by: Ethan Huff
Sunday, February 10, 2019
A Canadian cryptocurrency exchange is reportedly filing for bankruptcy following the highly questionable “death” of its CEO and corresponding “loss” of nearly $200 million worth of customers’ crypto assets, once again raising the question: Is there anything legitimate going on in the crypto world that isn’t a total scam?
QuadrigaCX, which had been Canada’s largest cryptocurrency exchange prior to its sudden collapse, was seemingly a trustworthy storehouse of its customers’ crypto wallets – its CEO, Gerry Cotten, also a seeming humanitarian who, prior to his alleged “passing away,” was supposedly traveling in India where he was “opening an orphanage to provide a home and safe refuge for children in need.”
But many are asking serious and pertinent questions following the news that Cotten was allegedly the only person at QuadrigaCX who possessed the “keys” to the company’s crypto wallets, and that he somehow failed to share these keys with anyone else – even though he knew he was sick.
The official story is that Cotten let out his final breath after suffering “complications” associated with his “Crohn’s disease,” and that remaining employees at QuadrigaCX have had “no luck” gaining access to the hundreds of millions of dollars’ worth of crypto coins that are now supposedly inaccessible by anyone.
“Since his death, 115,000 customers of the exchange have been struggling with Mt. Gox-style ‘liquidity issues’ as those trying to withdraw their funds have suddenly found it extremely difficult – if not impossible – to do so successfully,” explains ZeroHedge.com.
“Finally, on Thursday, Quadriga’s board released a statement announcing that it would be filing for bankruptcy protection. In the statement, the company said the filing was prompted by an inability ‘to locate and secure our very significant cryptocurrency reserves held in cold wallets.’”
For more related news, be sure to check out BitRaped.com.
Is Cotten still alive in some other country living the high life with his 115,000 customers’ stolen crypto assets?