Cryptocurrency investors locked out of $190m after exchange founder dies -

energ1a

kiwifarms.net
Somalia. They give zero shits.
I'd imagine there would be beyond shit tier internet and intermittent/non existent electricity.

I'm vouching for Hungary, they have cheap electricity, great internet, non cucked government (but EU unfortunately), no hate speech laws and no internet surveillance/censorship.

Fucking mars
Maybe one day we can base our servers in low earth orbit
 

3119967d0c

a... brain - @StarkRavingMad
True & Honest Fan
kiwifarms.net
Bitcoiners, especially Canadian Bitcoiners, may be interested in this article from Vanity Fair, about the incredibly dodgy operation that was Quadriga. Amazingly, they got some approval from Canadian finance authorities and even tried to go public while not actually having an accounting system beyond Excel sheets on the boss's laptop. For $250 million in deposits and billions of dollars in trading traffic.

There is a podcast on this here, which goes into more details on some things, though I recommend reading both
https://www.whatbitcoindid.com/podcast/quadriga-what-happened-to-gerald-cotten-with-nathaniel-rich

There are some open questions from the podcast- the author of the article talks about Quadriga's whole system being run on tickets as if this is bad. A manual trading system isn't necessarily unviable if there are sufficient staff to execute trades during trading hours and tickets are satisfied fast, but it is suggested in the interview with Rich that the main criteria for 'ticket priority' near the end was whether people were complaining on social media.

The body of Gerald Cotten, Quadriga's CEO, is now being exhumed to see if he actually died in India or just ran an elaborate exit scam.
 
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CrunkLord420

not a financial adviser
Local Moderator
True & Honest Fan
kiwifarms.net
Bitcoiners, especially Canadian Bitcoiners, may be interested in this article from Vanity Fair, about the incredibly dodgy operation that was Quadriga. Amazingly, they got some approval from Canadian finance authorities and even tried to go public while not actually having an accounting system beyond Excel sheets on the boss's laptop. For $250 million in deposits and billions of dollars in trading traffic.

There is a podcast on this here, which goes into more details on some things, though I recommend reading both
https://www.whatbitcoindid.com/podcast/quadriga-what-happened-to-gerald-cotten-with-nathaniel-rich

There are some open questions from the podcast- the author of the article talks about Quadriga's whole system being run on tickets as if this is bad. A manual trading system isn't necessarily unviable if there are sufficient staff to execute trades during trading hours and tickets are satisfied fast, but it is suggested in the interview with Rich that the main criteria for 'ticket priority' near the end was whether people were complaining on social media.

The body of Gerald Cotten, Quadriga's CEO, is now being exhumed to see if he actually died in India or just ran an elaborate exit scam.
People were screaming for DNA verification and pictures of the body when this was fresh, it's funny that they waited all this time to do it.

It wasn't an exit scam, Gerald embezzled the money and lost it to bad trades on other exchanges. If anything he's dodging criminal charges, but financial crimes might not be something to fake your death over when there's nothing to get away with. His supposed widow had her net worth stripped down to about $100k to avoid charges being placed on her for probably actually knowing about this shit despite claiming otherwise.
 

3119967d0c

a... brain - @StarkRavingMad
True & Honest Fan
kiwifarms.net
People were screaming for DNA verification and pictures of the body when this was fresh, it's funny that they waited all this time to do it.

It wasn't an exit scam, Gerald embezzled the money and lost it to bad trades on other exchanges. If anything he's dodging criminal charges, but financial crimes might not be something to fake your death over when there's nothing to get away with. His supposed widow had her net worth stripped down to about $100k to avoid charges being placed on her for probably actually knowing about this shit despite claiming otherwise.
I think there are interesting questions raised about just how much he lost. I'd suggest checking the article and podcast out.

I understand why certain things, like the fact that withdrawers were having BTC fulfilled from depositor amounts, makes it look like he lost it all. And the fact that he never kept any real accounts does make that easier to believe.

But the question Rich raises is this.. we know about Cotton losing a few tens of millions. Maybe his crook partner wasted some more. But he had hundreds of millions to work with. Did he really manage to engage in dodgy short deals or similar high risk trades so badly that he lost an order of magnitude more than his known losses?

Some of his trades were apparently in shitcoins like ZCash, where he could have been 'losing' money to himself. He could have bought every ZCash token in existence with the sort of BTC he had.
 
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