A primer on QuadrigaCX, the curious $134M cryptocurrency mystery

Powered byBlockchain, cryptocurrencies, and insider stories by TNW.Everything we know so farQuadrigaCX, one of Canada’s largest cryptocurrency exchanges, made headlines all over the world after the sudden death of its founder resulted in the loss of $134 million of users’ funds.The news came months after the troubled exchange had been complaining about banking issues, with some users describing problems with fiat and crypto withdrawals.Given cryptocurrency‘s history (think Mt. Gox et al), reports of Gerald Cotten’ death served to exacerbate fears about the exchange‘s solvency or potential wrongdoing.The situation, although ongoing, is beginning to take shape with some progress being made in the legal sphere.As previously reported by Hard Fork, a Canadian supreme court has granted the exchange a 30-day-lifeline, allowing it to get its affairs in order with protection against lawsuits.Although we do know much more than we did last month, many questions remain unanswered.Hard Fork has taken a deep-dive into the cryptocurrency exchange‘s history, its founder, and recent issues in a bid to decipher the ongoing saga.QuadrigaCX, owned by Quadriga Fintech Solutions, was first launched in November 2013 and at the time was only being used to carry out local trades. Cotten also set up a $100,000 (Canadian) trust fund to provide lifelong care for his two Chihuahuas.Unconvinced by it all, some users suggested Cotten faked his own death in a bid to defraud customers through an exit scam – a fraudulent practice used by unethical cryptocurrency exchanges to vanish with investor’s money.The Canadian exchange says approximately 115,000 users are owed $134 million in both fiat and cryptocurrency.Throughout his tenure, Cotten is believed to have carried out all his business using an encrypted laptop.Robertson claimed in a court filing last week that neither she nor any of the company‘s employees know, or able to, gain access to Quadriga’s cryptocurrency reserves.