QuadrigaCX founder took more than $200 million in customer funds for personal use
QuadrigaCX’s late founder and CEO used customers’ funds to trade for his own account on other cryptocurrency exchanges, according to the Canadian firm’s bankruptcy trustee, CoinDesk reports. A 70-page report released Wednesday from Ernst & Young claimed that Gerald Cotten, who apparently died last December, transferred millions of dollars worth of crypto out of customer accounts and into other exchanges, with the funds being used to furnish Cotten’s personal lifestyle and trading habits. In total, it seems that Cotten effectively stole more than $200 million from his customers.
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