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Coinbase CEO: Defunct Exchange QuadrigaCX Likely Did Not Plan Exit Scam

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The CEO of United States cryptocurrency exchange Coinbase added to theories surrounding the downfall of Canadian platform QuadrigaCX in contemporary social media comments on Feb. 21.

In a sequence of tweets, Brian Armstrong advised the change, which is lately present process restructuring procedures and owes collectors round $190 million, didn’t strive fraud.

“(QuadrigaCX) was one of the oldest exchanges in existence (founded in 2013). If they planned an exit scam, it likely would have been timed better,” he summarized.

Users of the now-defunct Quadriga are lately battling throughout the courts to protected lacking price range. The precise cases underneath which their deposits disappeared stay uncertain; the change’s CEO, Gerald Cotten, swiftly died in December.

Since then, multiple claims have raised the chance that price range had been mismanaged and that the authentic knowledge from Quadriga’s representatives would possibly not fit the details due to blockchain research.

Coinbase had carried out investigations of its personal, Armstrong stated, likewise suggesting the final months of operations posed questions on its control.

“Sequence of events suggests this was a mismanagement with later attempt to cover for it,” he wrote, including:

“This implies that at least few people inside Qadriga (sic) knew that they were running fractional. If so, then it’s possible that untimely death of their CEO was used as an outlet to let the company sink.”

Big Four auditor Ernst & Young is lately accountable for consolidating Quadriga’s wallets and accounts. On Thursday, the change transferred its final available pockets balances to the corporate’s ownership.

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