and depends on what's left over after all of the legal oversight is completed.		Unfortunately, while on that honeymoon, there was an unexpected complication from his Chron's Disease that was fatal. At the exact hour that Jennifer Robertson left the hospital to get his laptop, the doctor reported that Gerald Cotten was dead. The body was embalmed by some local college students and sent back to Canada where a closed casket funeral was held. A month later, Quadriga coin exchange users were notified of the tragic passing of the CEO who held the keys to all of their funds. Then became the justice system getting involved. First, Ernst and Young started up the Quadriga platform, triggering the automatic disbursement of funds to the cold wallets held only by Gerald Cotten. Next, a retainer of $2m from client funds was set up for Miller Thompson, which was extended to $4m after the suggestion to proceed into bankruptcy. Finally, the CRA decided that they wanted to perform an audit. The end outcome remains unknown and depends on what's left over after all of the legal oversight is completed.

			https://twitter.com/ProofofResearch/status/1091471776251551745

	== About Gerald Cotten ==		== About Gerald Cotten ==

Azoundria: Another 30 minutes complete.

2023-05-17T19:49:49Z

Another 30 minutes complete.

Show changes

Azoundria at 19:38, 17 May 2023

2023-05-17T19:38:47Z

← Older revision		Revision as of 13:38, 17 May 2023
Line 569:		Line 569:

	=== Reflections of Community Members ===		=== Reflections of Community Members ===
	Some reflections of community members long after the aftermath<ref name="redditold-8961" />.<blockquote>I lost a few BTC when QuadrigaCX went under/exit scammed in 2018. If you don't know about that, it was the biggest crypto exchange in Canada at one point, and the only decent one with CAD withdrawals. The story behind what happened to it is intriguing.		Some reflections of community members long after the aftermath<ref name="redditold-8961" />.<blockquote>
			I lost a few BTC when QuadrigaCX went under/exit scammed in 2018. If you don't know about that, it was the biggest crypto exchange in Canada at one point, and the only decent one with CAD withdrawals. The story behind what happened to it is intriguing.

	Seeing BTC price go to 60k this year was extremely painful. Bought in below $700. We all make mistakes - mine was leaving my crypto on an exchange, which I'm never doing again. So don't beat yourself up, just learn from the experience and try to get back in the game.</blockquote>		Seeing BTC price go to 60k this year was extremely painful. Bought in below $700. We all make mistakes - mine was leaving my crypto on an exchange, which I'm never doing again. So don't beat yourself up, just learn from the experience and try to get back in the game.</blockquote>
Line 577:		Line 578:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~There do not appear~~ to ~~have been any funds recovered in this case~~.		"So far, EY has located $35 million (CA$46 million) to pay out to creditors. The amount represents a fraction of the total $190 million (CA$246 million) that went missing when the exchange went belly up early last year."

	~~What funds were recovered? What funds were reimbursed for those affected users?~~		The exact amount which will be distributed to creditors remains unknown, as it depends on the outcome of a CRA audit and other legal expenses which may still be incurred as part of the disbursement process.

	== Ongoing Developments ==		== Ongoing Developments ==
	~~What parts~~ of ~~this~~ case ~~are still remaining to be concluded?~~		Several aspects of the case remain ongoing.

	"~~So far, EY~~ has ~~located $35 million (CA$46 million) to pay out to creditors~~. ~~The amount represents a fraction of~~ the ~~total $190 million (CA$246 million)~~ that ~~went missing when~~ the ~~exchange went belly up early last year~~." "Two things have to happen before those claims can be filled. The first is that EY has to review each claim individually, and that takes time and money." ~~"But the bigger holdup by far is that the Canada Revenue Agency needs to complete its audit of Quadriga’s tax liabilities, said Miller Thomson."~~ "EY has not set any deadline for distributing the amount to the affected users."		=== CRA Audit ===
			The CRA requested to complete an audit of Quadriga Coin Exchange in September 2019<ref name="financemagnates-637" />. The audit has continued. Bankruptcy law prevent disbursement until 6 months after an audit is completed. TBD more sources.

			"But the bigger holdup by far is that the Canada Revenue Agency needs to complete its audit of Quadriga’s tax liabilities, said Miller Thomson."

			=== Bankruptcy Disbursement ===
			Once the CRA audit is completed, and time has passed, lost funds still remain to be disbursed to affected users.

			"Two things have to happen before those claims can be filled. The first is that EY has to review each claim individually, and that takes time and money."

