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Quadriga's house of cards has finally collapsed.
For nearly three months now, customers of the Canadian exchange that declared bankruptcy in January have been questioning the company's official narrative - outlined in a series of court filings - that it had suddenly lost access to more than $150 million in customer deposits due to the sudden death of its founder, Gerald Cotten. And as it turns out, everybody who thought the company was hiding something by refusing to disclose the public keys to the "cold storage" wallets purportedly holding the lost crypto fortune, has now been proven right.
Bloomberg - Friday - Night - Auditor - Company
Because, as Bloomberg reported Friday night, an auditor hired by the company has determined that the company's wallets have been empty since April - eight months before Cotten died suddenly from Crohn-disease-related complications.
When Quadriga Fintech Solutions Corp. founder Gerald Cotten died, account holders feared the encrypted access keys needed to recover C$190 million ($143 million) of cryptocurrencies held by the exchange in offline storage could be lost forever.
Storage - Quadriga - Wallets - April
It looks now like the storage Quadriga is known to have used - dubbed cold wallets - has been empty since April.
While exactly what happened to the coins isn't yet known, the revelation is the clearest indication yet that the exchange's 115,000 customers - some of whom lost their life savings in the collapse - likely won't see a dime of that money returned. And Cotten, who ran the exchange entirely from his laptop and was purportedly the only person with access to customer deposits, is now (on paper, at least) dead. Though it's worth noting that the evidence for his death - as far as the Canadian courts are concerned - exists solely in signed affidavits attesting that he died in Jaipur, India in December.
Twist - Exchange
This marks the latest twist for a Vancouver-based digital exchange that...
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The beatings will continue until moral improves.