Eighteen months after Gerald Cotten, founder and Chief Executive Officer (CEO) of QuadrigaCX, was reported to have died while doing volunteer work at an orphanage in India, and most crypto users apparently believe he’s still alive. The Canadian exchange is just one of many that are suspected of fraudulent exit scams, with publicity around the cases believed to be turning some users off of crypto. According to an online poll conducted during a Virtual Consensus 2020 event — “QuadrigaCX - Yell Into the Void and Get Some Questions Answered” — 60% of viewers polled said they believed Cotten was definitely …
A co-founder of controversial QuadrigaCX exchange was reportedly involved in multiple criminal activities in the past, Bloomberg reports on March 19. Michael Patryn, who co-founded Canadian crypto exchange QuadrigaCX along with Gerald Cotten in 2013, was previously known as Omar Dhanani, a person that was involved in multiple crimes in the United States, Bloomberg states. $145 million in clients’ crypto assets was found to be missing from the QuadrigaCX exchange after its co-founder and CEO Cotten died at the age of 30 from complications of Crohn’s disease in December 2018. The exchange is now ongoing legal and financial proceedings amid …
The Ontario Securities Commission claimed Aux Cayes FinTech Company Limited, a legal entity in the Republic of Seychelles that operates crypto exchange OKEx, has failed to comply with the province’s law governing securities. In Wednesday's notice, the Ontario Securities Commission, or OSC, alleged that Aux Cayes may have engaged in illegal activity and could face regulatory action if it fails to cooperate with authorities. According to the OSC, the crypto asset products offered through OKEx are considered securities and derivatives, and subject to the Ontario securities law. The regulator claims Aux Cayes has failed to comply with the region’s registration …
The Supreme Court of Nova Scotia, Canada, has approved over $1.6 million in fees for parties seeking funds from former Canadian cryptocurrency exchange QuadrigaCX, according to recently released court documents. Justice Darlene Jamieson ordered to approve the activities, fees and disbursements incurred by the Monitor — Big Four audit firm EY — in the ongoing proceedings of QuadrigaCX. The exchange ostensibly lost access to its cold wallet holdings following the death of its founder, Gerald Cotten, in December 2018, and now owes over $198.4 million to an estimated 115,000 users. Jamieson also approved the fees and disbursements of representative counsel, …
Canada’s now-offline QuadrigaCX cryptocurrency exchange has sent its remaining crypto assets from its hot wallets to Big Four auditing firm Ernst & Young (EY), according to the an official report EY published on Feb. 20. According to the EY’s “Second Report of the Monitor,” QuadrigaCX transferred almost all its online crypto to the auditor on Feb. 14, following some initial testing arrangements. The transferred amount included 51 Bitcoin (BTC), 952 Ethereum (ETH), 822 Litecoin (LTC), 33 Bitcoin Cash (BCH), and 2,033 Bitcoin Gold (BTG); a sum worth roughly $410,000 at press time. As the new report reads, EY will be …