			"EY has not set any deadline for distributing the amount to the affected users."

			=== Resolution of Gerald Cotten's Death ===
			Given the suspicious circumstances surrounding the death, it remains an open mystery whether Gerald Cotten is dead, as supported by an official death certificate with a typo, the embalming of college students, the word of an Indian doctor, a casket with a body being brought back from India, and Jennifer Robertson's recollection of his last day.

			Evidence in support of the death being fabricated include the timing of the will, Jaipur, India being known as a hotspot for fraudulent documentation, numerous journalistic reports of cracks in the birth and death registry system, as well as forged death documentation, and multiple irregularities in the story as it played out.

			It is doubtable whether or not any further information will be uncovered towards that end.
	== General Prevention Policies ==		== General Prevention Policies ==
	The collapse of QuadrigaCX is trivial to prevent. Funds were not stored offline in general, and no background checks were conducted on anyone with keys. There was no multi-signature wallet. There was no visibility of validation of backing.		The collapse of QuadrigaCX is trivial to prevent. Funds were not stored offline in general, and no background checks were conducted on anyone with keys. There was no multi-signature wallet. There was no visibility of validation of backing.
Line 590:		Line 608:
	Indeed, of the 15 rules in our proposed framework, QuadrigaCX violates every single one of them, and therefore it can be argued that any rule at all would have prevented or dramatically reduced the situation.		Indeed, of the 15 rules in our proposed framework, QuadrigaCX violates every single one of them, and therefore it can be argued that any rule at all would have prevented or dramatically reduced the situation.
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:~~Individuals~~:~~Placeholder~~}}		{{Prevention:Individual:Store Funds Offline}}

			{{Prevention:Individual:Question Unrealistic Profit}}

	{{Prevention:Individuals:End}}		{{Prevention:Individuals:End}}

	== Platform Prevention Policies ==		== Platform Prevention Policies ==
	{{Prevention:Platforms:~~Placeholder~~}}		{{Prevention:Platform:Implement Multi-Signature}}

			{{Prevention:Platforms:Regular Audit Procedures}}

	{{Prevention:Platforms:End}}		{{Prevention:Platforms:End}}

	== Regulatory Prevention Policies ==		== Regulatory Prevention Policies ==
	{{Prevention:Regulators:~~Placeholder~~}}		QuadrigaCX could have been prevented with the most basic of oversight.

			{{Prevention:Regulators:Platform Security Assessments}}

	{{Prevention:Regulators:End}}		{{Prevention:Regulators:End}}

Azoundria: Description filling in.

2023-05-15T21:25:17Z

Description filling in.

← Older revision		Revision as of 15:25, 15 May 2023
Line 1:		Line 1:
	{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/quadrigacxbankruptcy.php}}[[File:Quadrigacx.jpg\|thumb\|QuadrigaCX]]~~This is one of the best known cases in Canada.~~ QuadrigaCX became known through the Vancouver bitcoin community, and was one of the first exchanges to be FINTRAC registered as a valid money services business. Gerald Cotten was well known and even ~~had~~ regular office hours early in QuadrigaCX history. Quadriga was ~~at one point~~ pursuing public listing on the Toronto Stock Exchange. While other firms went bankrupt and folded, QuadrigaCX was able to continue operating for 6 years, ~~even~~ occupying 80% of the market at one point.		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/quadrigacxbankruptcy.php}}[[File:Quadrigacx.jpg\|thumb\|QuadrigaCX]]QuadrigaCX became known through the Vancouver bitcoin community in 2013, and was one of the first exchanges in Canada to be FINTRAC registered as a valid money services business. Gerald Cotten was a well known sponsor of the local bitcoin meetup in Vancouver and even held regular office hours early in QuadrigaCX history. In 2015, Quadriga had a Chief Financial Officer and full staff of directors, and was pursuing public listing on the Toronto Stock Exchange. While other firms went bankrupt and folded, QuadrigaCX was able to continue operating for 6 years, occupying 80% of the market at one point.

