Global InformationQuadriga Fintech Solutions information
 | |
| Founded | 2013 |
|---|---|
| Founders |
|
| Defunct | 5 February 2019 |
| Products | Cryptocurrency exchange |
| Website | quadrigacxtrustee.com |
Quadriga Fintech Solutions was the owner and operator of QuadrigaCX, which was believed to be Canada's largest cryptocurrency exchange at the time of its collapse in 2019, with the exchange ceasing operations and the company filing for bankruptcy with C$215.7 million in liabilities and about C$28 million in assets.[1]
The company's CEO and founder, Gerald William Cotten, died in 2018 after traveling to India. Up to C$250 million (US$190 million) in cryptocurrency owed to 115,000 customers was missing[2] or could not be accessed because only Cotten held the password to off-line cold wallets.[3][4][5]
Quadriga likely never invested the funds entrusted to it, according to Chainalysis, a cryptocurrency tracking firm. Either the funds were never received or quickly went missing. "What Quadriga really did with the money that customers gave it to buy Bitcoin remains a mystery," according to Chainalysis.[6]
Ernst & Young was appointed as an independent monitor while Quadriga was granted temporary legal protection from its creditors under the Companies' Creditors Arrangement Act.[7][8] On 8 April 2019 the firm entered bankruptcy under the Bankruptcy and Insolvency Act as the possibility of a successful reorganization appeared to be remote.[9][10]
The Royal Canadian Mounted Police (RCMP) and the U.S. Federal Bureau of Investigation (FBI) were reportedly investigating the company.[11] Lawyers for the customers of the exchange have asked that Cotten's body be exhumed.[12]
- ^ "Investigation of Quadriga cryptocurrency debacle turns up only $28 million in assets". Ottawa Citizen. Canadian Press. 13 May 2019. Archived from the original on 14 May 2019. Retrieved 14 May 2019.
- ^ Vigna, Paul; Shifflett, Shane (19 February 2019). "'Our Cash Went to Something': Customers Hunt for Bankrupt Crypto Exchange's Missing Millions". Wall Street Journal. Archived from the original on 19 February 2019. Retrieved 20 February 2019.
- ^ Cite error: The named reference
thechronicleherald2019-02-07was invoked but never defined (see the help page). - ^ Cite error: The named reference
bizarrewas invoked but never defined (see the help page). - ^ Ligaya, Armina (4 February 2019). "Canada's largest cryptocurrency exchange Quadriga seeks creditor protection". CTV News. BellMedia. Archived from the original on 5 February 2019. Retrieved 5 February 2019.
- ^ Wieczner, Jen (24 April 2019). "Bitcoin Accounts for 95% of Cryptocurrency Crime, Says Analyst". Fortune. Archived from the original on 27 April 2019. Retrieved 27 April 2019.
"What we found very quickly was that Quadriga as an exchange actually didn't have those customer funds that were reported in the media to be now lost—those funds actually never existed", Levin explains. What Quadriga really did with the money that customers gave it to buy Bitcoin remains a mystery.
- ^ Cite error: The named reference
NYT5Feb2019was invoked but never defined (see the help page). - ^ Cite error: The named reference
Supremewas invoked but never defined (see the help page). - ^ McDonald, Michael (8 April 2019). "Controversial QuadrigaCX cryptocurrency exchange placed in bankruptcy". CBC News. The Canadian Press. Archived from the original on 8 April 2019. Retrieved 9 April 2019.
- ^ Pearson, Natalie Obiko (2 April 2019). "Quadriga Should Shift to Bankruptcy Proceedings, Monitor Says". Bloomberg. Archived from the original on 7 April 2019. Retrieved 5 April 2019.
- ^ Roberts, Jeff John (4 March 2019). "FBI Probing Bitcoin Exchange Quadriga Over Missing $136 Million, Source Alleges". Fortune. Archived from the original on 5 March 2019. Retrieved 5 March 2019.
- ^ "Quadriga: Lawyers for users of bankrupt crypto firm seek exhumation of founder". BBC. 14 December 2019. Retrieved 14 December 2019.