Gerald Cotten, the now Late owner of QuadrigaCX, a popular Canadian exchange who reportedly died of Crohn’s disease is currently under scrutiny for allegedly spending up most of the money clients entrusted to him on himself and his beloved wife.
Earlier in March, most of the clients who invested in the company could not access their funds worth $190 million and the excuse at the time was the founder, Cotten had encrypted the funds with a password that no one had access to.
Well, Ernst & Young based on their findings claims that Gerald Cotten had spent all of this fund or at least most of it before he passed away as most of the wallets associated with the Canadian Exchange had been emptied about eight months prior to his demise.
Culled from the WSJ
The Ernst & Young report claimed that Cotton “funneled client money out of Quadriga and into accounts he controlled under assumed names.” From assets that should have been worth $214 million, only $33 millio could be recovered. On top of this, the Ernst & Young report had “been unable to locate any traditional books and records, including accounting records documenting Quadriga’s financial results and operations following 2016.”
Although right now it is widely believed that Gerald Cotten died of complications in India from Crohn’s disease, no one has been able to confirm that indeed, he is truly dead.
Currently, of assets that should be worth $214 million in Canadian Dollars only $33 million can be accounted for.
The money seems to have dissappeared!