	QuadrigaCX's success was the result of a few factors. ~~Firstly~~, being able to spend customer funds for growth and ~~marketing provides~~ a competitive advantage over other firms. Gerald Cotten was ~~exploiting~~ the legal ~~gray area~~ in ~~operating~~ the ~~platform~~, where ~~other firms would not dare enter for fear~~ of ~~being shut down and losing~~ all ~~invested capital~~. ~~Finally~~, by ~~getting in early~~, ~~QuadrigaCX had~~ a ~~strong advantage~~ over ~~other firms in~~ the ~~space~~.		QuadrigaCX's success was the result of a few factors. Regulatory and banking challenges forced out most of the competition, leaving Gerald Cotten as the only serious remaining competition in 2014. Gerald Cotten officially operated in legal gray areas, avoiding any classification of the cryptocurrencies as securities, nor customer funds as deposits. Where other firms would not dare enter for fear of being shut down and losing their invested capital, Gerald Cotten had a long background of running ponzi schemes since early childhood. By creating fake accounts to trade against clients, Gerald Cotten was able to increase the volume on the platform, and improve the "profitability" of customers who left funds on the platform. Quadriga Coin Exchange raked in hundreds of millions of dollars in client deposits, and Gerald Cotten personally held the keys to all of the funds. Being able to spend customer funds for growth, marketing, and development provided a competitive advantage over other Canadian firms.

			In 2016, unfortunately it seemed that Gerald Cotten's policies or behaviour may have created some tension between him and the other directors. The entire rest of the team resigned. After he didn't provide any financial statements, the British Columbia Securities Commission put out a small notice listing his firm amongst other delinquent firms and requesting that they stop trading. This made it difficult to retain banking, so he used different payment processors to receive deposits and send out withdrawals. A major smart contract breach in 2017 caused the loss of $14m CAD of ethereum, but this was still not enough to sink the company. Finally, later in 2018, one of the payment processors decided that they would like to pay themselves $1m from the bank account they'd set up to handle customer funds, and CIBC found that transaction to be somewhat suspicious. After a lengthy legal battle, it became clear that even though a bank draft was issued, the funds would remain effectively frozen because no other Canadian bank was willing to touch the money. It was at this point that Gerald Cotten decided his priorities were to write a will, open an orphanage in India, and enjoy a nice honeymoon.

			Unfortunately, while on that honeymoon, there was an unexpected complication from his Chron's Disease that was fatal. At the exact hour that Jennifer Robertson left the hospital to get his laptop, the doctor reported that Gerald Cotten was dead. The body was embalmed by some local college students and sent back to Canada where a closed casket funeral was held. A month later, Quadriga coin exchange users were notified of the tragic passing of the CEO who held the keys to all of their funds. Then became the justice system getting involved. First, Ernst and Young started up the Quadriga platform, triggering the automatic disbursement of funds to the cold wallets held only by Gerald Cotten. Next, a retainer of $2m from client funds was set up for Miller Thompson, which was extended to $4m after the suggestion to proceed into bankruptcy. Finally, the CRA decided that they wanted to perform an audit. The end outcome remains unknown and depends on what's left over after all of the legal oversight is completed.

	== About Gerald Cotten ==		== About Gerald Cotten ==

Azoundria: revert deletion of loss table list.

2023-05-15T20:39:04Z

revert deletion of loss table list.

@@ Line 93: / Line 93: @@
 === QuadrigaCX Bucks On Terms of Service ===
-The terms of service of Quadriga Coin Exchange featured a following terms of service which reported that all funds were denominated in "QuadrigaCX Bucks" that the user purchased.<blockquote>
+The terms of service of Quadriga Coin Exchange featured a following terms of service which reported that all funds were denominated in "QuadrigaCX Bucks" that the user purchased.<blockquote>“All account fundings are considered to be purchases of QuadrigaCX Bucks. These are units that are used for the purposes of purchasing Bitcoin or other cryptocurrencies. QuadrigaCX Bucks are NOT Canadian Dollars. Any notation of $, CAD, or USD refers to an equivalent unit in QuadrigaCX Bucks, which exist for the sole purpose of buying and selling Bitcoin and other cryptocurrencies.
 QuadrigaCX is NOT a financial institution, bank, credit union, trust, or deposit business. We DO NOT take Deposits. We exist solely for the purposes of buying and selling cryptocurrencies.”</blockquote>
@@ Line 412: / Line 411: @@
 == Total Amount Lost ==
 Various sources have reported different amounts for the total lost.
+{| class="wikitable"
 The total amount lost has been estimated at $215,000,000+ USD.

Azoundria: more editing?

2023-05-15T20:34:10Z

more editing?

@@ Line 412: / Line 412: @@
 == Total Amount Lost ==
 Various sources have reported different amounts for the total lost.
-{| class="wikitable"
 The total amount lost has been estimated at $215,000,000+ USD.