The Ontario Securities Commission (OSC) has completed its investigation of what happened to the defunct cryptocurrency exchange Quadrigacx which owes over 76,000 clients a combined $215 million in assets. Supposedly deceased, its founder Gerald Cotten was found to have committed a series of fraud, the regulator details.
Quadrigacx Fraud: Exchange Owes 76,000+ Clients $215 Million
The Ontario Securities Commission has spent 10 months investigating what happened to the Quadrigacx cryptocurrency exchange. The regulator published a 33-page report of its findings on Thursday. The Canadian crypto exchange announced on Jan. 14, 2019, that CEO Gerald Cotten had died while on honeymoon in India with his wife, Jennifer Robertson.
Noting that “Over 76,000 clients were owed a combined $215 million in assets … Ernst & Young, the bankruptcy trustee, was able to recover or identify just $46 million in assets to pay out to clients,” the OSC staff detailed:
The downfall of crypto asset trading platform Quadrigacx (Quadriga) resulted from a fraud…