Report: QuadrigaCX CEO used fake trades to misappropriate users’ cryptocurrency

Report: QuadrigaCX CEO used fake trades to misappropriate users’ cryptocurrency
фото показано с : thenextweb.com

2019-6-20 11:32

The Canadian cryptocurrency exchange QuadrigaCX appears to have been playing with fire long before it collapsed – and took $134 million with it – earlier this year. According to the latest report from administrators, EY, QuadrigaCX had been operating a fraudulent cryptocurrency exchange.

It failed to follow basic business processes, maintain financial accounts, and manage user and company funds appropriately. Adding insult to injury, EY identified that Cotten exploited his position as CEO and used alias accounts, on his own platform, to make fake deposits and trades. This resulted in “inflated revenue figures, artificial trades with [real] users,” and let…

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quadrigacx cryptocurrency trades report accounts used ceo

Источник: thenextweb.com

quadrigacx cryptocurrency → Результатов: 124


Фото:

FBI Seeks for QuadrigaCX Victims to Aid Ongoing Investigation

According to a report by the Federal Bureau of Investigation (FBI) on June 3, 2019, it is conducting an ongoing investigation alongside the Internal Revenue Service Criminal Investigation (IRS-CI), the United States Attorney’s Office for the District of Columbia, and the Department of Justice’s Computer Crime and Intellectual Property Section to seek victims who lostRead MoreRead More.

2019-6-5 13:00


Фото:

Bitfinex Faces Legal Action From NY Attorney General: Here’s What This Means

The New York Office of the Attorney General (AG) wants to take a closer look into the business operations of Bitfinex and related stablecoin issuer Tether (USDT). According to a legal petition filed with the Supreme Court of New York, the NY Attorney General Office of Letitia James is applying for a court order to investigate Bitfinex’s suite of interrelated companies (including its umbrella firm iFinex and Tether Holdings Limited) for “ongoing fraud” to the tune of $850 million.

2019-4-27 01:30


QuadrigaCX CEO Feared for Life, Possibly Planned $200 Million Dead Man’s Crypto Switch

By CCN. com: The late CEO of QuadrigaCX crypto exchange Gerald Cotten feared for his life due to the vast amounts of funds he exclusively controlled, a former colleague and friend has said. Per cryptocurrency entrepreneur Adam O’Brien, Cotten worried that he could be kidnapped over the crypto assets worth millions of dollars that he exclusively had access to, according to Global News: Gerry was holding, we know, over $100 million, almost $200 million dollars in funds.

2019-4-19 13:19


Фото:

Quadriga CX Victims May Get Refunds Sooner than Later

Creditors of the now defunct Canadian cryptocurrency exchange, QuadrigaCX may get compensated sooner than later, as Ernst & Young (EY),  the court-appointed monitor investigating the case, has advised the firm to commence bankruptcy proceedings as soon as possible, to cut costs and expedite the creditors’ refunds process, reports Bloomberg on April 2, 2019.

2019-4-4 09:00


Failed Crypto Exchange QuadrigaCX Should Declare Bankruptcy, Blasts EY Report

Shuttered cryptocurrency exchange QuadrigaCX could be headed toward bankruptcy proceedings to give creditors the best shot at recouping assets. Ernst & Young (EY) in its latest report recommends transitioning Vancouver-based Quadriga Fintech Solutions, the exchange’s parent company, from a restructuring into bankruptcy proceedings.

2019-4-3 15:38


Фото:

From Fraud to Fintech: QuadrigaCX Twists Continue as it Emerges Co-Founder Is Convicted Fraudster

Michael Patryn, the co-founder of the controversial QuadrigaCX, has already been convicted and spent 18 months in a U. S. Federal prison for identity theft linked to credit card and bank fraud. He “underwent a remarkable transformation,” and changed his identity before entering the world of cryptocurrency.

2019-3-21 16:00


Фото:

Moonday Morning: Bitcoin dev ordered to prove Craig Wright isn’t Satoshi

It’s Monday which means it’s Moonday Morning and time to catch up with the top news from over the weekend. Let’s get to it. 1. Canadian financial regulators are learning from the QuadrigaCX debacle and are taking action to begin regulating cryptocurrency exchanges to mitigate the risks associated with virtual currency exchanges.

2019-3-18 12:36


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