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The late QuadrigaCX founder stole more than $ 145 million

June 12, 2020

The Ontario Securities Commission (OSC) claims the cryptocurrency is being exchanged Quadriga collapsed in 2018 due to fraud committed by his late founder Gerald Cotten, who died on his honeymoon in India.

The report, released on June 11, was released by CBC Canada, Say somethinge Cotten opened several accounts under cover names and credited himself with “fictitious currency”. He also changed this currency unsuspecting customers from his Vancouver-based crypto exchange.

The late founder of Quadriga Cancellation policy not met from their customers when the price of crypto assets fell. Then C.He laughed at a Ponzi program that met demand with funds from other Quadriga customers.

The late QuadrigaCX founder stole more than $ 145 millionThe late QuadrigaCX founder stole more than $ 145 million

As described in detail by OSC, the organization believes that this is the case $ 115 million out of the $ 169 million that the customers of the exchange have lost due to fraudulent trading by Cotten, It helped him finance his lifestyle as a millionaire.

Because of Scott’s death OSC says it won’t take legal action against Quadriga because “it is not practical”.